As the Mumbai Trans Harbour Link (MTHL), named Atal Setu, prepares for its inauguration on January 12, 2024, the real estate landscape in Navi Mumbai, Panvel, and surrounding areas is poised for a significant transformation. The enhanced connectivity and reduced travel time promised by MTHL are expected to drive a surge in demand for real estate, making it an opportune moment for homebuyers and investors alike.
Impact on Realty Development
With the MTHL becoming operational, the realty development in Navi Mumbai, Panvel, and nearby regions is anticipated to experience a boom. The improved connectivity and decreased travel time will make larger homes in Panvel more appealing and cost-effective for homebuyers compared to the smaller, pricier options in densely populated Mumbai suburbs with inadequate infrastructure.
Key Player’s Perspective
In the words of Bharat One Spaces CEO, Karunesh Verma, “The opening of MTHL is a game-changer for the real estate landscape in Navi Mumbai and Panvel. The strategic location and improved connectivity make these areas attractive for businesses and residents alike. Bharat One Spaces offers fully furnished and ready-to-work offices, strategically positioned near NMIA and JNPT, starting at Rs 4999/month, providing an ideal workspace for businesses to thrive in this evolving environment.”
Industry Expert Insights
Renowned real estate developer, Aniket Deshmukh, co-founder and managing director of a prominent real estate group, expresses, “MTHL’s connectivity from Mumbai to Navi Mumbai is poised to fuel a surge in housing demand and a corresponding increase in property values in the Panvel region. The convenience it brings to reaching Panvel from Central and South Mumbai is unparalleled.”
MTHL’s Role in Infrastructure Development
The 21.8 km long MTHL, connecting Sewri at Mumbai to Chirle at Navi Mumbai, is set to revolutionize daily commute, reducing the travel time between Mumbai and Navi Mumbai from the current 2 hours to a mere 30 minutes. Niranjan Hiranandani, Co-CEO of a leading real estate group, emphasizes its impact on the housing demand, stating, “The rise in job opportunities will lead to professional hubs being constructed all across the region, increasing commercial and residential real estate demand in Navi Mumbai.”
Holistic Infrastructure Development
Apart from MTHL, several large-scale infrastructure projects are underway, promising enhanced connectivity and development within Navi Mumbai and its vicinity. These include the Navi Mumbai International Airport (NMIA), the extension of Sion-Panvel expressway, metro connectivity between CSM International Airport and NMIA, coastal road connecting MTHL and NMIA, and the extension of the suburban line from Panvel to Karjat terminal.
Real Estate Outlook and Investment Potential
Colliers India Senior Director (Research), Vimal Nadar, notes, “The MMR is undergoing a transformative infrastructure upgrade, reimagining the real estate landscape. Key micro markets like Central Mumbai and Navi Mumbai are set to witness heightened commercial and residential activity. Areas influenced by the MTHL project corridor, including Sewri, Chirle, Ulwe, Kalamboli, and Panvel, present lucrative real estate opportunities across asset classes.”
Andromeda Sales and Distribution Pvt Ltd CO-CEO, Alok Gupta, echoes the sentiment, stating, “Panvel and adjoining areas of Navi Mumbai are on the brink of a significant economic and realty boost with the completion of the MTHL project. As MTHL becomes operational, coupled with the fast-tracked airport development, property prices are expected to skyrocket, making Panvel and Navi Mumbai the next realty hotspots after Mumbai.”
Conclusion
In conclusion, the opening of MTHL is a pivotal moment in the real estate narrative of Navi Mumbai and Panvel. With strategic infrastructure projects shaping the future, the region is set to offer unparalleled opportunities for end-users and investors alike. As the realty boom unfolds, Bharat One Spaces stands ready to provide flexible and affordable office solutions near NMIA and JNPT, catering to the evolving needs of businesses in this dynamic environment.