Mumbai, 12th April 2017: The proposed construction of Mumbai Trans Harbour Link (MTHL) also known as the Sewri-Nhava Sheva Trans Harbour Link will provide for lucrative real estate development as developers are increasingly taking note of newer areas and land parcels that can offer better lifestyle and convenience.
Estimated to be at the total cost of Rs 17, 843 Cr., India’s longest bridge at 22 kms, has been sanctioned a loan of Rs. 8600 cr. from the Japan International Cooperation Agency (JICA) as per the agreement signed with MMRDA on March 31st.
As per the Development Plan (DP), the MHTL is expected to change the geographical dynamic of the Mumbai city. The new bridgewill provide a crucial connectivity to the proposed Navi Mumbai airport, access to office market in Navi Mumbai and promote socioeconomic development on the both ends of the link in the MMR.
Looking at the past trends in the region, developers see a great demand in real estate in this region. Anubhav Aggarwal, Managing Director of RNA Corp, said, “Infrastructure has always been a driving force behind the rest of the advancement of any region. A great example can be seen in the velocity of demand witnessed in Ghodbunder road, once considered as a peripheral region, is today known to be one of the top localities of Thane.
“After the developmentof national highway and surrounding infrastructure, there has been rapid rise in its real estate prices with rates prevailing in 2011 from Rs 2000 per sq. ft. to today, where the area demands Rs. 10000 per. sq. ft. Today there is huge supply in that area if we look at the trajectory. The location has bagged a prime status in the region with the development of infrastructure that was missing earlier.”
“This is a phenomenal growth example to go by for realty industry. Speaking in the context, with an infrastructure providing better connectivity such as construction of 5-km-long Worli-Sewri elevated corridor which will connect the proposed Coastal Road and the existing Bandra-Worli Sea Link (BWSL) and completion of MTHLwill ensure a signal-free ride from Sewri to Bandra and Sewri to Navi Mumbai respectively. Considering the ambitious infra development happening in the area, the dynamics of Mumbai’s commercial and residential activities will transform inevitably. ”
“Andheri and Vile Parle, which was considered premium locality due to its connectivity with International and domestic airport will soon share the tag with Sewri and Wadala, as these areas are expected to grow in similar fashion of Ghodbunder road. Although the rate of price hike may not be at the same percentage, but we can for see Y-o-Y growth of 15-20% with expected robust response from people residing in surrounding areas.” added Mr. Aggarwal.
RNA Corp being one of the biggest developers of Mumbai, the company itself holds a saleable area of 3.6million sq. ft. including the four redevelopment projects in Sewri. The developer has successfully completed two projects so far. Its current project RNA Metropolis offers spacious living in the heart of Sewri, just a couple of kilometers away from Lower Parel, Prabhadevi and Worli.
The planned MHTL is expected to cut commute time and provide for a travel experience between Sewri to Navi Mumbai thus opening corridor for trade and providing connectivity in many locations between South Mumbai and Panvel. The construction of airport paralleled with MHTL and Worli-Sewri link will give Sewri an advantage by putting itself in a central location of Mumbai’s map.
The MMRDA’s aggressive infrastructure DP is expanding the city limits tremendously and locations like Sewri and Wadala are making a mark and surging ahead with a lot of development.