The Mumbai Trans-Harbour Link (MTHL), also known as the Sewri-Nhava Sheva Trans Harbour Link, by the Mumbai Metropolitan Region Development Authority (MMRDA) has attracted developers and consumers. The delay in construction of the Link worried some consumers who had invested in projects around it.
According to news reports, it will take at least a year to achieve financial closure for the project that is likely to be funded by the Japan International Cooperation Agency (JICA). Experts say that the delay of MTHL project might delay the growth of the locality but cannot stop it.
“Sewri enjoys a strategic location. It is situated in South Mumbai and offers proximity to other parts of the city. It is one of the localities in Mumbai where infrastructure can be a game changer of its real estate market,” says Raj Tandon, a local real estate consultant.
Also, looking at the market scenario, Tandon says, “Since this is a slow phase of the real estate market, buyers should remain invested. Those looking to sell properties should wait for some more time.”
Some top reasons to remain invested in Sewri:
Consistent price rise
In Sewri's real estate market, Magicbricks data indicates continuous rise in property values. The locality has seen an appreciation of about 40 per cent in four years in regard to capital values.
The average price for multi-storey apartments was close to Rs 32,000 per sq ft in the Apr–Jun 2015 quarter, while data shows it was about Rs 23,000 per sq ft in the Oct-Dec 2011 quarter.
The price range of property in Sewri is Rs 23400-40700 per sq ft, as per the listings and rates and trends data availalbe with Magicbricks.
In Sewri's real estate market, Magicbricks data indicates continuous rise in property values. The locality has seen an appreciation of about 40 per cent in four years in regard to capital values.The average price for multi-storey apartments was close to Rs 32,000 per sq ft in the Apr–Jun 2015 quarter, while data shows it was about Rs 23,000 per sq ft in the Oct-Dec 2011 quarter.
The price range of property in Sewri is Rs 23400-40700 per sq ft, as per the listings and rates and trends data availalbe with Magicbricks.
Connectivity
Sewri is situated at 2.5 km from the railway station and is also close to the bus depot that offers regular bus services. The area also offers social infrastructure such as malls, hospitals and schools.
Sewri is situated at 2.5 km from the railway station and is also close to the bus depot that offers regular bus services. The area also offers social infrastructure such as malls, hospitals and schools.
“The locality is situated close to the business district of Lower Parel and is thus being preferred by those working in the area. Its closeness to the Sea Link also connects it to areas such as Bandra, Panvel, Chembur and Worli” says Abdul Rehman of Sai Estate Agency.
This is not all. The improving connectivity is expected to be a major positive for this locality. The upcoming monorail in Sewri is an added advantage. The state government has proposed an acquisition of about 600 sq metre of land in Parel-Sewri for construction of the second phase of the monorail project.
This is not all. The improving connectivity is expected to be a major positive for this locality. The upcoming monorail in Sewri is an added advantage. The state government has proposed an acquisition of about 600 sq metre of land in Parel-Sewri for construction of the second phase of the monorail project.
The locality which was once a township for mill workers is now shaping up as a central hub. The Eastern Expressway, which became functional almost two years ago, connects the locality to Central Mumbai.
The Mumbai Trans Harbour Link is a 22 km road, linked to the Mumbai Pune Expressway in the East and the Western Freeway in the West. The link will begin at Sewri, cross Thane Creek, North of Elephanta Creek and will end at Nhava Sheva.
“The project which is scheduled for completion by the year 2017, may be running late but once it takes off, it can prove to be one of the major positives for the locality’s real estate market. The property prices are likely to see a huge jump,” says Tandon.
“The project which is scheduled for completion by the year 2017, may be running late but once it takes off, it can prove to be one of the major positives for the locality’s real estate market. The property prices are likely to see a huge jump,” says Tandon.
Source - TOI
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