How Mumbai Metro Act On To The Property Price In Future
The Mumbai metro construction officially began in 2013, with metro lines planned for every part of Mumbai – including the suburbs, South Mumbai, Thane, and Navi Mumbai.
The metro has the potential to significantly impact the real estate industry in India in several ways:
1.?Increased demand for properties- The metro can improve connectivity and accessibility, making certain areas more attractive to homebuyers and investors. This can lead to an increase in demand for properties near metro stations, which could drive up prices.
2.?Boost to commercial real estate- The metro can also provide a boost to commercial real estate as it can improve accessibility to business districts, making it easier for people to travel to work. This can lead to a rise in demand for office and retail spaces near metro stations.
3.?Improvement in infrastructure- The construction of metro stations and rail lines can also lead to the development of new infrastructure in surrounding areas, such as roads, parking facilities, and pedestrian walkways. This can make these areas more attractive to buyers and investors.
4.?Expansion of real estate market- The expansion of metro lines can also open up new areas for real estate development, particularly in suburbs and peripheral areas. This can lead to the creation of new real estate markets and opportunities for developers.?
Metro Line 1 – Versova – Andheri – Ghatkopar
Metro Line 1, which connects Versova, Andheri, and Ghatkopar, is one of the busiest Mumbai metro lines. The line has been operational for a few years now and comprises 12 stations. With a depot at Four Bungalows, Andheri, metro line 1 connects key commercial and residential areas like Versova, DN Nagar, Chakala, Airport Road, Saki Naka, and others.
Taking the fact into account, it offers relief by cutting down traffic on the Western Express highway and makes travel easy for commuters between the western and eastern parts of the city. Due to improved connectivity and proximity to various commercial hubs, the areas saw an increase in residential projects.
Metro Line 2A and 7 – Dahisar – Dahanukarwadi (Kandivali) – DN Nagar – Aarey Colony
Metro Line 2A connects the busy areas of Dahisar, Kandivali, and Borivali. These areas are in the heart of the western suburbs and are known for the heavy traffic, especially in the morning and evening rush hours. In fact, the current commute time from Dahisar to Kandivali via the NH48 highway is almost 2 hours on any given day. The construction of Metro lines 2A and 7 which are operational.However, they have given immense relief to the residents and citizens who commute to and from these areas. By improving the standard of living, the construction has consequently increased the property rates in Mumbai in these areas and will continue to do so.
Metro Line 3 – BKC – Cuffe Parade – SEEPZ – Aarey Colony
Metro Line 3, which plans to connect the hotspot areas of BKC (commercial hub spot), Cuffe Parade, SEEPZ (in Andheri), and Aarey Colony (in Goregaon), is under construction. Metro Line 3 could be the first successful aqua line Mumbai metro.
This metro line would cover 27 metropolitan areas like Churchgate, Kalbadevi, Mumbai Central, Mahalaxmi, Worli, Santacruz, Grant Road, Sahar Road, CSIA Domestic Airport Road, and others.Like the rest of the Mumbai Metro lines, Aqua Line Metro (Line 3) will improve connectivity within the city and reduce the travel time of passengers. It will connect the Southern parts of Mumbai with the western suburbs through an underground corridor. When completed, it will take nearly 7 lakh vehicles off the road, reducing massive congestion and traffic in the city. Given that the real estate prices are already high in these areas due to the high concentration of good residential areas, the construction of the Mumbai metro would only boost the real estate price trends here.
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Metro Line 6 – Swami Samarth Nagar (Lokhandwala)-Vikhroli
One of the unique features of the Swami Samarth Nagar (Lokhandwala)-Vikhroli Metro Line is that it will integrate with four other metro routes. This will make it easier for commuters to transfer from one line to another, thereby reducing travel time and improving connectivity.
The four routes that will be integrated are:
The integration of these lines will enable commuters to travel seamlessly across the city and access various business and residential areas quickly.
The proposed development will provide connectivity with Western Express Highway, Eastern Express Highway,?SV-road,?Jogeshwari-Vikhroli Link road?and?LBS Marg. It will boost real estate developments along these regions.
Many MNCs and offices also operate from Powai, and once Metro line 6 is open to the public, it will make travel convenient for the people working here, which will further help them strike the perfect work-life balance.
Commercial real estate is seeing a positive uptrend with Grade-A developers heading to Andheri East and Powai. Moreover, the rapid commercialisation in recent years and the mushrooming of several office spaces and premium residential real estate have made these micro-market one of the most attractive suburbs to invest and live in. Also, once all the Metro lines are completely operational, not only will the quality of life of the residents improve, but commuting will also become much easier for office-goers working in Andheri and Powai.
Metro Line 4 - Thane-Wadala Metro
The Metro Line 4 from Wadala to Kasarvadavli in Thane is a 32.32 km long elevated corridor with 32 stations. It will provide interconnectivity to existing infrastructure links such as Eastern Expressway, Central Railway, Monorail, ongoing Metro Line 2B (DN Nagar to Mandale), proposed Metro Line 5 (Thane to Kalyan), Metro Line 6 (Swami Samarth Nagar to Vikhroli) and Metro Line 8 (Wadala to General Post Office). This complete line will provide rail-based access to fast-growing micro-markets such as Wadala and Thane. By reducing the current travel time by more than half, the Metro will make these markets more accessible and attractive to prospective homebuyers.
THANE-WADALA METRO ?LINE
“The Metro Line 4 from Wadala to Kasarvadavli in Thane is a 32.32 km long elevated corridor with 32 stations. It will provide interconnectivity to existing infrastructure links such as Eastern Expressway, Central Railway, Monorail, ongoing Metro Line 2B (DN Nagar to Mandale), proposed Metro Line 5 (Thane to Kalyan), Metro Line 6 (Swami Samarth Nagar to Vikhroli) and Metro Line 8 (Wadala to General Post Office). This complete line will provide rail-based access to fast-growing micro-markets such as Wadala and Thane. By reducing the current travel time by more than half, the Metro will make these markets more accessible and attractive to prospective homebuyers.
The Mumbai metro plans are all set to change the face of the?future of real estate in India. It has been observed that the construction of the Mumbai Metro is bound to increase the property rates in Mumbai. As an investor, it could open the gates to wise real estate investment and translate into immense profits over the years.