Prime Minister Narendra Modi inaugurated the Mumbai Trans Harbour Link (MTHL) on January 12, 2024. This will be the longest sea link in India and apart from shortening travel time it will also be a game changer for the real estate sector of the city. The Bridge has a total span of 22 Kms, 16.5 Kms of which is extended into the sea. This makes the MTNL an influential infrastructure for the Mumbai Metropolitan Region (MMR) real estate.
The Atal Setu, popularly known as the Mumbai Trans Harbour Link (MTHL), stands as an engineering marvel poised to revolutionize connectivity and reshape the real estate landscape in Mumbai. Anticipated to significantly reduce travel time between Mumbai and Navi Mumbai to a mere 20 minutes, down from the existing 2 hours, the MTHL is expected to have a transformative impact on the real estate market, particularly in regions such as Panvel, Ulwe, Chembur, and beyond.
Impact on Property Prices and Growth:
As an ambitious infrastructure project, the MTHL is not just a bridge; it’s a catalyst for change in Mumbai’s real estate dynamics. According to Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO-Maharashtra, the MTHL is a game-changer that will spark explosive growth in areas like Panvel and Ulwe. The reduced travel times are likely to attract professionals seeking affordable luxury close to prime business hubs.
Property prices in these regions have already witnessed an upward trend, and industry experts foresee this trend solidifying post-inauguration. The seamless connectivity provided by the MTHL is expected to drive demand for homes, making these regions attractive for both residential and commercial investments.
Ayushi Ashar, Director at Ashar Group and member of the Managing Committee of MCHI-CREDAI, emphasizes the comprehensive development in Mumbai, with ongoing construction of a 337 km metro network and plans for an additional 50 km in 2023-2024. This holistic development is poised to appreciate prices, spur significant real estate growth, and redefine Mumbai’s real estate landscape.
How Mumbai Trans Harbour Link is democratizing the Real Estate Market
The MTHL is set to democratize the real estate market by connecting previously considered less desirable areas like Panvel, Sewri, Navi Mumbai, and Chembur. Sundeep Jagasia, Managing Director of Shree Krishna Group, predicts that the MTHL will turn these neighborhoods into major nerve centers of Mumbai, stimulating demand for both residential and commercial properties.
Chembur, in particular, has already experienced transformative changes due to enhanced connectivity from projects like the Eastern Freeway, SCLR, and BKC Connector. The Mumbai Trans Harbour Link, with its promise of speedy and hassle-free travel, is expected to further elevate Chembur’s status as a desirable residential micro-market.
Mumbai Trans Harbour Link – A Symbol of Progress
Named after former Prime Minister Atal Bihari Vajpayee, the Mumbai Trans Harbour Link is the longest sea bridge in the country, connecting Mumbai with the Mumbai-Goa Highway, Vasai and Virar, Navi Mumbai, and Raigad districts. Originating from Sewri in Mumbai and terminating at Nhava Sheva in Uran taluka in Raigad district, this monumental project represents an investment of ₹18,000 crore.
According to the Maharashtra Chief Minister, the MTHL will cover the distance between Mumbai and Navi Mumbai in just 20 minutes, providing a significant relief to residents by eliminating traffic snarls. This game-changing infrastructure is not only a testament to engineering excellence but also a symbol of progress that will redefine Mumbai’s real estate landscape for years to come.
Conclusion:
The Atal Setu – Mumbai Trans Harbour Link is not just a bridge; it’s a gateway to new opportunities, enhanced connectivity, and unprecedented growth in Mumbai’s real estate sector. As the city evolves, so too will the prospects for investors, developers, and residents, making the MTHL a true game-changer in every sense.
