How Mumbai Trans Harbour Link (MTHL) Road Is Poised to Transform the Real Estate Landscape

How Mumbai Trans Harbour Link (MTHL) Road Is Poised to Transform the Real Estate Landscape

Mumbai Trans Harbour Link (MTHL): A Catalyst for Real Estate Transformation

The inauguration of the Mumbai Trans Harbour Link (MTHL) by Prime Minister Narendra Modi on January 12 is set to reshape the real estate landscape of Mumbai. As India’s longest sea bridge, spanning 22 km with a 16.5 km extension into the sea, the MTHL is poised to have a profound impact on the Mumbai Metropolitan Region (MMR), particularly in areas like Panvel, Sewri, Navi Mumbai, and Chembur.

One of the key transformations brought about by the MTHL is the significant reduction in travel time between Mumbai and Navi Mumbai to just 20 minutes, a journey that typically took 2 hours. This enhanced connectivity is expected to drive demand for real estate in areas like Panvel and Ulwe, attracting professionals seeking affordable luxury close to prime business hubs.

Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO-Maharashtra, views the MTHL as a game-changer that will fuel explosive growth in regions benefiting from improved connectivity. Property prices in these areas are already witnessing an upward trend, and the inauguration of the MTHL is expected to further solidify this trend.

Additionally, the ongoing construction of a 337 km metro network, the operational 46 km segment, and plans for an additional 50 km in 2023-2024 are contributing to Mumbai’s status as a vibrant real estate hub. Ayushi Ashar, Director at Ashar Group and member of the Managing Committee of MCHI-CREDAI, emphasizes that this cohesive development is likely to appreciate prices, drive significant real estate growth, and reshape Mumbai’s real estate industry.

The MTHL’s positive impact extends beyond connectivity improvements. It is seen as a democratizing force in the real estate market, connecting areas that were previously considered less desirable. Sundeep Jagasia, Managing Director of Shree Krishna Group, notes that Chembur, in particular, has been a direct beneficiary of transformative infrastructure projects like the Eastern Freeway, SCLR, and BKC Connector. The MTHL is expected to further enhance Chembur’s appeal as a residential micro-market.

The MTHL, also known as Atal Setu, originating from Sewri in Mumbai and terminating at Nhava Sheva in Uran taluka in Raigad district, comes with a construction cost of ₹18,000 crore. Maharashtra Chief Minister highlighted the significance of the project, stating that it will provide a major relief to residents by drastically reducing travel time and alleviating traffic congestion.

In conclusion, the Mumbai Trans Harbour Link stands as a symbol of progress and connectivity, acting as a catalyst for the transformation of real estate markets in and around Mumbai. The increased accessibility, reduced travel times, and improved infrastructure are set to drive demand, enhance property values, and redefine the real estate dynamics of the region

Key Highlights of Atal Setu Inauguration:

1. Magnificent Engineering Feat: The Atal Setu is a colossal engineering achievement, stretching over 21.8 kilometers and boasting a total cost of approximately ₹17,840 crore. This architectural marvel stands as a testament to India’s commitment to advancing its infrastructure on a grand scale.

2. Renamed in Honor: The Mumbai Trans Harbour Link, now officially named Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu, pays homage to the former Prime Minister Atal Bihari Vajpayee, symbolizing his visionary leadership and dedication to national progress.

3. Inauguration Ceremony: PM Modi inaugurated the sea bridge at an official ceremony, emphasizing its strategic importance in enhancing connectivity and reducing travel time between Mumbai and Navi Mumbai. The Atal Setu holds the promise of transforming transportation dynamics in the region.

4. Comprehensive Development Projects: Following the Atal Setu inauguration, Prime Minister Modi laid the foundation stone for multiple development projects valued at over ₹12,700 crore. These projects include the Namo Mahila Shashaktikaran Abhiyaan, a facilitation center for the gems and jewelry sector, and an underground road tunnel connecting Eastern Freeway’s Orange Gate to Marine Drive in Mumbai.

5. Future Air Connectivity: The Uttar Pradesh government has also planned to open five more airports in Azamgarh, Aligarh, Moradabad, Shravasti, and Chitrakoot by next year. An international-level airport in Jewar is set to be ready by the end of this year, showcasing the government’s commitment to enhancing air connectivity.