Mumbai Will Lose Island City Status

Naredco team with Metropolitan Commissioner Srinivas (Cengtre)

Mumbai Will Lose Island City Status

MTHL Connect Will Bring It Closer To MMR

State Govt working on 20-year plan for transportation in Mumbai 3.0, says Metropolitan Commissioner Srinivas

MUMBAI, July 28 (The CONNECT) - The state government is working towards connecting major nodal centres Mumbai and on a special plan for transportation sector for the next 20 years, stated the Metropolitan Commissioner, MMRDA S V R Srinivas, IAS.

Speaking at the NAREDCO Progressive Neral-Karjat Affordable City, 'Mumbai 3.0’ event Srinivas said that the Mumbai-Trans Harbour Link project would be completed by the end of next year, post which Mumbai will no longer be known as an Island City.

“At the moment travelling even from places like Malabar Hill to Bandra-Kurla Complex takes more than 45 minutes. Once MTHL project is operational, commuting even to Navi Mumbai will happen in 20 minutes. This would lead to a similar boom in these districts as well,” he said.

Starting that connectivity is the key for affordable housing in Mumbai and places like Neral-Karjat will be the key points for affordable housing, he said these areas will witness the most explosive growth.

Commenting on the launch of Affordable City Mumbai 3.0, Gautam Thacker, President of NAREDCO Neral-Karjat unit, said, “The city has a lot of space constraints, so it is critical to develop a city that not only meets the space criteria, but also provides facilities and offers affordable housing options. Mumbai 3.0’s blueprint, on that front is promising, as it provides early movers advantage of affordable luxury housing options along with well-connected infrastructure facilities to facilitate a quality life. Investors can also benefit from long-term capital appreciation.”

Pointing out that Mumbai 3.0 is becoming a preferred destination for Mumbai residents due to its rapid infrastructure development and emerging real estate projects, Thacker said, “Since major MIDCs are located in the belt and along with expansion of JNPT, JNPT SEZ and New Airport; it provides residents with a variety of social amenities as well as employment opportunities in the IT & ITES sector and knowledge-based research institutes. To ensure this trend continues all issues - be it civic, infrastructure, or even basic - will be addressed with assistance from governments and other agencies.” 

Rajan Bandelkar, President, NAREDCO India said, “With the launch of Mumbai 3.0, the region will experience rapid industrialization and urbanisation. The government is also investing in infrastructure in the Neral-Karjat belt, which in turn is contributing significantly to the region's overall residential and commercial growth, boosting overall real estate growth, and elevating and improving the quality of life for its residents.”

NAREDCO Maharashtra and CRE Matrix collaborated on a report titled 'Mumbai 3.0,' which highlights Neral, Karjat, and Panvel as emerging destinations. These areas are attracting buyers and providing better returns on investment (ROIs) at a time when real estate in the city is becoming increasingly scarce for both end-users and financial specialists. Property prices are expected to skyrocket in the coming years due to rapid infrastructure development and new real estate projects, and the Neral-Karjat belt is quickly becoming a popular destination for Mumbai residents.

Photo Caption - From Lto R -Ashok Mohanani, Chairman, NAREDCO Maharashtra; Rajan Bandelkar, President, NAREDCO India; SVR Srinivas, IAS, Metropolitan Commissioner, MMRDA; Gautam Thacker, President, NAREDCO Progressive: Neral-Karjat and Prakash Baviskar, Committee Member, NAREDCO Maharashtra during the  NAREDCO Progressive Neral-Karjat "Affordable City: Mumbai 3.0" event in Mumbai.

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