Navi Mumbai Homes Get Boost: MHTL Injects Growth, Prices Poised to Soar

As the Mumbai Trans Harbour Sealink (MTHL), connecting Mumbai and Navi Mumbai, gears up to open in January 2024, developers in Navi Mumbai are poised to capitalise on this significant development. Anticipating a surge in demand, a section of developers foresee a potential uptick in property prices in the region.  Areas such as Ulwe, Dronagiri, Pushpak Nagar, Uran, and Panvel are poised to directly benefit from this mega project, significantly reducing travel time between Navi Mumbai and Mumbai by approximately 45 minutes. The impact will extend even to commuters from Pune, resulting in notable time savings. Manohar Shroff, Senior Vice President of MCHI Credai Navi Mumbai, suggests that certain developers, particularly those with projects in Ulwe, Pushpak Nagar, and Dronagiri, may witness a 5 to 10 percent increase in property prices. However, he emphasizes that developers should prioritize boosting sales rather than focusing solely on escalating prices. This project not only brings the two cities, Mumbai and Navi Mumbai, closer but also enhances seamless connectivity for commuters grappling with traffic congestion.  The extension of the MTHL from Chirle to the Mumbai-Pune expressway is expected to trigger substantial development along the coast.

Shroff notes that besides the Navi Mumbai Special Economic Zone (Sez), this stretch will witness a surge in commercial activity. Developers highlight that the partial operation of the Nerul/Belapur-Uran rail route has already stimulated the real estate sector in Navi Mumbai. MCHI, the developers' body, envisions this as a revolutionary development, with the focus shifting from north to south Navi Mumbai. Presently, a 1 BHK flat in the Dronagiri node is priced at Rs 30 lakh in a seven-storey building, and in Ulwe, it ranges from Rs 48 to 52 lakh in a seven-storey structure and up to Rs 63 lakh in high-rise buildings. Civic activist Rajeev Mishra expresses concern about rising prices affecting the concept of affordable housing. As Navi Mumbai will witness the completion of numerous infrastructure projects in 2024, including the MTHL and the operationalization of the Nerul/Belapur-Uran route from Kharkopar to Uran, there will be a rise in demand, echoed by several real estate brokers. The swift progress on the Navi Mumbai International Airport adds another dimension to the potential for developers to leverage these developments in pricing strategies.