How Atal Setu bridge will boost Mumbai's property market

With the Metro and expressways, Mumbai is getting ready to eat its jam. On Friday, the much-awaited Mumbai Trans Harbour Link was inaugurated by Prime Minister Narendra Modi. It is a six-lane motorway that runs 21.8 km from Sewri in Mumbai to Chirle, which is close to Nhava Sheva in Uran taluka in Raigad district. Billed as India’s longest sea bridge, it will alter the real estate in Mumbai and Navi Mumbai by establishing unparalleled connectivity between these two important hubs. The sea bridge, also called the Atal Setu after former prime minister Atal Bihari Vajpayee, will serve as a lifeline as it reduces the travel time between Mumbai and Navi Mumbai from two hours to 20 minutes. Thanks to the new bridge, the financial capital’s real estate market is thriving. Already on the increase, property values are expected to continue to grow with the bridge’s inauguration. Take a look. A game changer for real estate Experts have called the MTHL bridge a “game changer” since it improves accessibility and connectivity. According to them, Panvel and Ulwe, the important business centres located near the bridge, will experience “explosive growth.” “The Mumbai Trans Harbour Link is a game changer! As a proud Mumbai developer, I see this engineering marvel transforming connectivity and our real estate landscape. With travel times slashed to 20 minutes between Mumbai and Navi Mumbai, areas like Panel and Ulwe will witness explosive growth. We anticipate a surge in demand for homes driven by professionals seeking affordable luxury close to prime business hubs,” Manju Yagnik, vice chairperson of Nahar Group and senior vice-president of NAREDCO-Maharashtra, told Livemint. [caption id=“attachment_13607492” align=“alignnone” width=“640”] Newly-constructed Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu. PTI[/caption] The new bridge will complement already-existing vital infrastructures, like the Metro, of which 46 kilometres are currently in use, 337 kilometres are being built, and an additional 50 kilometres are in plan. Gautam Thacker, Chairman of NAREDCO Neral-Karjat unit, told Indian Express, “The Mumbai address has changed as a lot of construction has begun in MMR (Mumbai Metropolitan Region). Many homebuyers are showing interest in properties in MMR. With the upcoming MTHL and Navi Mumbai Airport projects, untouched areas will see significant growth. It is a given, that connectivity has a positive impact on real estate development. Micro markets like Ulwe, Panvel, Kharghar among others are seeing growth in real estate pricing, and it will go up further.” Other experts also predicted that Panvel, Sewri, Navi Mumbai, and Chembur real estate markets will flourish. “Property value in the neighborhoods that the MTHL passes through are geared to grow into major nerve centres of Mumbai and, consequently, the demand for real estate here, both residential as well as commercial, would see an upward trajectory,” Sundeep Jagasia, managing director of the Shree Krishna Group, told Mint. Notably, Chembur is already witnessing a boost due to key infrastructures: the Eastern Freeway, Santa Cruz-Chembur Link Road, and the Bandra Kurla Complex Connector. Homebuyers will be very interested in Navi Mumbai due to its cheaper real estate costs, lifestyle, convenient commute, and recently enhanced connectivity, according to a Times of India report. In the range of Rs 30 lakh to Rs 40 lakh, there are still cheap housing options in Navi Mumbai, according to Bhavesh Shah, joint managing director of Today Global Developers, who spoke with the daily.

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Increased connectivity and better economy On the rapidly growing eastern coast of Mumbai, the Atal Setu is the project that sticks out the most. The Atal Setu is intimately related to projects like the Eastern Express Highway (EEH), Eastern Motorway, and Sewri Worli Elevated Corridor, according to News18. [caption id=“attachment_13602992” align=“alignnone” width=“640”] Mumbai Trans Harbour Link is built at an estimated cost of Rs 18,000 crore. Image Courtesy: News18[/caption] The Sewri Worli Elevated Corridor will link the city’s eastern and western sectors and offer signal-free connectivity. In the meantime, the Atal Setu will be vital to the connectivity of South Mumbai, especially the Byculla neighbourhood. There will be further connectivity to the soon-to-be Navi Mumbai International Airport. As a result, this would increase demand for nearby residential real estate by giving South Mumbai residents quicker access to Navi Mumbai’s new airport and the Atal Setu. The managing director of Prajapati Constructions, Raajesh Prajapati, was also reported in the paper as stating that over the next ten years, the MTHL will have a significant positive impact on Navi Mumbai’s overall economic development. Enhancing connectivity, lowering traffic congestion, and cutting down on travel time have already been greatly aided by infrastructure initiatives like the Eastern Motorway and the EEH. Thus, the infrastructure developments along Mumbai’s east shore herald a paradigm change in the connectivity of the city. Features of MTHL Construction on this project began in 2017 and initially was expected to be completed in four and a half years’ time. However, the COVID-19 pandemic and technical issues pushed the opening. However, it’s important to note that the MTHL was envisioned around 30 years ago, with the aim of speeding up travel between Mumbai and Navi Mumbai. [caption id=“attachment_13602912” align=“alignnone” width=“640”] When combined with the planned international airport, the MTHL will be crucial to Navi Mumbai’s total economic growth. PTI[/caption] According to Sanjay Mukherjee, the metropolitan commissioner of the Metropolitan Region Development Authority (MMRDA), the steel used for the construction of the bridge is 17 times that of the Eiffel Tower and equivalent to the weight of 500 Boeing aeroplanes. “The structural steel used is four times that of the Howrah Bridge. The concrete used is six times that of the Statue of Liberty in the US,” he said. Traffic snarls on both sides of the Mumbai Harbour would be history as vehicles will zip through the bridge in barely 20 minutes without affecting the environment or the Ramesar Site flamingo sanctuary below it, he added. While this project is being hailed for improving connectivity, there are some who question the cost of the toll. The Rs 250 toll for a one-way crossing of the Trans Harbour Link is deemed to be high. In contrast, the Bandra-Worli Sea Link has a toll of Rs 85 for a one-way trip and Rs 127 for a return journey. With inputs from agencies