Hotel cos see room for growth in Navi Mumbai
Navi Mumbai, driven by transformative infrastructure projects such as the Mumbai Trans Harbour Link (MTHL) and the forthcoming international airport.
The hospitality market is witnessing a surge in investments in the region, with Navi Mumbai, Panvel and Khopoli emerging as the prime locations for investors, said hotel industry executives and transaction advisory firms.
Most of the leading hospitality brands are either looking to step up their presence or are entering the region. American hotel operator Radisson Hotel Group that currently has one property, Country Inn & Suites by Radisson at Turbhe in Navi Mumbai, recently signed up for a 100-room hotel in Khopoli and has another one of similar size coming up soon.
The MHTL, which opened to the public on Saturday, is set to decongest Mumbai by improving connectivity between the island city and mainland and promoting the development of Navi Mumbai region.
This significant infrastructure link spans a length of about 21.8 km.
It is expected to facilitate traffic movement from Mumbai towards Navi Mumbai, Navi Mumbai International Airport, Jawaharlal Nehru Port, Panvel, and Alibaug up to Pune and Goa. Ulwe and Panvel will be the key beneficiaries of the project in Navi Mumbai.
«Navi Mumbai is poised to become the next frontier in real estate development, witnessing a surge in strategic investments and infrastructural advancements,» said KB Kachru, chairman emeritus and principal advisor, South Asia at the Radisson Hotel Group.
