Back in 2008, Prime Minister Manmohan Singh had ambitious plans to improve the connectivity of Mumbai with the Mumbai Metro. 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.
Up to now, the Mumbai Metro has influenced the property rates in Mumbai positively because of improved connectivity and amenities and reduced travel time on the roads. According to property experts, the metro will continue to influence real estate price trends in various localities and shape property prices in Mumbai.
Let’s see the development of the Mumbai metro and the corresponding property rates in India, Mumbai in completed (operational), partially operational, and under-construction metro line areas in Mumbai.
1. 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.
Given that, 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, keeping in line with the housing price predictions by experts.
2. 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 high 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 are partially operational and partially under construction.
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.
3. Metro Line 5 – connecting Thane – Bhiwandi – Kalyan
Metro Line 5, which connects commercial and warehouse hub Bhiwandi to Thane and Kalyan, is still under construction. However, the Mumbai metro line aims to cover almost 24 kilometers and 17 stations and will start operating in 2025. The ambitious project is already underway and is all set to influence the real estate price trends in the above-mentioned and neighboring areas because of an expected boost in business and commercial activities.
Currently, the property costs in Thane, Bhiwandi, and Kalyan are still lower compared to the skyrocketing prices in South Mumbai and the steeply rising prices in the suburbs. Housing price prediction experts recommend investing in residential and under-construction properties in these areas because once the metro kicks in, the property prices are projected to increase.
Commercially, these areas are already thriving, but one can even expect residential developments in Thane, Kalyan, and the neighboring areas to rise, all thanks to the slated improved connectivity to the commercial and residential hubs in the western suburbs.
4. 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. Currently, some areas in the Aarey Colony area are pending approval from the court, but if approved, 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. It would reduce traffic from the western express highway and the burden of commuting on the Mumbai local train lines.
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.
On the last note:
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.
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