On May 9, Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde officially opened the second phase of Mumbai Metro-3, which spans 9.6 km between Acharya Atre Chowk (Worli) and Bandra Kurla Complex (BKC). Real estate experts predict that the enhanced connectivity will significantly increase demand for and values of real estate in both locations, which are currently among the most costly in India.
Areas include Dharavi, Sheetla Devi Temple, Dadar, Siddhivinayak Temple, Mahim Dargah, Mahim Church, Worli, and Acharya Atre Chowk would be included in the 9.6-kilometer phase. The Metro would cover 20 km of the 33.35 km line once Phase 2 is completely operational, enabling commuters to travel between Aarey and Worli (Acharya Atre Chowk).What positive effects is Mumbai Metro line-3 anticipated to have on the city’s real estate market?
Mumbai Metro’s Aqua Line (Line 3), which is already partially operational from Aarey to Bandra-Kurla Complex (BKC) under Phase 1, is expected to extend its commercial operations until Acharya Atre Chowk in Worli under Phase 2, according to Vimal Nadar, National Director and Head, Research, Colliers India, who spoke to HT.com. The fully operating Line 3 will serve as a significant spur for real estate growth in the majority of the established catchment regions along this route once the final Phase 3, which runs from Worli to Cuffe Parade, also becomes active.
By greatly enhancing North-South connection, this metro Line 3 has the potential to revitalise the CBD’s older commercial districts (Nariman Point and the surrounding neighbourhoods) and propel already-existing business clusters like BKC, Worli, and Lower Parel.
With the completion of the Coastal Road Project, the demand for office space leasing in the old central business district (CBD) micro market is expected to increase by 1.5 to 2 times annually. According to him, rentals in major micromarkets along the Metro Line 3 corridor may increase by 10% to 15% during the next years. On the residential front, well-known neighbourhoods like Santacruz, Andheri East, Kurla, Chembur, Dadar, and Prabhadevi stand to gain in capital value and rental income as a result of this greenfield connectivity.
According to some real estate analysts, the working-class population in South Mumbai will not be much impacted by the second phase. Those who live in Worli, Dadar, and Mahim, who stand to gain from this, are anticipated to be impacted. “The aqua line will help a number of redevelopment projects along the Mumbai Metro line 3 route,” stated Pramod Vyas, head of SMART (South MetroCity Association of Realtors), the premier organisation for South Mumbai real estate experts.
With easy access to important business centres like Worli, Lower Parel, BKC, Andheri, and the airport, it will revolutionise how South Mumbai residents commute.
Source: Hindustan Times.
