Sunday, July 14, 2024

Transformative Impact of Mumbai Trans Harbour Link (MTHL) on Real Estate Explored

The inauguration of the Mumbai Trans Harbour Link (MTHL) by Prime Minister Narendra Modi on January 12 is set to usher in a new era for Mumbai’s real estate sector. As India’s longest sea bridge, spanning 22km with a 16.5km extension into the sea, the MTHL is poised to bring about significant changes in the Mumbai Metropolitan Region (MMR).

With the ability to reduce travel time between Mumbai and Navi Mumbai to just 20 minutes, as opposed to the previous 2 hours, the MTHL is expected to play a pivotal role in elevating Mumbai’s status as a vibrant real estate hub. This groundbreaking project is anticipated to drive property prices up and stimulate substantial growth in the real estate sector.

Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO-Maharashtra, expressed enthusiasm about the MTHL, stating that it is a game-changer that will transform connectivity and the real estate landscape in Mumbai. The shortened travel times are expected to lead to explosive growth in areas like Panvel and Ulwe, with increased demand for homes from professionals seeking affordable luxury near prime business hubs.

Property prices in these regions are already on an upward trend and are predicted to solidify post-inauguration, according to Manju Yagnik.

Ayushi Ashar, Director at Ashar Group and member of the Managing Committee of MCHI-CREDAI, highlighted the overall development in Mumbai, including the ongoing construction of a 337 km metro network and operational segments, as well as plans for additional expansion. This comprehensive development is poised to further appreciate prices, drive significant real estate growth, and reshape Mumbai’s real estate industry.

The MTHL is expected to democratize the real estate market by connecting previously considered less desirable areas such as Panvel, Sewri, Navi Mumbai, and Chembur. Sundeep Jagasia, Managing Director of Shree Krishna Group, emphasized the potential for property values in neighborhoods along the MTHL to become major centers in Mumbai, with increased demand for both residential and commercial real estate.

Chembur, benefiting from previous transformative infrastructural projects, is likely to experience a similar positive impact from the MTHL, according to Sundeep Jagasia. The project, known as Atal Setu and constructed for ₹18,000 crore, is expected to provide speedy and hassle-free travel, covering the distance between Mumbai and Navi Mumbai in just 20 minutes. This improvement is anticipated to alleviate traffic congestion, offering a significant relief to Mumbai residents, as mentioned by the Maharashtra Chief Minister.

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