Infrastructure is the backbone of any real estate development. Connectivity can redefine the real estate landscape in terms of residential, retail, and commercial segments. With rapid urbanisation, the city of Mumbai is witnessing linear growth giving rise to suburbia. The growth of suburban business districts in peripheral satellite towns like Thane, Navi Mumbai in MMR is poised for a significant growth. A slew of mega infrastructure projects in the pipeline will give cutting edge to the realty contour.
The on-going infrastructure projects in NaviMumbai will offer an attractive proposition for the property market with key projects as follows- NaviMumbai International Airport, Mumbai-Trans Harbour Link (MTHL), Metro corridors, Nerul-SoBo water transport, doubling of Panvel-Karjat rail corridor has come to the fore.
1. Panvel-Karjat Rail corridor– This is an important rail route on CSMT Mumbai to Karjat Suburban Railway which will be an extremely useful alternate route for the transmission of passenger traffic on the other end of the city. The doubling of the existing railway lines between Karjat and Panvel will open a huge hinterland for further real-estate development in MMR. The Union Ministry of Railways has issued a notification permitting the land acquisition for this project. The dual carriageway is the first step towards launching shuttle services between the two stations, including passenger and suburban trains.
2. MTHL– It started off as a road bridge linking South Mumbai with Sheva in Raigad district. The authorities later expanded the project to also include a dedicated rapid bus lane and Metro lines enhancing connectivity linkages. This multimodal connectivity will cater to different segments of travel and transport.
3. NaviMumbai International Airport – Second international airport to the financial hub Mumbai is imperative. Operational of 1st phase of airport by 2023 will gravitate huge economic activities and have a multiplier domino effect on real estate landscape. The developments in and around the airport periphery will attract huge investment and traction due to scope of further price appreciation.
4. Metro corridor– Metro connecting Mumbai and NaviMumbai airport is proposed along with multiple ring route metro’s in NaviMumbai region. This will give fillip to the commercial hubs with decentralization of business districts in suburbs and simultaneously attracting residential real estate growth to cater rising housing demand.
5. Water Transport Mumbai-NaviMumbai– Inland water connectivity is proposed connecting two ends of Mumbai with NaviMumbai. This facilitates a new alternative route for commuters across the shoreline.
Emerging growth corridors in MMR like NaviMumbai, Panvel will be the new livewire centres with mega infrastructure projects redefining sky and coastal lines. It is the right time for smart homebuyers to grab the right homebuying opportunity.
Dr Niranjan Hiranandani – CMD- Hiranandani Communities.