Impact of Metro on Real Estate

June 06, 2017 admin News

Metro Line 4: Transforming the realty landscape of the city
If you have ever got late in reaching somewhere very important in Mumbai or have missed a flight due to the traffic woes, only then you will be able to realize why the Mumbaikars have been eagerly waiting for the complete roll out of the metro. Mumbai, the city of dreams, is famous for its organized chaos but even then is the most preferred metropolitan. It has a huge population exposure from all corners of the country. The residents of the city prefer to live in areas that have well-developed infra facilities and a good connectivity and this is the main reason why areas around the metro are considered as the city's new-age destinations, enriched with modern comforts and facilities and excellent inter-connectivity.

The metro rail not just eases out the traffic bottlenecks but it also makes the place an attractive business destination, with lower commuting costs within the city and easily approachable social and physical utilities.

The transportation infrastructure of a city has a very deep impact on its property market giving a fillip to its realty fortunes. Mumbai’s very first metro link, the Versova-Andheri-Ghatkopar Metro Rail Project had been a game changer for its realty landscape and ignited the market sentiments.  There are two more in the development phase – Mumbai Metro Line 2 (Dahisar-Charkop-Bandra-Mankhurd Metro Project) and the Mumbai Metro Line 3 (Colaba–Bandra-SEEPZ line) – that are expected to be operational by March 2019. Ease of traffic and faster connectivity led to a steady growth of Residential Projects in Mumbai as there was an increase in the capital and rental value.  The developers in and around the connecting areas flaunt this factor in order to reap maximum benefits. The suburban areas are the major beneficiaries of the metro linkages as they get connected to the prime locales and business centres.

Talking about the Commercial Property in Mumbai, the better connectivity and ease of traffic congestion results in reduced vacancy level and increased transaction values of the companies. These massive infrastructure projects have a profound impact on the development of the connecting areas.

Further adding feathers to its infrastructural cap, the government has approved a fourth metro link – the Mumbai-Thane Metro link – which shall bring major change in Thane and its neighbouring areas. The 32 kms long extension shall link Wadala-Ghatkopar-Thane-Kasarvadavali and will have 32 stations. The 32.32-km metro corridor, to be built at an estimated cost of Rs 14549 crores, will connect Wadala in central Mumbai and the neighbouring Thane district and is expected to be complete in 2021. Once operational, the distance between Wadala in Mumbai and Kasarvadavali in Thane shall be covered in an hour. The upcoming metro rail shall cover nearly 70% areas of Thane, giving maximum benefits to areas like Majiwada, Vasant Vihar, Ghodbunder Road, Pokhran Road 1 & 2 and Hiranandani Estate. The Mumbai Metropolitan Region Development Authority (MMRDA) is also checking on the possibility of extending the corridor up to Gaimukh, border of Thane Municipal Corporation on Ghodbunder Road. This imminent link will have a huge impact on the development around this region, easing off the pressure on the suburban rail and ensuring great north-south rail connectivity.
This Metro Line 4 project shall be a boon for the residents of the city as it will help in clearing the traffic congestion and will give Mumbai and Thane another modern public transport. Traffic congestion is a major hurdle in the holistic growth and development of the city especially during the peak hours and this corridor would form the backbone of the public transport system.

It shall have a tremendous impact on the commercial, residential and infrastructural growth of the city and will give an impetus to the realty development of the connecting areas.

Thane is a readily flourishing prime suburb in Mumbai that has a high livability index. It houses many landmark Residential Apartments that are nicely built and offer spacious and contemporary living spaces at pocket-friendly prices. This proposed metro link shall be a major attraction inviting more and more home buyers and investors.

Not just residential but commercial real estate in Thane, Mumbai will also experience a remarkable boost as more and more companies will set up their offices in the affordably priced tracts of land.

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