The MTHL will also be linked with Mumbai-Pune Expressway through an elevated corridor.
The recent inauguration of the Mumbai Trans Harbour Link (MTHL) by Prime Minister of India, Narendra Modi, has sparked excitement across Mumbai and the MMR region. This monumental project, connecting the island city of Mumbai with the mainland, promises to revolutionize travel by reducing the commute to Panvel to a mere 20 minutes.
The impact of the MTHL on real estate dynamics is profound, particularly for mid-income home seekers. As property prices in Mumbai skyrocket, Panvel emerges as an oasis with housing options across various price points. This development opens new possibilities for aspiring homeowners, allowing them to realize their dream of owning a home within their budget.
Navin Makhija, Managing Director, The Wadhwa Group said, “Panvel offers immense opportunity for a home buyer as prices are yet affordable. Panvel provides residents with better air quality, less traffic congestion along with an enhanced and holistic living experience. Home buyers investing here can be assured of price appreciation of 50% within the next 2 to 3 years.”
Mumbai, grappling with severe traffic congestion and soaring pollution levels, has seen homebuyers hesitate in their search due to rising property prices and home loan challenges. However, with the MTHL now operational, Panvel becomes an attractive alternative, offering competitive property prices poised to escalate soon.
“With the Connectivity from South Mumbai improving due to the opening of MTHL and several infra projects that are upcoming in the region including the New Airport, the end users are seeing all the advantages and take calls which can be clearly seen in the last few months with an uptake in sale volume in our project Wadhwa Wise City,” Makhija added.
Commuting nightmares, especially during peak hours, will be alleviated with the MTHL, providing a faster and a convenient route to Panvel compared to traveling from South Mumbai to Ghatkopar in the eastern suburbs or Andheri in the western suburbs. While real estate prices in Ghatkopar and Andheri range from Rs 30,000 to Rs 35,000 per sq ft, Panvel boasts an average of around Rs 12,000 per sq ft.
Improved connectivity and reduced travel times empower homebuyers to consider larger and more affordable homes in Panvel over smaller, more expensive options in the densely populated Mumbai suburbs. This shift is particularly evident in projects like Wadhwa Wise City, an integrated township designed for community living with amenities fostering a higher quality of life.
Environmental factors also favour Panvel, with its recorded ‘moderate’ Air Quality Index (AQI) of 83 compared to Ghatkopar’s ‘Poor’ AQI of 200. The stark contrast emphasizes the potential for a healthier lifestyle in Panvel.
The MTHL is not the only game-changer for Panvel; numerous ongoing infrastructure projects, including the Navi Mumbai International Airport, Kharghar Business District, and a suburban rail corridor connecting Karjat with Panvel, contribute to the region’s transformative phase. These developments position Panvel on the brink of international recognition.
In conclusion, the inauguration of the MTHL has triggered widespread interest, setting the stage for a surge in housing demand and subsequent price escalation. Prospective homebuyers are advised to capitalize on the current market conditions and invest in Panvel now, as property prices are expected to rise soon.
The MTHL will also be linked with Mumbai-Pune Expressway through an elevated corridor. This would be beneficial for frequent travellers from Mumbai to Pune. It will also pass by the under-construction Navi Mumbai International Airport. Apart from MTHL, there are a number of large infrastructure projects that are ongoing that promises improved infrastructure development and enhanced connectivity within Navi Mumbai and across to Mumbai.
The Navi Mumbai region is being touted as the next Mumbai 3.0. The Government has laid major emphasis on infrastructure development in this region. Large and important infrastructure projects have been put on fast track for completion. These include Navi Mumbai International Airport (NMIA), Extension of Sion-Panvel expressway, Metro connectivity between CSM International Airport and NMIA, Nerul Passenger Water Transport Terminal, Coastal road connecting MTHL and NMIA, Future Metro lines in Navi Mumbai and Panvel-Karjat additional railway line to name a few. These projects have the propensity to bolster the economic development of the Navi Mumbai and Panvel region, and the economy of the country as a whole.
