Mumbai Trans Harbour Link, officially named Atal Setu, has been operationalized for the citizens after its inauguration by Prime Minister Narendra Modi. It is the longest sea bridge in India and the 12th largest in the world. This engineering marvel is built with Japanese technology and is ready to handle 70,000 vehicles daily. Many fascinating facts about the Atal Setu include its remarkable contribution to democratizing the real estate of adjoining regions such as Panvel, Sewri, Ulwe, CBD Belapur, etc. Its inauguration led to another transformative phase in the real estate sector of the Mumbai Metropolitan Region. This sea bridge will not only ease commuting between two major cities but also catapult the holistic growth of these cities. It will accelerate economic growth by attracting huge investors.
The prominent progress of solid infrastructure in the region will drive the housing market. Adjoining regions of MTHL will be the centre of attraction for modern homebuyers seeking affordable luxury segments. Panvel prominently outshines other micro-markets in terms of its scope of space, affordability, connectivity, and sustainable environment. It has consistently witnessed exponential price appreciation owing to its fast-track developments. Its connection to Navi Mumbai International Airport will boost the growth traction of Panvel. As per the Anarock Report, the property prices in Navi Mumbai remained around Rs. 8000 sq. ft. in Q3 of 2023, increasing over 30% from the previous decade. The prices are further poised to increase by 10-15% over the years, considering the infrastructural developments in the pipeline. Panvel will experience a splurging price appreciation with MTHL being operationalized and Navi Mumbai International Airport nearing completion. Property prices may range between Rs. 8,500 sq ft. to Rs. 15,000 sq. ft., as news reports state.
Besides this, there are several infrastructural developments interconnected and spanning across Mumbai and Navi Mumbai, which will provide impetus to the city’s growth. Once the Worli- Sewri connector gets operationalized, commuters will be able to travel to the western suburbs reliably as it has interconnection with the Atal Setu. Furthermore, MTHL will also be connected with the Mumbai-Pune Expressway through an elevated corridor between Chirle and Palaspe Phata. It will benefit to frequent commuters between Mumbai and Pune. The route will be adjacent to the ongoing Navi Mumbai International Airport, touted to initiate operations by March 2025, as recently stated by the Civil Aviation Minister. Virar Alibaug multimodal corridor will be an addition to the ambitious web of transport infrastructure. With such seamless connectivity and effortless accessibility to major locations, Panvel proves to be advantageous for housing investment.
Though the development of these projects might stimulate the markets of both Mumbai and Navi Mumbai, Panvel will outshine other markets owing to its various aspects. People can easily buy a spacious 2 or 3-BHK apartment in Panvel at an affordable price rather than investing in a compact apartment in central or western suburbs costing double the amount. There are mostly township projects in Panvel that assure safety and modern facilities. Mumbai has become saturated with no scope for a huge infrastructural boost. However, Panvel is thriving to become Mumbai 3.0 with its huge potential for infrastructural upheaval and lifestyle augmentation. Moreover, it provides a better-quality environment and cleaner air. Developers are keen on developing exclusive townships across the Panvel, now the key Hubspot of the residential market in MMR. NAINA, a planned township project by CIDCO, comes under the ambit of Panvel. It would be an ultra-modern city, emphasizing community living, solid social infrastructure, property, and a sustainable environment.
With Atal Setu (MTHL) already at the service and several ambitious projects in the pipeline, Panvel real estate will soar further with remarkable price appreciation and driven by end-users.