The inauguration of India's first and longest sea bridge, the Atal Setu, at the august hands of Prime Minister Narendra Modi is like vision brought to life. The expressway between Indias two of the most thriving economic nodes, Mumbai and Navi Mumbai is fundamental for Maharashtra to accomplish its $1 trillion economy objective.
Combined with the upcoming Navi Mumbai International Airport, this engineering feat will boost Panvel's growth index. Land equivalent to half the size of Mumbai will now be capitalised for economic development. This link is poised to galvanise real estate and industrial growth across the Mumbai harbour. A domino effect will be created, which will stimulate employment, improve social and civic infrastructure, and attract investments.
The Atal Setu will unleash a revolutionary wave of urbanisation. As a result of this connectivity, industries will have improved access to resources and markets, which will lead to a growth in industrial activity. In addition, a wider range of citizens will be able to benefit from quality housing, transportation and other civic infrastructure such as schools, health and recreation centres.
A paradigm shift in the real estate landscape will result in residential, commercial, hospitality, retail, and industrial growth. The Panvel-Karjat corridor will be the new fulcrum of economic activity, contributing significantly to GDP. MTHL's overall impact on the Panvel-Karjat corridor can be summed up as follows:
Affordability and Growth
Increased economic growth will provide jobs and raise the standard of living in the region. Additionally, tourism revenue will also increase due to better infrastructure.
Investments
Exporting will be easier, allowing industries to expand into new markets and attract new customers.
Property Value Proposition
This economic corridor offers good capital appreciation and rental income potential. The transforming real estate attracts buyers and investors from nearby suburbs.
Improved Quality of Life
Green real estate approaches will help reduce carbon emissions, reduce pollution and provide more healthy open spaces, pedestrian-friendly streets, biking tracks, spacious homes, and eco-friendly materials, all of which will enhance the quality of life.
Commercial Hubs
Mumbai 3.0 location would attract government and regulatory bodies, banks, financial services providers, IT and ITES conglomerates, universities, hospitality and tourism companies, R&D institutions, and FMCG and ecommerce companies.
(The author is MD, Hiranandani Group and Chairman, NAREDCO)