Apart from economic benefits, the region also offers home buyers serene surroundings, a pollution free environment with one of the best AQI in the Country and an improved quality of life. Many reputed developers are coming up with township projects in Panvel. Township projects provide integrated living solutions that enhance convenience and quality of life for the residents. Such developments provide better security for the family and also offer residents the entire social infrastructure required for a comfortable living. They are typically designed with a focus on community living, offering amenities such as parks, retail, leisure, community centres, healthcare and educational institutions, which foster a sense of community and belonging among residents. Township projects like Wadhwa Wise City, Adani Realty Township and Hiranandani Fortune City in this region are already receiving a robust response from the homebuyers and investors alike. These projects have ready possession and under construction residential units and also offer high end villas and plots for self- development along with facilities like schools, hospital and retail spaces
Current trends suggest that with the opening of MTHL and near to completion of various other infrastructure projects like Navi Mumbai International Airport (NMIA), Extension of Sion-Panvel expressway, Metro connectivity between CSM International Airport and NMIA, Coastal road connecting MTHL and NMIA, and extension of Suburban Line from Panvel To Karjat terminal is resulting in a considerable appreciation in property prices, making it an attractive destination for both end-users and investors.
Raajesh Prajapati, founder president, CREDAI MCHI, Raigad: The Mumbai Trans Harbour Link will undoubtedly be a boon for Navi Mumbai’s overall economic development, including and especially the real estate sector in the region. Coupled with he extension of Seawoods – Uran railway from kharpokar to Uran, The enhanced connectivity and superior infrastructure will not only appreciate the existing property values but also result in a boost in supply of both commercial and residential spaces, with regions such as Dronagiri, Ulwe and Panvel expected to benefit the most.
Prajapati, who is also MD Prajapati Constructions Ltd, said: In the next 10 years, we expect Navi Mumbai to not just complement the economic growth of MMR, but co- lead it, with other major infrastructural projects including the international airport also bound to have a substantial impact. We expect Navi Mumbai’s demand for Commercial, Retail, Office as well as residential for both affordable as well as luxury housing to grow substantially with users as well as investors looking for long term horizon.
MTHL will further improve the quality of life and make a significant contribution to the development of Navi Mumbai. This will also have a positive impact on the real estate market and boost the demand for high-end residential complexes like the one we are developing on the Palm Beach Road” spokesperson 9 PBR-Mistry Construction
Sunil Dewali, Co-CEO of Andromeda Sales & Distribution Pvt Ltd, parent company of Andromeda Realty Advisors, said Panvel and adjoining areas of Navi Mumbai are on the verge of seeing a huge Economically & Realty boost with the Mumbai Trans Harbour Link (MTHL) project all set to get completed.
Once MTHL is operational and with the airport on the fast track, property prices will skyrocket, transforming Panvel and the Navi Mumbai region into the next big realty destination after Mumbai, he said.
Commuting on the MTHL Bridge from Mumbai to Navi Mumbai will be reduced to 20 minutes, against the current commute time of more then 2 hours. The time to reach Panvel will be around 40 mins, and at the same time, one can cross Bandra in the western belt or Sion in the eastern belt. And prices in these belts are like 3 to 4 times as compared to lands on the other side of MTHL.
It will also be linked with the Mumbai-Pune Expressway through an elevated corridor.
This would be beneficial for frequent travellers from Mumbai to Pune. It will also pass by the under-construction Navi Mumbai International Airport.
Property prices are already on the rise and are expected to increase in the next coming months. Developers from across the country are vying with each other to establish their presence here. Looking at the future growth potential, home buyers and investors to are rushing to invest in properties in Panvel and Navi Mumbai region.
Vimal Nadar, Senior Director, Research | Colliers India, said “Probably for the first time in decades, Mumbai Metropolitan Region (MMR) is undergoing a transformative infrastructure upgrade on a scale previously unseen. The upgrade has the potential to reimagine the real estate landscape of the city, somewhat liberating it from the growth limitations that comes from the virtue of being a linear city. The upcoming Mumbai Trans Harbour Link (MTHL) offers an efficient alternative route connecting Sewri and Chirle slashing the travel time between the two nodes from 2.5 hours to merely 30 mins, easing traffic congestion and improving intra-city connectivity significantly.
Key micro markets like Central Mumbai and Navi Mumbai are poised to witness heightened commercial and residential activity led by improved connectivity. Areas under the influence zone of the project corridor including Sewri, Chirle, Ulwe, Kalamboli and Panvel will see plethora of real estate opportunities across asset classes. All such relatively dormant localities are set to embark upon a high real estate growth trajectory sooner rather than later, providing lucrative investment options within MMR. Interestingly, the enhanced connectivity will revitalise real estate activity in the old CBD area of South Mumbai, leading to opportunities for retrofitting for investors and developers. Once operational, MTHL will also be pivotal in connecting the data centre hotspots within Navi Mumbai to rest of the MMR. All in all, the real estate landscape in and around the project stands to benefit immensely and holds remarkable property appreciation potential.”