Property Rates In Mumbai Increase With The Introduction Of Metros
The dream city of Mumbai was already bustling with crowd from various parts of the world. To make commuting easier and reduce the traveling time, the government recently introduced Metros with an enormous investment of $720 million. Though it is the Versova-Andheri-Ghatkopar belt that will immensely benefit as of now, indirectly, the demand for real estate properties in Mumbai is also bound to rise. This is not a mere assumption. Any improvement on transportation infrastructure has a significant effect on the real estate value of the city. The areas that geographically fall close to the stations would cost a premium compared to properties for sale in other locations.
Studies on real estate pricing has revealed that metro stations alone contribute 22% increase towards the pricing of an area, apart from other factors like the location of the area, its distance from major hubs and the socioeconomic status of the people. The transport infrastructure projects like the Santacruz Chembur Link Road, the Jogeshwari-Vikhroli Link Road and the Wadala Chembur Monorail has already hyped up the real estate demand in the city, the recent introduction of Metros is just an 'icing on the cake' for property owners in Mumbai. The demand for upcoming projects in Mumbai has also seen an increase, post the execution of the Metro project.
As per the current statistics of India property, the real estate value of assets in areas like Chembur and Wadala has increased by more than 100 percent in the last 5 years. The Santacruz Chembur Link road further boosted the demand for the market, making the prices rise to a significant level. In the last 8 years, it has been observed that the value of areas that fall under the Metro connectivity has increased by 400 percent. This trend is anticipated to continue, considering the fact that the demand for the areas close to the stations are always on demand.
Real-estate developers are showing keen interest in purchasing properties that are close to Santacruz Chembur Link Road (SCLR), the Jogeshwari-Vikhroli Link Road (JVLR) and the Wadala Chembur Monorail. As more than 7 lakh passengers are expected to commute using metros, the stress on areas around SCLR and JVLR will decrease to a great extent. This is a healthy transformation, considering the fact that the metros will provide a balanced connectivity while benefiting other ares in Mumbai. The property rates of areas like Ghatkopar, Andheri and Jogeshwari is also expected to rise, as they fall under the same belt. The long term value of such locations has made many developers invest in properties for sale in and around the vicinity. Along with housing sector, the commercial properties in these ares will also increase.
