Inland waterways have turned into a reality for the island city of Mumbai with the operation of its first water taxi services connecting to Navi Mumbai.
It was inaugurated in the presence of Union Shipping Minister Sarbananda Sonowal, State Chief Minister Uddhav Thackeray, and representatives of nodal agencies viz Mumbai Port Trust, Maharashtra Maritime Board, and CIDCO from Belapur terminal.
The water taxi will ply between Domestic Cruise Terminal at Ferry Wharf Mazgaon in south Mumbai to the terminal at Belapur, Navi Mumbai in an estimated travel time of 45 minutes. The route is eventually planned to be extended to Nerul, Vashi, Airoli, Mandwa, Karanja, Rewas, Dharamtar, Thane, and KanhojiAngre Island among others. These new linkages between the financial capital and peripheral hinterland in Navi Mumbai will give a fillip to real estate markets.
Earlier used solely for logistics services, now Mumbai will join the league of other major global cities that use water transportation for passenger service. This new travel service will enhance accessibility across the harbour, ensure a smooth transport system and ease congestion on other modes of travel.
Infrastructure development is key to economic growth and enhanced job creation with a multiplier effect on real estate segments. As a result, the NaviMumbai market will see the rise of commercial corridors, economic hot spots, and residential development on the back of a decentralization trend.
The metamorphosis of Navi Mumbai into the next 'Brooklyn' of India will broaden the limits of the real estate landscape towards a new horizon. Therefore, it is the right time for fence-sitters to convert into actual homebuyers at Hiranandani Fortune City, Panvel in the backdrop of favourable market dynamics.
