The trans harbour link opening will be followed by the Navi Mumbai airport, which will bring a drastic change in the way the satellite city is looked at, Shinde said.
The much-awaited Mumbai Trans Harbour Link (MTHL) connecting Mumbai and Navi Mumbai will be opened for general traffic in the coming few months followed by the Navi Mumbai International Airport (NMIA) which is expected to bring drastic change in the way Navi Mumbai is looked at, Maharashtra Chief Minister Eknath Shinde said on August 10.
Shinde was speaking at a day-long conference organised by Opelox Media and Marketing titled Sustainable Cities 2030 to make Navi Mumbai a sustainable city.
Addressing real estate developers, architects and urban planners through video conferencing, Shinde said, “When we talk about Sustainable Cities 2030, we need to remember that 2030 is not far. Several infrastructure projects in MMR including MTHL, NMIA, Coastal Road, and unified development control regulations (DCR) will bring drastic changes and growth opportunities for infrastructure and real estate of MMR including Navi Mumbai.”
Opportunities galore
Conceived in the 1960s, Navi Mumbai is a satellite city near Mumbai and is a part of the Mumbai Metropolitan Region (MMR). Several developers from apex bodies like NAREDCO, MCHI, CREDAI, and the Builders Association of Navi Mumbai (BANM) attended the conference.
Sanjay Dutt, Managing Director and Chief Executive Officer, Tata Realty, said, “India’s first petrochemical plant came up in Navi Mumbai in the 1960s and the country’s biggest port known as JNPT handles 40 percent of India’s cargo tells us that Navi Mumbai is going to play a very big role when it comes to growth and development.”
With several infrastructure projects like the airport and MTHL, Navi Mumbai which is land-rich, is expected to have a bright future, he said, adding, “Those who have invested in land-rich Navi Mumbai are today in the billionaire’s club, and going further due to MTHL, Navi Mumbai is expected to reduce the valuation of even Mumbai for that matter.”
Currently, the per-square-foot rates of residential apartments in Navi Mumbai are between Rs 5,000 and Rs 45,000. Whereas for Mumbai, the per-sq ft rate is Rs 20,000 to over Rs 1.30 lakh, depending on the location.
“With Navi Mumbai Airport, MTHL and the planned Virar-Alibaug corridor, which is expected to go live by 2026, Navi Mumbai is expected to overtake Mumbai going further. We are constructing the Virar-Alibaug corridor, for which work is expected to start by year-end. The corridor will give opportunity for 9 townships along the corridor to come up, which, in turn, will benefit Navi Mumbai and Raigad belt at a large scale,” said Radheshyam Mopalwar, Vice Chairman and Managing Director, Maharashtra State Road and Development Corporation (MSRDC).
Source : Money Control