Real estate is one of the most flourishing businesses of the time. The whole world is seeing a new era of business through real estate. In India too, the real estate market is on the rise. In the present scenario, with the establishment of a new government at the centre and the stock exchange going up, the real estate market is at its peak. The already famous metropolitan cities for real estate like Mumbai, New Delhi, Chennai, Hyderabad and Kolkata, are opening up newer prospects for real estate buyers. Mumbai has always been highly reputed for its real estate market until its latest setback a few years back. However Mumbai has coped up from its fall due to the factors that made it popular for real estate like work sector, education sector, weather, tourist spot and most importantly the famous Bollywood industry. Now there is the new, soon to appear Mumbai metro to add to its feather. A sturdy transport system like the metro railways will take the real estate market of Mumbai one level up in its demand.
Talk of Mumbai metro railway has been the subject for quite some times now. In spite of so much of hopes and apprehensions there has been no concrete news regarding the metro railways. After a long wait of eight years, just a few days back, soon after the swearing in of the new government at the centre, the Railway board has granted approval to start the much awaited Mumbai metro. The MetroOne is to start initially with 11.4 km line linking the two stations of Versova Andheri and Ghatkopar (VAG). The time needed to travel from one of these places to the other at present is 90 minutes. After the metro railways commences the time will be drastically reduced to an amazing 21 minutes only. This news has certainly brought a sense of joy in the people and a relief in their lives.
As for the real estate business, since eight years back areas around the proposed metro zone has seen their prices to shoot up by a whopping 400 per cent for house for lease. Developers have already started pouring in on projects near the metro ever since the construction has begun. The areas surrounding the metro zone will soon be experiencing a demand which will lead to a price rise here again. Since the metro railway will connect the urban with the suburban, a craze for areas at the suburbs is going to increase at a greater pace. The connectivity between the North and the Eastern suburbs will increase many times. According to the Metro board the railways has the capacity to commute 7 lakhs people per day. It is highly promising for real estate buyers. The outskirts have already started experiencing a demand as developers have begun raising projects at these places because of the tremendous space crunch at the main city areas. Now it is going to be even more.
The monorail will open up the Eastern fringes of the city to real estate developers. The Eastern side is the emptiest area in the over populated and congested city. The metro may have certain disadvantages when compared to many other transport systems like the bus or the local train which has larger communication areas, but those who know how to take advantage of the metro will find good results. The already present Jogeshwari-Vikhroli Link Road (JVLSR), the Wadada-Chembur monorail and the Santacruz-Chembur Link Road (SCLR) are doing a lot of good for the city and the addition of another surface road link will shoot up the network system. Due to the monorail at Wadala-Chembur the prices of property at Wadala and Chembur have shot up by more than 100 per cent in the last few years. The same has happened at Santacruz due to the Santacruz-Chembur monorail. This piece of prediction has been related by real estate specialists like Mr. Nair. Taking into account these previous hikes the new railway system will definitely bring about a similar price hike in the concerned areas.
The Southern Mumbai is hot favourite among real estate businessmen. The northern and central secondary business districts or SBD are preferred locations for house for rent. The other preferred property locations at Mumbai zone for investors are the Bandra-Kurla complex or BKC and Central Business Districts or CBD. However the commencement of this metro projects will give opportunity to its surrounding areas to experience a great boost in terms of real estate business. The connection between the northern and eastern suburbs will increase due to this $720 million project. In the same way connection between the east and the west corridor will also increase to a large extent. There may be a hike in land price by nearly about 22 per cent. At Secondary Business Districts the availability of land is going to be an attraction to real estate buyers. As a result Central Business District which had so far been the activity centre may lose some importance to SBD. Even the south may lose at the face of SBD as many companies may shift to SBD. The Navi Mumbai will not be much affected.
This transformation in the political scenario will definitely have an impact on the real estate market in Mumbai and all over the country. After a span of many longs years from the Delhi metro, another metro connection is a great change for the country. Having a metro railway in a city is no small thing. It holds the capability to change lives overnight. It will link more places in one string and work places will come nearer to one’s residence. It comes as a boon to this world of serious time crunch. Metro railway will make transportation faster and life easier for the people of this over populated city. This will be a big factor in pulling more crowds to this city for its now easier lifestyle. There will soon be a high demand for space in Mumbai. The craze will be both for residential as well as commercial purposes. Thus it is the most proper time to buy real estate now.
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| Mumbai Metro |
As for the real estate business, since eight years back areas around the proposed metro zone has seen their prices to shoot up by a whopping 400 per cent for house for lease. Developers have already started pouring in on projects near the metro ever since the construction has begun. The areas surrounding the metro zone will soon be experiencing a demand which will lead to a price rise here again. Since the metro railway will connect the urban with the suburban, a craze for areas at the suburbs is going to increase at a greater pace. The connectivity between the North and the Eastern suburbs will increase many times. According to the Metro board the railways has the capacity to commute 7 lakhs people per day. It is highly promising for real estate buyers. The outskirts have already started experiencing a demand as developers have begun raising projects at these places because of the tremendous space crunch at the main city areas. Now it is going to be even more.
The monorail will open up the Eastern fringes of the city to real estate developers. The Eastern side is the emptiest area in the over populated and congested city. The metro may have certain disadvantages when compared to many other transport systems like the bus or the local train which has larger communication areas, but those who know how to take advantage of the metro will find good results. The already present Jogeshwari-Vikhroli Link Road (JVLSR), the Wadada-Chembur monorail and the Santacruz-Chembur Link Road (SCLR) are doing a lot of good for the city and the addition of another surface road link will shoot up the network system. Due to the monorail at Wadala-Chembur the prices of property at Wadala and Chembur have shot up by more than 100 per cent in the last few years. The same has happened at Santacruz due to the Santacruz-Chembur monorail. This piece of prediction has been related by real estate specialists like Mr. Nair. Taking into account these previous hikes the new railway system will definitely bring about a similar price hike in the concerned areas.
The Southern Mumbai is hot favourite among real estate businessmen. The northern and central secondary business districts or SBD are preferred locations for house for rent. The other preferred property locations at Mumbai zone for investors are the Bandra-Kurla complex or BKC and Central Business Districts or CBD. However the commencement of this metro projects will give opportunity to its surrounding areas to experience a great boost in terms of real estate business. The connection between the northern and eastern suburbs will increase due to this $720 million project. In the same way connection between the east and the west corridor will also increase to a large extent. There may be a hike in land price by nearly about 22 per cent. At Secondary Business Districts the availability of land is going to be an attraction to real estate buyers. As a result Central Business District which had so far been the activity centre may lose some importance to SBD. Even the south may lose at the face of SBD as many companies may shift to SBD. The Navi Mumbai will not be much affected.
This transformation in the political scenario will definitely have an impact on the real estate market in Mumbai and all over the country. After a span of many longs years from the Delhi metro, another metro connection is a great change for the country. Having a metro railway in a city is no small thing. It holds the capability to change lives overnight. It will link more places in one string and work places will come nearer to one’s residence. It comes as a boon to this world of serious time crunch. Metro railway will make transportation faster and life easier for the people of this over populated city. This will be a big factor in pulling more crowds to this city for its now easier lifestyle. There will soon be a high demand for space in Mumbai. The craze will be both for residential as well as commercial purposes. Thus it is the most proper time to buy real estate now.
Fantastic blog, very informative and precise with the details. I will surely refer this to people who are interested in buying residential apartments for sale in Ghatkopar . This will help them a lot and make it more lucrative.
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