By Dr. Niranjan Hiranandani, Founder & CMD, Hiranandani Communities
Enhanced connectivity is the potent driving factor for the development of new emerging real estate hot-spots. As India’s economic success story grows into newer locations in terms of real estate development, the new transport corridors show great potential for powering the economic powerhouse.
Mumbai’s economic success story will be co-scripted by augmenting the suburban rail corridor connectivity. Over the years, the farthest ends of the suburban rail network have grown in importance as residential hubs simply because they enable commute to jobs. As new real estate hot-spots emerges, it brings along new employment opportunities which are being created in the near future – and this is where buying or investing in real estate becomes a ‘smart game’ – one need to think ‘out of the box’.
Mumbai – Pune is among the most saturated railway corridors in India, with long-distance trains jostling with local suburban services – and resulting delays and late running of trains. Similarly, the Mumbai – Panvel – Konkan Railway corridor supports a huge number of train services. Both lines – to Karjat and Panvel – are also home to suburban railway services. It is these suburban services which enable human resources to reach their work locations, and thus, retain the importance of residential hubs along the suburban sections.
As these residential hubs get saturated, the only alternative for home seekers is to move further away. In this scenario, one probable solution is the Mumbai Urban Transport Project-3 (Panvel-Karjat corridor). This will link the two terminus stations, enable housing hubs to develop along the new corridor – and also provide an alternate, shorter route (Kurla-Vashi-Panvel-Karjat) for long distance trains from Mumbai to Pune and beyond.
The Karjat – Panvel corridor will be a boon for economic growth and further development of the region located in the Mumbai Metropolitan Region (MMR), once the doubling of lines as also the commencement of suburban services becomes a reality. This ‘link’ section of MMR’s suburban rail network is important for balanced growth across the MMR.
Panvel and its peripheral areas have been on the road linkage between Mumbai and Pune, while the rail link loops via Thane – Kalyan – Neral to Karjat and on to Pune. Once this section is opened up for passenger train traffic, it will enable direct rail services, enhancing the advantage of Panvel being located between two IT and ITeS hubs, Mumbai and Pune.
Within Mumbai and the MMR, business hubs are undergoing a change, in sync with trends seen in India’s real estate; now, commercial realty is finding new locations, and these ‘Business growth’ locations, which can offer large office spaces are the Emerging Business Districts (EBDs).
Among the EBDs that are making their presence felt in the MMR is Panvel, which is fast emerging as the favourable office location for many Indian industry leading companies, MNCs, BFSI, IT and ITeS companies to relocate and centralize office spaces. To power the economic success stories of Panvel, human resources will need residential hubs.
The stretch from Panvel to Karjat will enable development of residential real estate hubs, positioned ‘just right’, when one looks at the stretch as not just an alternative rail link between Mumbai and Pune, but also as a suburban section in its own right. The potential of the planned connectivity linkage will transform this region into a residential real estate destination, a success story.
The development of Panvel into a global commercial hub, given the impact of Mumbai Trans Harbour Link as also the Navi Mumbai International Airport, will dove-tail perfectly with residential real estate hubs developing along the Panvel – Karjat section. From just being a sleepy town situated at the tri-junction of roads that connect Mumbai Goa and Pune, Panvel has fast morphed into the ‘central location’ in the MMR, and with planned infrastructure all set to enhance transport linkages, it is well on way to becoming the real estate hot-spot of Mumbai’s peripheral areas.
So, when it comes to making a smart decision in terms of real estate, those who in present-day understand the importance of the Karjat – Panvel suburban section and its’ potential, given Panvel’s steady growth as an economic hub, will be making the right choice.