Property prices in Mumbai to be impacted by monorail project
The long pending monorail project in Mumbai will be functional shortly. Trials are going on regular basis between Chembur and Wadala in Central Mumbai.
Chief secretary of Maharashtra said that the test ride which was organised recently went successful and he witnessed the enthusiasm and the excitement of the Mumbaikars to ride a Mono Rail.
With the coming of these metro and monorails in the city, the burden of suburban railway will get lessen and it will help the citizens to carry on with their comfortable journey within the city.
The first phase of the two phase project is expected to begin operations this year. The two phases of the project include Chembur to Wadala and Wadala to Sant Gadge Maharaj Chowk.
The seven stations that are going to come up on phase I are Chembur, V.N.Purav/RC Marg Junction, Fertilizer Township, Bharat Petroleum, Mysore Colony, Bhakti Park and Wadala Depot.
The project after getting launched would impact the property prices too in the area. As of now, property prices have really gone up and also travel time between Wadala and Chembur will reduce by 21 minutes after the Wadala-Chembur Monorail line is complete.
With price appreciation, 2 and 3 BHK apartments in Chembur are sold at Rs 12,000-16,000 per sq ft while rental value for 2-3BHK apartments varies between Rs 18,000-25,000.
Also, experts claim that areas falling on the Chembur-Wadala stretch such as Tilak Nagar, Kurla, Chunabhatti, JTD Nagar and Wadala Junction will witness a price appreciation of least 20% after the monorail dots in.
Also, the Rs 21,000 crore budget Churchgate-Virar rail project will be implemented by the railways and the state government would help in land acquisition, relief and rehabilitation work, shifting of utilities, legal and order maintenance during construction, development of concourse area and fixing the FSI for commercial development of stations.
A support agreement will be signed between the two parties which has been delayed for a while. The delay was due to certain differences regarding the FSI to be made available for commercial development, the relief and rehabilitation model, and an arbitration clause.
Earlier, an FSI of over four was sought by the Railways for some of its land parcels but all the differences have been sorted out now.
The railway corridor from Churchgate to Virar will be Indian railways’ first and India’s largest public-private partnership initiative in the passenger segment. The corridor will have 26 stations of which five will be underground, nineteen elevated and two at ground level.
Related Real Estate News:
State government approves Churchgate-Virar rail project
Metro construction work started in full swing
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