A comprehensive overview of the Trans-Harbour property market
The Mumbai Trans-Harbor Link (MTHL) is a 22 km freeway grade road that connects Mumbai with Navi Mumbai. It is also known as the Sewri-Nhava Sheva Trans Harbor link. MMRDA had appointed three contractors earlier in 2017 to construct its different sides.
The construction of the trans-harbour is said to be game-changing for the real estate micro-markets of Turbhe, Ghansoli, Airoli, Panvel, and similar areas.
Mumbai development solution
The construction of the trans-harbour is positive news for the real estate market as well as the residents of both Mumbai and Navi Mumbai. Some of the issues faced earlier in Mumbai that prevented the real estate development are expected to be resolved upon completion of the link.
Some of these issues earlier faced by the city residents are:
- Topographical constraints
- Weak property rights
- Low floor space index (ratio of plot size and floor area)
- Poor infrastructure
All these constraints of real estate development are said to be solved by trans-harbour. The project completion is expected by early 2023.
Impact on Real Estate
Mumbai trans-harbour is strategically located to boost the development of real estate micro-markets, especially 1bhk, 2bhk, 3bhk housing. It will offer access to South Mumbai, Navi Mumbai, SEZ, and the new Mumbai airport that is currently under construction. The link will be in proximity to both sea and land. In addition, the trans-harbour link is also expected to boost logistic demands in Nhava-Sheva, Ulwe, and similar areas.
Commenting on the market reaction, Amit Jain from Fourth Dimension Realty said that many areas in Navi Mumbai like Ulwe, Dronagiri, Vashi, and Panvel are already seeing a surge in housing real estate demand. He added that the property prices have also shot up by 30% between 2011-2016. Many premium real estate developers like Godrej Properties, Arihant Group, and Marathon Group have already started 1bhk, 2bhk, 3bhk housing projects.
There was also an appreciation in weighted average capital ask from Q1 2016 to Q1 2020 was boosted by 19% in Panvel, 20% in Ulwe, 5% in Dronagiri, and 12% in Vashi. The trans-harbour construction is likely to make prices affordable in new real estate markets than the saturated South Mumbai market.
Eyeing the development
The most significant development will be the reduced distance between South Mumbai and Navi Mumbai from 2.5 hours to 30 minutes. Besides, it will help to reduce the traffic and accommodation issues currently faced by the Mumbai market. In the upcoming years, Navi Mumbai will see an increase in the residential real estate market and an increase in property prices.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
