Thane, as the first land point
connection the islands of Mumbai grew fast from 1950s to 1970s. The
development spread southwards. Today Thane has a population of more
than 15 lakhs with 74,000 millionaires.
Vashi & Navi Mumbai The real spurt happened once the Vashi
creek was connected by bridge to the Mumbai islands. Today Navi
Mumbai has a population of 17 lakhs and fast growing. Thought
provoking point is that what took Thane more than 20 years to grown
to, it took less than 10 years for Vashi & Navi mumbai. One main
reason could be its closeness to the Greater Mumbai due to the sea
bridge
MMR (Maha Mumbai Region) Drawing analogy, from the above,
the new Sea Link will bring this region even closer to Greater
Mumbai than Vashi. The Reliance SEZ, new Panvel Airport and the
southward spread of Navi Mumbai will be additional drivers. The
completion time lines are:
-Panvel Airport 2012
-Sea-Link - 2012
-Reliance SEZ Approvals being sought. Expected start by early 2009
In less than five years, the MMR area will see a huge development
thrust and might come at par with Vashi & Navi Mumbai, where the
property rates are more than Rs 50,000 per square yard.
A similar growth was witnessed in the DLF NCR (Gurgaon) where the
land was sold at Rs 300 per square yard in 1980s and it exploded to
Rs 15,000 (50 times) by 1994 (In fourteen years). Key drivers in
this case too were connectivity to Delhi (NH8 built around 1988) and
the subsequent spread of economic activity to this area.
Going by the current economic pace of development, the same rise in
MMR should take half this time. A reference point is Manesar in NCR,
where the rates grew from Rs 4,000 to Rs 15,000 in less than four
years. (2002 to 2006) |
