The Mumbai Metro network expansion has boosted the real estate market in the city according to experts. Several upcoming corridors and routes of the Mumbai Metro will be functioning in a period of 5-10 years as per reports and this will lead to huge growth of the housing markets in localities near these metro corridors. A similar story may unfold in case of the Versova-Andheri-Ghatkopar metro network and this will connect the eastern and western parts of Mumbai. Several residential and commercial projects near this corridor will witness an appreciation in prices as a result according to experts.
Property prices have already been increasing in areas like Andheri East and West, Ghatkopar and others. Several residential projects are coming up in these areas. Demand has gone up exponentially for housing with several premium projects coming up in this belt such as The Baya Goldspot at Andheri East and The Wadhwa The Address at Ghatkopar West. The metro network will boost areas which are located away from railway stations and 10-50% will be the short-term appreciation of properties near the metro corridor. Areas which already have operational metro routes have seen prices going up by 10-20% as per reports. Projects like the monorail, Eastern Freeway and SCLR (Santacruz-Chembur Link Road) have majorly boosted real estate markets in Jogeshwari, Andheri and Ghatkopar.
Several real estate developers are coming up with projects located near the metro routes and prices are steadily increasing as a result. The key micro-markets that will profit from the metro network include the SBD north, CBD and eastern and western suburbs according to experts. Real estate will also get a boost in Navi Mumbai and Thane due to better connectivity with the western suburbs and the SBD north as well. When the very first phase of the Mumbai Metro was implemented between Versova and Ghatkopar, it drastically brought down commuting time for residents while boosting overall residential and commercial real estate markets along this stretch. The upcoming metro networks, i.e. Metro Line 7 between Andheri East and Dahisar, Metro Line 2A between Dahisar and DN Nagar and Metro Line 3 between Colaba-Bandra-SEEPZ will certainly lead to an increase in new project launches along these areas according to experts.
