Why Mumbai Metro Line 3 will benefit home buyers in south Mumbai
The infrastructure in megacities like Delhi, Mumbai, Bangalore, and Chennai has witnessed exponential growth with upgrades in transportation. After seeing the development and positive impact of the Delhi metro, the infrastructure development of the Mumbai metro’s first line entered into operation in 2014.
The VAG (Versova – Andheri – Ghatkopar) metro line is now operational, and subsequently, the Yellow Line, i.e., Metro Line 2, partially opened in April 2022. The connectivity and ease of commute between the west and the east have boosted the commercial and residential properties around the metro corridors. As a result, the property prices around the metro line come at a premium.
The recently launched Aqua Line, also known as Colaba- Bandra- SEEPZ Mumbai Metro Line 3, was flagged off at Sariput Nagar in Aarey Colony by Maharashtra chief minister Eknath Shinde and Deputy chief minister Devendra Fadnavis on 30th Aug 2022. The trial run was held inside a 3-km tunnel stretch between the temporary facility of Sariput Nagar and Marol Naka station. The project is funded by Japan International Cooperation Agency (JICA) and designed and manufactured by Alstom India. The first phase is to be completed by Dec 2023.
Micro markets are benefitting from the Mumbai Metro.
An expected 17 Lakh people will travel daily once it is operational. The combined effect of projects like the mega project 4.5-km-long elevated project with the two-sea links – Bandra Worli Sea Link and Coastal Road with the under-construction Worli Sewri will further boost the connectivity with commercial hubs and to parts of remote areas in the south and central Mumbai.
These infrastructure projects will benefit homes in south Mumbai, Worli, and Lower Parel. The neighbourhood around will also see significant growth resulting in improved facilities. NRIs have been opting to invest in MMR luxury homes for the future value it would add.
Recent reports show that the demand for luxurious sea-facing flats of 3 & 4 BHK amenities in Worli has seen significant growth in H1 2022. Homes close to the metro station, like Vraj Tiara, and Worli, have the advantage of metro connectivity and the Coastal Road and Worli Sewri Elevated Corridor within a few minutes distance.
The residential localities around the metro corridor have led to an appreciation of the property with increased connectivity to the commercial hubs. Hence investing in homes with metro rail will give good returns and appreciation in time.
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