The recent inauguration of the Mumbai Trans Harbour Link (MTHL) by the Hon. Prime Minister of India, Shri Narendra Modi, has sparked excitement across Mumbai and the MMR region.
This monumental project, connecting the island city of Mumbai with the mainland, promises to revolutionize travel by reducing the commute to Panvel to a mere 20 minutes.
The impact of the MTHL on real estate dynamics is profound, particularly for mid-income home seekers. As property prices in Mumbai skyrocket, Panvel emerges as an oasis with housing options across various price points. This development opens new possibilities for aspiring homeowners, allowing them to realize their dream of owning a home within their budget.
Speaking on the evolving real estate landscape Mr. Navin Makhija, Managing Director, The Wadhwa Group said, “Panvel offers immense opportunity for a home buyer as prices are yet affordable. Panvel provides residents with better air quality, less traffic congestion along with an enhanced and holistic living experience. Home buyers investing here can be assured of price appreciation of 50% within the next 2 to 3 years.”
“With the Connectivity from South Mumbai improving due to the opening of MTHL and several infra projects that are upcoming in the region including the New Airport, the end users are seeing all the advantages and take calls which can be clearly seen in the last few months with an uptake in sale volume in our project Wadhwa Wise City,” Mr. Makhija added.
Mumbai, grappling with severe traffic congestion and soaring pollution levels, has seen homebuyers hesitate in their search due to rising property prices and home loan challenges. However, with the MTHL now operational, Panvel becomes an attractive alternative, offering competitive property prices poised to escalate soon.
Commute nightmares, especially during peak hours, will be alleviated with the MTHL, providing a faster and more convenient route to Panvel compared to traveling from South Mumbai to Ghatkopar in the eastern suburbs or Andheri in the western suburbs. While real estate prices in Ghatkopar and Andheri range from Rs 30,000/- to Rs 35,000/- per sq ft, Panvel boasts an average of around Rs 12,000/- per sq ft.
Improved connectivity and reduced travel times empower homebuyers to consider larger and more affordable homes in Panvel over smaller, more expensive options in the densely populated Mumbai suburbs. This shift is particularly evident in projects like Wadhwa Wise City, an integrated township designed for community living with amenities fostering a higher quality of life.
Environmental factors also favour Panvel, with its recorded ‘moderate’ Air Quality Index (AQI) of 83 compared to Ghatkopar’s ‘Poor’ AQI of 200. The stark contrast emphasizes the potential for a healthier lifestyle in Panvel.
The MTHL is not the only game-changer for Panvel; numerous ongoing infrastructure projects, including the Navi Mumbai International Airport, Kharghar Business District, and a suburban rail corridor connecting Karjat with Panvel, contribute to the region’s transformative phase. These developments position Panvel on the brink of international recognition.
In conclusion, the inauguration of the MTHL has triggered widespread interest, setting the stage for a surge in housing demand and subsequent price escalation. Prospective homebuyers are advised to capitalize on the current market conditions and invest in Panvel now, as property prices are expected to rise soon.