How will The Major Push to Improve Connectivity by The State Government Affect Real Estate Market in Mumbai?

The state government of Maharashtra is planning forward for the next two decades by linking key nodal locations in and around Mumbai and developing a unique strategy for the city's transportation network. According to SVR Srinivas, metropolitan commissioner of the Mumbai Metropolitan Region Development Authority, the Mumbai Trans Harbour Link, one of the important ongoing infrastructure projects, is projected to be finished by the end of next year, helping to boost the connectivity even further.

At the present, getting from Malabar Hill to Bandra-Kurla Complex takes more than 45 minutes. It would take just 20 minutes to go to Navi Mumbai if the MTHL project is up and running. Srinivas predicted that this would cause an economic boom in those areas as well. He believes that with the completion of various major infrastructure projects, the cheap housing environment in Mumbai and its outlying locales, such as Neral-Karjat, would see rapid expansion.

He addressed a gathering in Maharashtra at a conference held by the National Real Estate Development Council's Neral-Karjat branch.

According to Naredco Neral-president, Karjat's Gautam Thacker, "the city has a lot of space limits; hence it is necessary to construct another city that not only fits the space criterion, but also provides services and gives cheap housing alternatives."

With the growth of JNPT, JNPT SEZ, and the new airport, he claims, people of the Neral-Karjat-Panvel area will have access to better transportation, more job opportunities in the IT and ITeS industries, and more academic and research facilities dedicated to advancing human knowledge.

To maintain this upward trend, governments and other organisations will provide a hand in fixing all kinds of problems, from those related to civic life and infrastructure to the most fundamental ones.

According to Rajan Bandelkar, president of Naredco India, "the government is investing in improving infrastructure in the Neral-Karjat belt, which is significantly contributing to the region's residen- tial and commercial development growth, boosting overall real estate growth, and elevating and improving the quality of life for its residents."

The residential supply in formerly undeveloped areas like Karjat and Neral has been growing in recent years. The government, however, is now implementing a number of massive infrastructural projects that will benefit homeowners and stimulate real estate growth. The completion of these massive infrastructure projects is anticipated in 2024. They include the Mumbai Trans Harbour Link, the Navi Mumbai International Airport, and the Panvel-Karjat line, which will provide local rail connections.