Mumbai Metro is touted to be a game changer for the real estate market in India’s financial capital. It will not just solve the traffic congestion; the metro will also lessen the pressure on the suburban rail network.
With the huge metro development program, the Mumbai metropolitan region has witnessed a massive facelift. Real estate experts predict a never-seen-before impact on the real estate sector in the regions that are connected by the metro.
In the completed route from Versova to Andheri to Ghatkopar spans 11.4 km which happens to be Mumbai’s first metro rail network contains 12 stations from Versova to Ghatkopar. This entire route has already witnessed a 10 to 20% appreciation in its capital values since inauguration in the year 2014.
There is an ongoing metro route that is being constructed in between Dahisar and Mankhurd. This stretch will have 2 phases. – Line 2A and Line 2B. The construction for Line 2A began in November 2016 and is slated to be completed in the year 2019. This route is supposed to be 18 km long and will have 16 stations. When this line completes, it will have a significant impact on the sale of 3 bhk flats in Thane. Some of the adjacent areas have already seen a hike in the real estate prices from 2015 to 2016 with Shashtrinagar seeing a year on year appreciation of 12% in the realty rates. Rates in Shastri Nagar as of October to December 2015 were Rs 20,800 whereas in October to December 2016, the rates had already increased to Rs 23,300.
The construction work for Line 2B will begin by October 2017. This would be a 23.5 Km metro corridor with 22 stations.
Another line is Line 3 that would connect Colaba – Bandra and Seepz. This would be the first underground metro project of Mumbai. It would be 33.5 Kms long and would consist of 27 stations. The construction of this metro project began in October 2016 and is slated to be completed in the year 2020. Some of the major localities linked with this Metro project have already seen a 2 to 4% hike in realty prices. The Santacruz East area has seen 4% realty price appreciation wherein October to December 2015 the price was Rs 18,105 per square feet, and in October to December 2016, the price rose to Rs 18,827 per square feet.
Another proposed metro project in the city would be connecting Wadala in central Mumbai to Ghatkopar, Mulund, Ten Haath Naka and Kasarvadavali. This project would consist of 32 stations. This project too is estimated to impact the sale of 3.5 bhk apartments in Thane hugely. Mukund has already seen a realty price appreciation of 7% in a year. Between October to December 2015, the prices were at Rs 13,090 and after a year, the prices rose to Rs 14,025.
These are the numbers of just a few places, the real impact can only be seen and will only be able to be gauged after all the metro projects are completed. So, if you are planning to purchase 2 or 3 bhk flats in Thane, it is time to do it now before these infrastructural developments happen.