Metro 3 likely to boost property prices in western suburbs

The introduction of Metro Line 3, also known as the Aqua Line, is set to revolutionize the real estate landscape in Mumbai’s western suburbs. This ambitious infrastructure project promises to improve connectivity between key areas, connecting Cuffe Parade in the south to SEEPZ in the north. As it winds through bustling neighbourhoods like Worli, Bandra and Santacruz, it will impact the region’s real estate sector.

With shorter travel times and improved commuting convenience, demand for residential and commercial properties along the metro route is expected to increase. In addition, the Aqua Line is expected to stimulate a wave of new developments, including residential complexes, retail spaces and office buildings. Developers are keen to take advantage of the improved infrastructure, leading to an influx of modern amenities and services in the area.

According to NAREDCO Chairman Dr Niranjan Hiranandani, “The launch of the Aqua Metro line will certainly ease traffic congestion, simplify connectivity, enhance the commuting experience and bridge long distance travel through convenient modes of travel. Once all the 330 km of metro lines are built and operational, the real impact on real estate development will be evident.”

CREDAI-MCHI President Domnic Romell said that this infrastructure development presents a significant opportunity to transform Mumbai’s urban landscape, making it more accessible, vibrant and liveable: “The improved connectivity will drastically reduce the travel time between the Western Suburbs and South Mumbai from the current 90 minutes to just 30 minutes. It will improve the daily commute for professionals and residents, thereby increasing the demand for residential properties in areas like Jogeshwari, Marol and Andheri. Moreover, the Aqua Line will make BKC more accessible from various parts of the city, thereby increasing its appeal to businesses. The proximity to SEEPZ will also have a positive impact on the demand for commercial properties in Andheri.”

PropFina Co-founder Nitin Singhal said, “Once operational, the Aqua Line will primarily impact areas that currently do not have access to a public rapid transit system, particularly those within a 3km radius of the new Metro stations. As the line will provide a direct and efficient route connecting key areas in Mumbai, it will enable seamless travel for daily commuters to prominent business districts and commercial hubs such as Cuffe Parade, Kalbadevi, Fort, CSMT, Lower Parel, Dadar, BKC, Kurla, MIDC and SEEPZ. The improved connectivity is likely to attract a working population looking for affordable rental options with high connectivity to these employment hubs. We expect rental prices in the western suburbs to rise as the Aqua Line attracts individuals and families looking for high connectivity with relatively lower rental costs. The improved infrastructure and connectivity are expected to drive capital value growth, making these micro-markets attractive to both investors and homebuyers.”

Published: Sunday, July 21, 2024, 07:41 PM IST