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
Photo: Narendra Modi/Twitter
The Metro connector will benefit those who reside in South Mumbai and commute to BKC, Central Mumbai, or the suburbs for work
Photo: HT Files
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
Photo credit: Mehul R Thakkar/HT
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
Photo credit: Mehul R Thakkar/HT
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
Photo credit: Mehul R Thakkar/HT
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
Photo credit: Satish Bate/HT
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
Photo credit: Unsplash
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.