SBIs floating rate loans to be linked to RBIs repo rate
The construction of five metro routes will strengthen connectivity in the suburbs, thus also fostering their real estate potential. Here’s how...
The Mumbai Metro is set to propel the biggest real estate push in the next five years. Until now, the lifeline of property markets has been connected to the railway lines. Other than the railways, the biggest driver was the one odd highway at best. Now, connectivity offered by the Mumbai Metro will not only redefine the way you travel but also influence the city’s property rate card. Rising property prices in areas like Chakala - once unpopular due to its poor connectivity - is one such example of what happens when the Metro makes an entry into your neighbourhood.
“With the news of the Metro out, we have started receiving inquiries about projects near the proposed stations and if they would be launched soon. People are comfortable investing in projects by a developer who has a good track-record, even at the nascent stage of the project itself,” says Vishal Wadhwani, an asset advisor and real estate consultant.
However, Wadhwani is of the opinion that the Metro, once operational, could have a substantial impact on the realty market; however, the market may not be able to reach its peak glory that it witnessed in 2009-10. “The metro can definitely help us get out of the real estate slump,” he adds.
At the same time, Metro 3 has become one of the most talked-about projects in the city with operations in full swing. Ashwini Bhide, managing director of MMRC, says, “With competent contractors and a team of professional consultants working with the Mumbai Metro Rail Corporation Limited (MMRC), we overcame teething problems. Currently, all 17 TBMs (Tunnel Boring Machines) are at the site and all launching shafts have been activated. The work of 26 stations out of 27 is in full swing. With proper clearances, most of the land is in possession of the MMRC.”
With hardly any impediments to delay the project, Bhide is confident that the current momentum of the construction work has ensured public trust in the MMRC and the city’s support in the long run. “We are confident that we will stick to the deadline for the completion of this project. All TBMs functioning in the main drive will increase the speed of tunnelling activity. Besides this, the excavation work for all the stations would progress in full swing while in some stations, the base slab will be completed,” she adds.
METRO IN THE CITY
Connecting the Central and the Western railway beyond Dadar, this route has won accolades since it became operational back in 2014, between Ghatkopar and Andheri;
The fact that it took the oversaturated Dadar out of the equation has been a major reason for the service hitting its 40-crore ridership mark in May 2018.
The Dahisar to DN Nagar route is the next in line to be completed by the Mumbai Metropolitan Region Development Authority (MMRDA)
METRO 3 Metro 3 chalked out between Colaba and SEEPZ in Andheri is a vital route that will connect the heart of South Mumbai to one of the densest suburbs in the city.
Wadala to Kasarvadavli
METRO 7 Andheri East to Dahisar East
Properties to check out in Suburbs:
Western Suburbs -
Bandra North (Bandra)
Kalpataru Magnus (Bandra)
Mahindra roots (Kandivali)
Aaradhya High Park (Dahisar)
Sheth Irene (Malad)
Arkade Earth (Kanjurmarg)
Sheth Montana (Mulund)
Manjari Arcade (Chembur)
Alta Vista (Chembur)