13 January 24
BRIDGE TO FUTURE Improved connectivity set to spur commercial, biz activities in Navi Mumbai.
Mumbai: Mumbai Trans Harbour Link, the country’s longest sea bridge, is expected to bolster the Na- vi Mumbai property market as the resulting connectivity and infrastructure development will likely le- ad to a surge in real estate activity, demand and prices. Prime Minister Narendra Modi will inaugurate the 21.8 km-long sea bridge on Friday, which is estimated to cater to around 70,000 vehicles daily, connecting Sewri in central Mumbai to Chirle in Navi Mumbai.
The bridge is poised to trans- form the everyday travel experience for commuters from south and central Mumbai, reducing the current two-hour travel duration to just20minutes. The improved connectivity is likely to spur commercial and business activi- tles in Navi Mumbai.
“The MTHL will undoubtedly be a boon for Navi Mumbai’s overall eco- nomic development, including and especially the real estate sector in the region,” said Raajesh Prajapati, MD at Prajapati Constructions. “In the next 10 years, we expect Navi Mumbai to not just complement the economic growth of MMR, butco lead it, with other major infrastructure projects including the international airport also bound to have a substantial impact.”
Prajapati said he expects Navi Mumbai’s demand for commercial, retail, office as well as residential for both affordable and luxury housing to grow substantially
with users and investors looking at the long-term horizon. “Factors such as lifestyle, easy and relatively lower property prices (35-45% less despite being a planned city) in Navi Mumbai will likely in- fluence homebuyers’ decisions,” said Bhavesh Shah, joint MD, Today Global Developers. “Affordable housing in Navi Mumbai is within range of 30-40 lakh.” While the property market of the region is expected to gain, more impact will be seen in micro markets like Panvel, Ulwe and Dronagiri that will get a direct linkage to the bridge, experts said.
According to Shah, several fac- tors including new connectivity and infrastructure development push are expected to lead to a surge in property prices in Navi Mumbai within the next three years. With the added advantage of the MTHL project, residents can now access various parts of Mumbai with reduced travel time and minimal traffic congestion.
Rental market in Navi Mumbai may see higher demand, in areas with improved connectivity to Mumbai. But, according to experts, toll rate for MTHL needs to be lowered to ensure higher usage of the bridge. Maharashtra government has fixed a toll charge of ₹250 per car for a one-way trip on the MTHL, with a concession option for regular commuters and pass holders.
Source- The Economic Times