Mumbai Metro Line 3 to connect BKC and Worli, boosting India’s most expensive real estate markets
Real estate experts say that the Mumbai Metro Line 3 connecting BKC and Worli is expected to boost property markets in South Mumbai and Central Mumbai
April will mark a historic milestone for Mumbai's real estate market as Metro Line 3 (Aqua Line) is set to connect Bandra Kurla Complex (BKC) and Worli, two of India’s most expensive real estate hubs.
BKC is the priciest commercial district, while Worli ranks among the costliest residential areas. Real estate developers and experts predict that this major infrastructure upgrade will significantly boost South and Central Mumbai property markets, driving demand and investment opportunities.
That said, while Mumbai's affluent residents in Worli are unlikely to use the Metro, the recently operational Mumbai Coastal Road will prove more beneficial, driving demand for ultra-luxury real estate projects in the area.
According to local brokers, the per sq ft rate for apartments in South Mumbai and Central Mumbai currently ranges from ₹45,000 to ₹1.60 lakh, depending on property age, location, and amenities.
The South and Central Mumbai real estate market is home to prominent developers like Lodha Group, Godrej Properties, Sunteck Realty, Prestige Group, and Puravankara. These developers drive both luxury and mid-segment housing projects in the region.
Prime Minister Narendra Modi inaugurated Mumbai's first underground Metro Line 3 between Aarey Colony and BKC on October 5. The second phase of the Aqua Line between BKC and Worli is expected to open in April.
The route is 33.5 km long and connects Aarey Colony with Cuffe Parade. According to a report by Hindustan Times, the second phase is expected to be operational in April, and the entire corridor will be fully operational by July 2025. The upcoming second phase of Mumbai Metro Line 3, the Aqua Line, is set to enhance commuting for Mumbaikars.
Areas that are expected to witness improved connectivity
The Phase 1 launch in October 2024 introduced 10 Metro stations connecting Goregaon to BKC, covering key areas like SEEPZ and Andheri MIDC. With the upcoming Phase 2 rollout, connectivity will further link BKC to bustling neighbourhoods such as Dharavi, Dadar, Siddhivinayak Temple and Worli.
Will Mumbai’s rich use the Metro line? How will the new connector impact the real estate market?
While the Mumbai Metro Line 3 (Aqua Line) is set to improve connectivity, experts believe its impact on ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs) will be limited compared to the Mumbai Coastal Road Project. The coastal road seamlessly connects Nariman Point to Worli and extends to Bandra via the sea link, offering faster access to the western suburbs.
"HNIs are less likely to use the Metro; for them, the Mumbai Coastal Road will be far more beneficial," said experts. "However, both infrastructure projects — the Metro Line 3 and the Coastal Road — will collectively boost South Mumbai's real estate market, enhancing accessibility and driving demand," said Harshul Joshi, a property consultant from South Mumbai.
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Impact of Metro Line 3 on the real estate market
According to real estate consultants, the upcoming second phase will have a limited impact on South Mumbai's working-class population. However, it is expected to impact those residing in Worli, Dadar, and Mahim, who are set to benefit from this.
"There are several redevelopment projects along with Mumbai Metro line 3 route which will benefit from the aqua line," said Pramod Vyas, president of SMART (South MetroCity Association of Realtors), the apex body of real estate consultants in South Mumbai.
Experts said Mumbai Metro Line 3 (Aqua Line) is set to transform commuting patterns for South Mumbai residents, offering seamless connectivity to key business hubs like Worli, Lower Parel, BKC, Andheri, and the airport.
"This improved connectivity will greatly benefit middle-class professionals and executives living in South Mumbai who commute daily to BKC, Central Mumbai, and the suburbs," Vyas added.
"Many senior executives prefer living in South Mumbai while working in BKC or Andheri East. With Metro-3 boosting accessibility, we anticipate growing interest in real estate. Although new Grade A commercial spaces in South Mumbai are currently limited, this could improve as connectivity improves," Vyas added.
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Impact on commercial real estate
According to a 2024 report by Knight Frank India, a real estate consultancy firm, the ongoing transit-related infrastructure improvements are expected to revitalise South Mumbai for businesses and investors.
According to the consultancy firm, office rentals may be affected in Nariman Point, one of the most expensive commercial districts. Rents in this area may increase from the current ₹569 per sq ft to ₹1,091 per sq ft by 2030, reflecting strong demand for premium office space in the area, a report by Knight Frank titled South Mumbai—A Renaissance had said in 2024.
South Mumbai is projected to add 4-6 mn sq ft of mixed-use office space in the next 6-8 years. Nariman Point’s rents surged by 52% to ₹569 per sq ft from 2018 to H1 2024. The report showed that it has outpaced the rental growth of BKC, where rents have grown by 20%.
In the early 2000s, Nariman Point was Mumbai's most sought-after business district, with office rentals climbing from ₹200 per sq ft in 2003 to ₹550 per sq ft by 2007. However, the global financial crisis and the growing popularity of Bandra Kurla Complex (BKC) as a corporate hub triggered a decline, bringing rentals down to ₹402 per sq ft in 2012.
