Mumbai Metro pushes property values in Ghatkopar and Andheri
Jun 01, 2013
Source : The Times of India

 

MUMBAI: The upcoming Mumbai Metro, which has been in the news for a long time, will finally be running across the city in another six months. Enhancing the connectivity and reducing pressure on the roads, the Metro is expected to push the property values of localities falling on its route. Two such localities to be significantly impacted by the Metro’s functioning are Ghatkopar and Andheri. The Metro in its first phase will run along Versova, Andheri and Ghatkopar and is expected to become functional by the end of 2013.

According to data with MagicBricks.com, Ghatkopar witnessed a rise of nine per cent in the capital values during the Jan-Mar 2013 quarter. Inspite of being well connected by the Eastern and Western Express Highway, Ghatkopar-Andheri link and MG Road through the Jogeshwari-Vikhroli Link Road (JVLR), demand for residential apartments in Ghatkopar has risen due to the upcoming metro. Sonu Singh of GMD Business Link Pvt Ltd says, “The Eastern Express Highway faces heavy traffic jams during office hours which can be avoided while travelling by metro.”

Similarly, many people travel daily to Andheri East since it is a major business destination. Ashwani Kumar of Property Fete Real Estate says, “Andheri East houses the Maharashtra Industrial Development Corporation (MIDC) and is one of the Central Business Districts (CBD) of Mumbai. Being connected to Eastern Express Highway, the daily travelers face heavy traffic snarls. Functioning of the Metro will provide relief to many such commuters. An appreciation of 15-20 per cent in capital values is anticipated with the functioning of the metro.”

Currently, the capital values in Andheri East range between Rs 10,500-14,000 per sq ft and Rs 15,000- 16,500 per sq ft in West. In Ghatkopar, the property values vary from Rs 13,000-16,000 per sq ft. “Though the rental values in these areas have witnessed a hike of 10-15 per cent in the last one year, with the completion of the metro construction and reduced congestion on the roads, these values are expected to increase by 20-25 per cent,” says Azmat Shah of Realty Merchant.

The rise in property and rental values due to infrastructural developments is apparent. For instance, as per MagicBricks.com data, when the metro first came in Delhi, capital and rental values shot up by almost 25-30 per cent. Similarly, Bangalore saw a hike in property values for localities directly connected through the metro.

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