Mumbai Metro Set to Change the Face of Realty in the City
When India’s capital was given the Delhi Metro, it completely changed into the fast-paced city that you see today. India’s financial capital is gearing up for a similar change with the forthcoming Versova Andheri-Ghatkopar (VAG) corridor commissioning of the Mumbai Metro. The PPP initiative from a major French transportation company, Veolia, and Reliance Infra is expected to give Mumbai’s realty and transportation scenario a boost.
Travel time from Ghatkopar and Versova will be cut down from 90 minutes to 21 minutes, improving east-west connectivity in the process. The project has invested 720 million USD for a fleet of sixteen rakes, which have four AC coaches, and an individual capacity of 375 passengers. The metro rail’s impact on the real estate market is expected to be very pronounced.
Mumbai has a history of realty rates shooting up, in and around areas that have transport infrastructure improvements. Commercial and residential rates close to transport facilities offer premium rates in the city. Land and property near the metro is expected to show a change of up to 22% in rates. Other aspects that add to land and property value are location, distance from central locations, and income groups.
With road improvements already in place, the monorail will add positivity to the already optimistic real estate market in Mumbai. In the short period of 4-5 years, Wadala and Chembur property rates have increased by over 100%. This trend is expected to repeat itself in various parts of Mumbai, where the metro is being constructed.
Source: The Economic Times
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