MTHL will Transform Real Estate Landscape in MMR, Making Panvel an Epicenter

Business Wire IndiaAt the event in Mumbai where Dr Niranjan Hiranandani took charge as President (Nation) NAREDCO, the Maharashtra Chief Minister Shri Devendra Fadnavis spoke about Affordable Housing. Evaluating the various challenges, he remarked that the one major thing which would make affordable housing a reality in Mumbai's peripheral region would be the Mumbai Trans Harbour Link (MTHL). He explained that MTHL would provide mass rapid transport linkage with business and jobs in South Mumbai – to what would be the largest conglomeration of affordable housing located in and around the location where MTHL would 'land' in Maharashtra's Raigad District.

"The Hon'ble Chief Minister's observation was absolutely on target," explains Dr Niranjan Hiranandani. "From Panvel as the centre-point, the entire conglomeration which will come up as a result of MTHL will be arguably, the biggest chunk of affordable housing in Mumbai's periphery. While the link will obviously provide a fillip to economic development and business growth which will stretch from Panvel as the central point to Pune and also locations like Alibaug on the Goa Highway, it will also provide the largest chunk of affordable homes for Mumbai's home seekers," he points out.

With land acquisition and clearances in place, the state government is keen to speed up this much awaited ambitious project – and with good reason. MTHL will not just ease congestion along existing transport corridors, it will also provide an alternate route with quick connectivity from Mumbai to the JNPT Port as also the upcoming Navi Mumbai International Airport. It will not just reduce travel time, but also offer Mumbaikars a new experience in global travelling options, in form of the Trans-Harbour linkage. "The maximum impact will be centered around Panvel, which will become the emerging new Central Business District (CBD) of the Mumbai Metropolitan Region (MMR), as a result of MTHL," says Dr Niranjan Hiranandani. "As work spaces will relocate to the new CBD, demand for residential real estate to house the human resources will soar. MTHL will make a paradigm change in the real estate scenario of Mumbai and the MMR," he adds.

It is positive that infrastructure developments have been looped into the state's development plan. Like MTHL, these are focused on easing congestion and opening up new avenues of transport and communication across the MMR. The obvious gainer in these connectivity-plus infrastructure projects will be the home seeker, one who is looking for affordable housing. These infrastructure projects will open up new real estate micro-markets, and locations apt for affordable housing projects to flourish. It is not just housing which will gain, enhanced connectivity will provide new work spaces in locations like Panvel, which would not just be the new CBD, but also offer business spaces at affordable price-points. As a result, job creation opportunities will move, grow and flourish, thanks to the enhanced connectivity options, like MTHL.

Infrastructure projects including MTHL will ensure not just economic growth and opening up of new job creation hubs in locations near Panvel in the Raigad District, but also drive the future success story of affordable housing, effectively ensuring that home seekers in Mumbai and the MMR will finally be able to see their dream homes become a reality.

Dr Niranjan Hiranandani is Founder & CMD, Hiranandani Communities. He is the President, National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.

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