Mumbai Trans Harbour Link to spark surge in Navi Mumbai real estate activity
Mumbai Trans Harbour Link (MTHL), the country's longest sea bridge, is expected to bolster the Navi Mumbai property markets as the connectivity and further infrastructure development is likely to result in surge in real estate activity, demand and prices.
Prime minister Narendra Modi will be inaugurating the 21.8-km-long MTHL on Friday and this bridge is estimated to cater to around 70,000 vehicles daily, connecting Sewri in central Mumbai to Chirle at Navi Mumbai.
The bridge is poised to transform the everyday travel experience for commuters from south and central Mumbai, reducing the current two-hour travel duration to just 20 minutes. The improved connectivity is likely to spur commercial and business activities in Navi Mumbai.
“The MTHL will undoubtedly be a boon for Navi Mumbai's overall economic development, including and especially the real estate sector in the region…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 infrastructure projects including the international airport also bound to have a substantial impact,” said Raajesh Prajapati, MD Prajapati Constructions.
He expects Navi Mumbai’s demand for commercial, retail, office as well as residential for both affordable as well as luxury housing to grow substantially with both users and investors looking at the long term horizon.
“Factors such as lifestyle, easy commuting, improved connectivity, and relatively lower property prices (35-45% less despite being a planned city) in Navi Mumbai will likely influence homebuyers' decisions.
