Trans Harbour Link a game changer for realty: Credai-MCHI President

Domnic Romell, president of Credai-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), shares insights with Aneeka Chatterjee on the region’s real estate boom, driven by infrastructure developments like the Mumbai Trans Harbour Link (MTHL), and future market trends over email. Edited excerpts:

How do you see the real estate boom in MMR with the development of MTHL?
 

The construction of MTHL is a game changer for the MMR real estate market. This 22-km sea bridge, connecting Mumbai to Navi Mumbai, is set to significantly reduce travel time and enhance connectivity. We expect the following impacts:
 

Increased property values: Areas like Sewri, Nhava Sheva, and other adjoining regions will likely see substantial property value increases.

Commercial growth: Navi Mumbai, already a commercial hub, will attract more businesses, increasing demand for office and commercial properties.

Residential demand: Improved connectivity will make peripheral areas more attractive for residential purposes, leading to a surge in housing demand.
 

Your take on the sale of luxury housing matching that of affordable housing?
 

Mumbai needs to promote affordable housing. Credai-MCHI has proposed a separate affordable housing index for metropolitan cities like Mumbai, removing the Rs 45 lakh price cap and declaring all houses up to 60 sq m as affordable.

This will help first-time home buyers benefit from initiatives like Pradhan Mantri Awas Yojana (PMAY). We also request the government to rationalise stamp duty and premium charges for houses purchased by women and for all houses under 60 sq m.
 

How do you see the shift from bungalows to apartments?
 

Urbanisation and rising land costs have made apartments more popular, especially in cities like Mumbai where space is at a premium. Apartments offer better security, amenities, and community living, which attract young professionals and nuclear families.
 

In the next 10 years, how do you envision real estate in MMR, with a major focus on Mumbai and Pune?
 

Over the next decade, the MMR real estate market, particularly in Mumbai, is expected to evolve significantly:
 

Urban expansion and infrastructure development: Projects like MTHL, Metro networks, and new airports will drive growth in previously underdeveloped areas.
 

Sustainable and smart housing: There will be greater emphasis on green buildings, smart homes, and sustainable practices as environmental concerns grow.
 

Rental market: Demand for rental housing will grow due to the influx of professionals and students. Co-living spaces and serviced apartments will become more common.
 

Regulatory landscape: Enhanced regulatory frameworks, transparency brought by Rera, and digitisation will create a more robust and investor-friendly market.
 

Affordable housing: This segment will continue to require government support to ensure housing in Mumbai is accessible to all. With 51 per cent of Mumbai’s population living in slums, there is a pressing need for affordable housing for Mumbaikars.