While some real estate analysts think the MTHL project will raise prices, others believe they will stay low as more becomes available.
Prime Minister Narendra Modi opened the 21.8-kilometer Mumbai Trans Harbour Link on January 12. The goal of the sea link is to reduce the several-hour travel time between Mumbai and Navi Mumbai to 15 to 20 minutes. Additionally, it should shorten travel times to major cities like Pune and Gia. Given that it is the location of a mega port and an upcoming international airport in Navi Mumbai, it may also promote economic growth in the area.
As with most new infrastructure projects, the question that needs answering is whether this will change the course of Navi Mumbai’s real estate market and drive up property prices. It’s worth noting that the 11-kilometer Navi Mumbai Metro Line 1, which runs between Belapur and Pendhar, began operating in November of last year and has contributed to an increase in real estate prices in nearby markets like Kharghar, Belapur, and Taloja.
While some real estate experts believe that new infrastructure projects in Navi Mumbai will cause prices to rise by 10-15% over the next two to three years, others believe the cost will remain low because more land will become available along the MTHL corridor. An increased demand for upscale real estate in Alibaug could result from improved connection.
Starting in Sewri, South Mumbai, MTHL goes north across the Thane Creek of Elephant Island and ends in Chirle village in Navi Mumbai, close to Nhava Sheva. The goal of the MTHL is to reduce the two-hour travel time from South Mumbai to Ulwe to just twenty minutes. Dronagiri, Ulwe, and Panvel are the other areas expected to gain from the direct connection.
The infrastructure development will improve accessibility throughout MMR, generating affordable opportunities in several developing residential hubs, according to global real estate consultancy Colliers. New residential communities, such as Panvel, Ulwe, and Kharghar, are expected to be developed because it’s this close to Navi Mumbai’s edge.
Panvel: Remember that Panvel is 20 minutes from the under-construction Navi Mumbai International Airport, and the MTHL project is only 15 to 20 minutes away. Affordable housing is the main focus of this market. According to local brokers, the price of an apartment with two or three bedrooms in Panvel can range from Rs 8,000 to RS 15,000 per square foot.
Ulwe lies in Mumbai’s Navi. This place can set you back a crore for 2 BHK. They claim the prices were between Rs 25 and Rs 30 lakh approximately eight years ago. Right now, Dronagiri fetches between Rs 5,500 and 6,000 per square foot.
The Ulwe end of the sea link is expected to see the development of a “Third Mumbai,” according to discussions. The Mumbai Metropolitan Regional Development Authority (MMRDA) is responsible for developing this. Part of its mandate is to create a second business hub like the Bandra-Kurla Complex on a 150-hectare plot at Kharghar in Navi Mumbai. The Third Mumbai project includes the towns of Ulwe, Pen, Panvel, Karjat, and Alibaug in the Raigad district.
Ulwe and Panvel are and will continue to be the beneficiaries of the MTHL project in Navi Mumbai, according to data supplied by Anarock. Not only that, but the two areas are already benefiting from the concurrent construction of the international airport and MTHL, and they will continue to do so. The areas of Seawood and Kharghar have also benefited.
As of Q3 2023, the average price of real estate in Navi Mumbai was over Rs 8,300 per square foot, according to ANAROCK Research. With an average price of Rs6,650 per square foot in Q3 2015, real estate prices had increased by over 25%. In the next 2-3 years, the city will see average prices between 10-15% due to various infrastructure projects that will improve connectivity with mainland Mumbai and MMR.
Will the value of real estate increase?
The senior executive director of Knight Frank India, Gulam Zia, has an alternative viewpoint.
“Most of the real estate in these areas has already expanded and changed. The juice has already been squeezed out of it financially. Prices in Ulwe started at Rs 2000 nearly ten years ago, and before the link went into service, he said, they reached Rs 5000 per square foot.
“We expect a consistent price increase of 7 to 10 percent in all areas that fall under this corridor,” he said.
Could control the price of real estate
Prime Minister Narendra Modi officially opened the 17-kilometer priority section of the Regional Rapid Transit System (RRTS) train, also known as RAPIDX, a few months ago. The country’s first mass rapid transit system dedicated to regional connectivity. Between the stations of Shaibabad and Dubai Depot was this. The 82.15 km connector between Delhi and Meerut is projected to reduce the travel time to just under an hour.