Mumbai Coastal Road Metro Corridor To Boost Real Estate

Real estate business in Mumbai is constantly on a high growth path, mainly because of large-scale migration. To accommodate a large population, the economic, social and civic infrastructure has to be developed. Recently, Maharashtra Chief Minister Devendra Fadnavis proposed a ground metro along the coastal road. It would replace the already sanctioned Colaba-Bandra-Seepz Metro rail along with a bus rapid transit (BRT) line on the proposed 34-km freeway that connects south Mumbai to the western suburbs. This decision will vastly affect the metro rail plans, and also the constructions already completed. This means that there will be a change in the prices of property in Mumbai. The plan will naturally give a boost to the public transport system of Mumbai.

Winds of change

Property in Mumbai will see a sea change once the proposed metro line along Coastal Road runs through. During the construction phase, the prices would continue to fluctuate in three phases -- before construction, during construction and after construction. Areas near the coastal freeway will see a rise in the prices of plots and under construction properties in Mumbai, which could be up to 5-8%.

Investment opportunities

Building a Metro line also means that many other major projects would come up in the vicinity. Projects like shopping complexes, eateries, schools and offices mostly prefer buying or renting space near Metro stations. Proximity to the Metro allows them to garner more attention than a remotely stationed counterpart. Real estate developers in Mumbai are likely to take this opportunity to invest heavily

Dip before a phenomenal rise

Before the construction is completed, the prices of local properties sees a slight increase but not drastic because Metro takes a long time to become fully functional, and some people might be reluctant to pay a higher price for something which will happen in the future. Also, there is always an air of uncertainty around these huge projects because if a new government comes, its priority might change.

Convenience matters

Metro rail makes travelling in a city like Mumbai extremely convenient because it means saying “bye bye” to traffic jams, and people would be willing to have their home, office, school or college near a Metro station.