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The shelving of the Nhava-Sewri sea link project will have definite real estate-related ramifications on Panvel and its immediate surrounding areas, according to Ashutosh Limaye, associate director, strategic consulting, Jones Lang LaSalle Meghraj (JLLM).
The shelving is a setback as the distance from South Mumbai to Panvel will not have the half-hour advantage that this project would have given. For home buyers who were looking at Panvel and beyond, this means a loss in overall attractiveness and appreciation potential.
Other two major real estate demand catalysts - the new airport and the Reliance SEZ too have now lost a significant advantage. For commercial and IT/ITES developments coming up or planned in and around the region, the shelving will mean that the anticipated speed with which manpower would be able to access this catchment is now negated.
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