The Sagarmala Project was designed for all of India’s maritime states. It was announced by the present Prime Minister, Narendra Modi, and declared that these states would become gateways to the country’s prosperity.
The project intends on developing a string of ports along the nation’s coasts. During 1998-2004, the National Democratic Alliance (NDA) government under Atal Behari Vajpayee made a move to commence this project and the present NDA government has reinforced it once again. Under this project, 12 different cities from the port regions under the Special Economic Zones will be made major priorities.
Through the Sagarmala Project the government plans on connecting coastal cities by developing other modes of transport, be it road, rail, or air. So the project aims to impact more than just ports.
The Project
The Sagarmala Project will improve the overall status of the ports, along with the infrastructure for other networks of transport and communication with the help of many little sub projects. The principle approval from all the ministers has given the project the green light to move forward. The entire project will cost about Rs. 100,000 crores and the government will be providing for 15 per cent of the total cost. The major ports in the project will consist of those connected by high speed expressways to form the Golden Quadrilateral.
Objective
Influence On Real Estate
The project will improve and advance the coastal identity in many locations. With its progress it is also expected to give a boost of 2% to the country’s GDP. People looking to avail home loans and those who already have will benefit from this. Also, the decrease in rates will positively impact the real estate sector.
The Impact
The Sagarmala Project expects to improve the infrastructure only. But this will indirectly aid the real estate sector too. Developing infrastructure means developing connectivity, through means of transport. Interlinking areas is important for the development and progress of any area, while pooling its resources. Connecting cities will increase the economic activity in various locations, ultimately allowing businesses and industries to set up in new regions. The creation of jobs in specific areas due to the Sagarmala Project will translate to a greater demand for homes and lodging, which will gradually lead to a flourishing real estate market.
Is Delhi-NCR real estate moving sluggish
If the recent trends in real estate market in Delhi are to be believed, there is a significant dip in the units sold in the capital and NCR in the last 18 months. The sluggish trend has been whistled by lack of incentives from the administration which is focussing on clearing infrastructure road blocks rather than giving green signal to new projects. With paper works in the backlog, new projects in Delhi are at pause, at least for the rest of the year 2015.
Tips for new residents in Panvel to understand their locale better
Panvel has seen a major transformation from a sleepy suburb to a satellite town and finally to a full-fledged city. The growing population willing to reside in the Mumbai MMR region, the shortage of adequate real estate destinations in Mumbai region has made investors and buyers look at Panvel as their best option. Panvel was famous from its lush green surroundings and farm houses. With changing times and inflow of population there are abundant new projects available in Panvel for investors and buyers alike.
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Zirakpur located near Chandigarh and part of the tri city comprising of Chandigarh, and Mohali is one of the most popular real estate destinations. While Mohali and Chandigarh investors have had the luxury of investing in properties located closer to nature with lush green belts and parks, Zirakpur residents often faced concrete jungles.
