India’s latest infrastructure marvel, the Mumbai Trans Harbour Link, popularly known as Atal Setu - which is set to be commissioned by Prime Minister Narendra Modi on 12 January 2024 - would open up new avenues of development and tourism.
The two other similar bridges in the world are Hangzhou Bay Bridge in China (36 kms) and King Fahd Causeway in Saudi Arabia (26 kms).
Modi would inaugurate the Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu in the satellite township of Navi Mumbai.
The Mumbai Metropolitan Region Development Authority (MMRDA) has executed the bridge project that passes over the Arabian Sea.
“Atal Setu transforms daily commuting, reducing travel time from the current 2 hours to just 20 minutes between Sewri and Nhava Sheva,” the MMRDA said on Thursday.
This marvel, the Atal Setu, bridges Mumbai's island to the mainland, addressing land scarcity issues imposed by geographical constraints.
It not only provides quicker access to the upcoming Navi Mumbai International Airport, JNPT Port, and expressways like the Mumbai-Pune Expressway and Mumbai-Goa Highway but also unlocks new opportunities for tourism, economic growth, and employment.
This engineering feat utilises advanced Japanese technology, spanning approximately 21.8 km with a 16.5 km marine section and a 5.5 km elevated road on land.
The project would also boost development in Navi Mumbai Airport Notified Influenced Area (NAINA), an ambitious project of the City and Industrial Development Corporation Ltd (CIDCO).
The project would be a boon for the Mumbai metropolitan region (MMR).
“Once MTHL is operational and with the airport on the fast track, property prices will skyrocket, transforming Panvel and the Navi Mumbai region into the next big realty destination after Mumbai,” said Sunil Dewali, Co-CEO of Andromeda Sales & Distribution Pvt Ltd, parent company of Andromeda Realty Advisors.
“Property prices are already on the rise and are expected to increase in the next coming months. Developers from across the country are vying with each other to establish their presence here. Looking at the future growth potential, home buyers and investors are rushing to invest in properties in Panvel and Navi Mumbai region,” he added.
“Probably for the first time in decades, Mumbai Metropolitan Region (MMR) is undergoing a transformative infrastructure upgrade on a scale previously unseen. The upgrade has the potential to reimagine the real estate landscape of the city, somewhat liberating it from the growth limitations that comes from the virtue of being a linear city,” said Vimal Nadar, Senior Director, Research, Colliers India.
“Key micro markets like Central Mumbai and Navi Mumbai are poised to witness heightened commercial and residential activity led by improved connectivity. Areas under the influence zone of the project corridor including Sewri, Chirle, Ulwe, Kalamboli and Panvel will see a plethora of real estate opportunities across asset classes. All such relatively dormant localities are set to embark upon a high real estate growth trajectory sooner rather than later, providing lucrative investment options within MMR,” he said.
“Interestingly, the enhanced connectivity will revitalise real estate activity in the old CBD area of South Mumbai, leading to opportunities for retrofitting for investors and developers. Once operational, MTHL will also be pivotal in connecting the data centre hotspots within Navi Mumbai to the rest of the MMR,” he added.
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