MTHL to pave way for affordable housing in Mumbai

Mumbai: The Maharashtra government is working towards connecting majornodal centres in Mumbai and it is already working towards preparing a special plan for the transportation sector revised for the next 20 years, said SVR Srinivas, Metropolitan Commissioner of the Mumbai Metropolitan Region Development Authority (MMRDA).

Speaking at the NAREDCO Progressive Neral-Karjat Affordable City 'Mumbai 3.0' event in Mumbai, Srinivas mentioned that the Mumbai-Trans Harbour Link (MTHL) project would be completed by the end of next year, post which Mumbai will no longer be known as an Island City.

"At the moment, travelling even from places like Malabar Hill to Bandra-Kurla Complex takes more than 45 minutes. Once MTHL project is operational, commuting even to Navi Mumbai will happen in 20 minutes. This would lead to a similar boom in these districts as well," he added.

He also stated that "connectivity is the key for affordablehousing in Mumbai and places like Neral-Karjat will be the key pointsfor affordable housing, which will witness some of the most explosivegrowth," he said.

The National Real Estate Development Council (NAREDCO) Maharashtra's Neral-Karjat unit presented Progressive Neral-Karjat Affordable City 'Mumbai 3.0', at an event organised at the Jio World Convention Centre.

The event aimed to raise awareness of the third front, comprising regions such as Neral, Karjat and Panvel as an affordable destination in the Mumbai Metropolitan Region (MMR). The knowledge partner of the event was CRE Matrix whereas City Lift was the elevator partner.

Talking to Bizz Buzz on the launch of Affordable City Mumbai 3.0, Gautam Thacker, President of NAREDCO, Neral-Karjat unit said, "The city has a lot of space constraints, so it is critical to develop a city that not only meets the space criteria, but also provides facilities and offers affordable housing options. Mumbai 3.0's blueprint, on that front is promising, as it provides early movers advantage of affordable luxury housing options along with well-connected infrastructure facilities to facilitate a quality life. Investors can also benefit from long-term capital appreciation."

Pointing out that Mumbai 3.0 is becoming a preferred destination for Mumbai residents due to its rapid infrastructure development and emerging real estate projects, Thacker added, "Since major MIDCs are located in the belt and along with expansion of JNPT, JNPT SEZ and New Airport, it provides residents with a variety of social amenities as well as employment opportunities in the IT & ITeS sector and knowledge-based research institutes. To ensure this trend continues all issues - be it civic, infrastructure, or even basic - will be addressed with assistance from governments and other agencies."

In recent years, residential supply has increased significantly in Karjat (21 per cent) and Neral (19 per cent) areas. These areas were once devoid of infrastructure and connectivity. However, the government is constructing a slew of mega infrastructure projects now that will benefit home buyers and spur real estate development.

The mega infrastructure includes the MTHL, the Navi Mumbai International Airport, local railway connectivity via the Panvel-Karjat line, which is expected to be completed by 2024, a national highway passing through Matheran and connecting Panvel and Uran; an upcoming railway yard; tourism development; upcoming largeuniversities, business, and medical colleges; and the upcoming Neral Matheran Ropeway, which is expected to be one of the longest ropeways (4.7 km). These infrastructure developments, once completed, will be a game changer for properties in the region because it will reduce travel time.

Rajan Bandelkar, President, NAREDCO India said, "With the launch of Mumbai 3.0, the region will experience rapid industrialisation and urbanisation. The government is also investing in infrastructure in the Neral-Karjat belt, which in turn is contributing significantly to the region's overall residential and commercial growth, boosting overall real estate growth, and elevating and improving the quality of life for its residents."

According to Bandelkar, the event is intended to foster long-term relationships with developers, channel partners, and stakeholders, as well as to inform and educate them on the numerous and diverse investment opportunities available in the Neral, Karjat, and Panvel areas.

He added, "We will collaborate with MMRDA, MIDC, CIDCO, MSRDC and other government agencies to develop Mumbai 3.0, which is emerging as a hub for superior-living and business. Furthermore, we will ensure that investors' quest for profit are met from investing in this thriving market."

NAREDCO Maharashtra and CRE Matrix collaborated on a report titled 'Mumbai 3.0,' which highlights Neral, Karjat, and Panvel as emerging destinations. These areas are attracting buyers and providing better returns on investment (ROIs) at a time when real estate in the city is becoming increasingly scarce for both end-users and financial specialists.

Property prices are expected to skyrocket in the coming years due to rapid infrastructure development and new real estate projects, and the Neral-Karjat belt is quickly becoming a popular destination for Mumbai residents.