Delhi’s done it, and it’s time for Mumbai to follow the suit.
The Metro, which provided not just connectivity in the National Capital Region (NCR) but also drastically altered the real estate scenario there, is set to do the same here.
It’s not just prices of apartments that shot up along Delhi’s Metro routes; rentals went through the roof too.
“Prices in areas close to Metro stations appreciated. People prefer to live in good houses close to Metro stations than in expensive houses close to their workplaces,” said Ankur Sharma, real estate agent in South Delhi.
The figures corroborate that. According to Brix Research, in areas such as Green Park, Lajpat Nagar, Hauz Khas and Saket, prices appreciated despite the economic slowdown in 2009. Prices rose between 5 and 15 per cent. Land prices rose by 10 to 24 per cent this year in South Delhi, the research agency said.
Another indication of the impact the Metro has had is the stability of prices along its routes. According to research agency Liases Foras, prices in other areas in the NCR fell by about 14 per cent in the past two years because of the economic slowdown, the high
availability of houses and the uncertainty surrounding several infrastructure projects.