MTHL is expected to have a positive impact on the property market in Navi Mumbai, as improved connectivity and infrastructure development are likely to lead to an increase in real estate activity, demand, and prices.The 21.8-km-long MTHL will connect Sewri in central Mumbai to Chirle in Navi Mumbai. It is estimated that around 70,000 vehicles will use this bridge on a daily basis.
The MTHL is expected to revolutionize the daily commute for residents of south and central Mumbai, reducing travel time from two hours to just 20 minutes. This improved connectivity is likely to stimulate commercial and business activities in Navi Mumbai, according to an ET report.
According to Raajesh Prajapati, MD of Prajapati Constructions, the MTHL will greatly contribute to the overall economic development of Navi Mumbai, particularly in the real estate sector. He believes that over the next decade, Navi Mumbai will not only complement the economic growth of Mumbai Metropolitan Region (MMR) but also play a leading role, thanks to major infrastructure projects such as the international airport.
Experts predict a significant growth in demand for commercial, retail, office, and residential properties in Navi Mumbai, catering to both affordable and luxury housing segments.
Factors such as lifestyle, easy commuting, improved connectivity, and relatively lower property prices in Navi Mumbai compared to other areas of Mumbai are expected to influence homebuyers’ decisions. Affordable housing options in Navi Mumbai are still available within the range of Rs 30-40 lakh, points out Bhavesh Shah Joint MD, Today Global Developers.
While the entire region’s property market is expected to benefit from the MTHL, areas such as Panvel, Ulwe, and Dronagiri, which will have a direct linkage to the bridge, are likely to experience a greater impact.
Bhavesh Shah states that various factors, including new connectivity and infrastructure development, are expected to drive up property prices in Navi Mumbai within the next three years. With the MTHL, residents will enjoy reduced travel time and minimal traffic congestion when accessing different parts of Mumbai.
The rental market in Navi Mumbai may also witness increased demand, particularly in areas with improved connectivity to Mumbai.
The improved connectivity is likely to boost the demand for affordable housing in Navi Mumbai, as more people consider it a viable residential destination compared to other expensive locations in Mumbai.
As the MTHL, Navi Mumbai Metro, and Navi Mumbai International Airport projects unfold, there is expected to be an increased demand for both residential and commercial properties. Real estate investors and homebuyers are closely monitoring these developments, recognizing the potential for long-term growth in the market.
