Mumbai’s real estate industry is entering a new revolutionary phase with the prime minister Narendra Modi’s January 12 opening of the Mumbai Trans Harbour Link (MTHL). With a length of 22 km and an extension of 16.5 km into the sea, the MTHL is the longest sea bridge in India. As such, it will have a significant impact on the Mumbai Metropolitan Region (MMR).
The sea bridge has the potential to drastically reduce the two-hour travel time between Mumbai and Navi Mumbai to only 20 minutes.
With prices rising and major real estate growth anticipated, the MTHL is likely to cement Mumbai’s position as a thriving real estate hub.
“This Mumbai Trans Harbour Link is revolutionary! I see this technical marvel changing connections and our real estate market as a proud developer from Mumbai. Areas like Panvel and Ulwe will see rapid growth as travel times between Mumbai and Navi Mumbai are reduced to just 20 minutes. Professionals looking for reasonably priced luxury near to major business centers are expected to drive up demand for homes, according to Manju Yagnik, Senior Vice President of NAREDCO-Maharashtra and Vice Chairperson of Nahar Group.
We anticipate that the upward trend in property prices in these areas would continue after the inauguration, Manju continued.
Mumbai’s position as a thriving real estate hub is further cemented by the ongoing building of a 337 kilometer metro network, the 46 km portion that is already operational, and the plans for an additional 50 km in 2023–2024. According to Ayushi Ashar, director of Ashar Group and a member of the MCHI-CREDAI Managing Committee, this well-planned construction is expected to significantly boost real estate growth and positively appraise prices, changing the real estate market in Mumbai.
The MTHL is a positive development as it will undoubtedly democratize the real estate market by connecting formerly less desired areas of the market, such as Panvel, Sewri, Navi Mumbai, and Chembur.
