By Mehul R Thakkar
Published Oct 08, 2024

Hindustan Times
Real Estate

Photo credit: Raju Shinde/HT Photo

Will the opening of Metro Line 3 boost property prices in South Mumbai?

Prime Minister Narendra Modi on October 5 flagged off the Cuffe Parade-Aarey JVLR Mumbai Metro-3 corridor. The 12.69 km stretch is part of the 33.5 km Colaba-Seepz-Aarey metro line

The Metro connector will benefit those who reside in South Mumbai and commute to BKC, Central Mumbai, or the suburbs for work

BKC, which is the first station along the metro stretch, is India's costliest commercial real estate market. Commercial rents in BKC range from 250 to more than 500 per sq ft, local brokers said

The capital rate for commercial properties in BKC is 1 lakh per sq ft, according to local brokers. The Mumbai Metropolitan Region Development Authority (MMRDA) in 2023, had put 1.41 lakh sq ft of land parcel on auction with reserve price of 2,900 crore

In BKC, the per sq ft price of luxury apartments is around 70,000 to 90,000 per sq ft. A 5 BHK luxury apartment commands a monthly rent of 15 lakh. Rent for a 1 BHK apartment outside BKC is around 50,000 per month, said local brokers 

Marol Naka Metro station is another important station along the stretch. It is located in Andheri east and is surrounded by business districts such as SEEPZ, Andheri Kurla Road, Andheri Ghatkopar Road among others

Rentals for commercial offices around Marol Naka Metro station range from 80 to 200 per sq ft and capital values are between 25,000 and 50,000 per sq ft, according to local brokers

Apartments in and around Marol Naka Metro station sell for around 40,000 to 60,000 per sq ft. A 1 BHK may be available for a rent of around 30,000 to 40,000 per month in the area, said local brokers.