Sewree-Nhava: A bridge too far?
Mired in delays and technical issues, there are now doubts over future of Sewree-Nhava sea link.
By Kamlesh Pandya, ET Bureau |
Mired in delays and technical issues, there are now doubts over the future of the Sewree-Nhava sea link. "Barring some changes in long-term appreciation prospects, buyers for homes in the Wadala-Sewree region will not change their decision, just because the sea link is delayed or shelved," feels developer Deepak Goradia.
Navi Mumbai-based, developer, Ashok Chhajer concurs. "However ," he adds, "the expected positive growth will not happen, as accessibility to the commercial areas of south Mumbai, Fort and Nariman Point, from Navi Mumbai, will not improve."
However, according to Ashutosh Limaye, associate director (strategic consulting), Jones Lang LaSalle Meghraj (JLLM), the shelving of the project will definitely have real estate-related ramifications on Panvel and its immediate surrounding areas. "This entire area was banking on half-hour connectivity with south Mumbai and now, this will not materialise in the near future," he adds.
"Projects launched along the periphery of south Navi Mumbai and the Alibaug region will now become second homes projects; these would have been first homes, had the sea link been completed," points out Pankaj Kapoor, CEO of Liases Foras. Navi Mumbai-based real estate personality, Mohan Jeet Sehgal, feels that any delay or shelving of the sea link would result in a correction of rates in the short term and slower appreciation in the long run.
Estate agent Prashant Puri has another take when he says that "The response to this is issue will depend on whether the answer is being given by someone with a vested interest in property valuation moving upwards or someone who gains by its lowering," he maintains.
"The sea link would be an ideal solution to Mumbai's congestion problems and would have improved the scenario in Navi Mumbai. It reflects poorly on an administrative mechanism that is unable to get it off the ground, even after so many attempts, across many years," concludes Sehgal.
Navi Mumbai-based, developer, Ashok Chhajer concurs. "However ," he adds, "the expected positive growth will not happen, as accessibility to the commercial areas of south Mumbai, Fort and Nariman Point, from Navi Mumbai, will not improve."
However, according to Ashutosh Limaye, associate director (strategic consulting), Jones Lang LaSalle Meghraj (JLLM), the shelving of the project will definitely have real estate-related ramifications on Panvel and its immediate surrounding areas. "This entire area was banking on half-hour connectivity with south Mumbai and now, this will not materialise in the near future," he adds.
"Projects launched along the periphery of south Navi Mumbai and the Alibaug region will now become second homes projects; these would have been first homes, had the sea link been completed," points out Pankaj Kapoor, CEO of Liases Foras. Navi Mumbai-based real estate personality, Mohan Jeet Sehgal, feels that any delay or shelving of the sea link would result in a correction of rates in the short term and slower appreciation in the long run.
Estate agent Prashant Puri has another take when he says that "The response to this is issue will depend on whether the answer is being given by someone with a vested interest in property valuation moving upwards or someone who gains by its lowering," he maintains.
"The sea link would be an ideal solution to Mumbai's congestion problems and would have improved the scenario in Navi Mumbai. It reflects poorly on an administrative mechanism that is unable to get it off the ground, even after so many attempts, across many years," concludes Sehgal.
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