The introduction of Metro Line 3, also known as the Aqua Line, is set to revolutionize the real estate landscape in the western suburbs of Mumbai. This ambitious infrastructure project promises to enhance connectivity between key areas, linking Cuffe Parade in the south to SEEPZ in the north. As it weaves through bustling neighbourhoods such as Worli, Bandra, and Santacruz, it is poised to affect the region's real estate sector.
With reduced travel times and improved ease of commute, the demand for residential and commercial properties along the metro route is expected to surge. Moreover, the Aqua Line is expected to spur a wave of new developments, including residential complexes, retail spaces, and office buildings. Developers are keen to capitalize on the improved infrastructure, leading to an influx of modern amenities and services in the vicinity.
According to the NAREDCO Chairman Dr Niranjan Hiranandani, “The commencement of the Aqua metro line will certainly ease traffic congestion, ease connectivity, improve the commute experience, and bridge distant travel via convenient modes of travel. Once all 330 kilometres of metro lines are built and operational, the real impact of this on real estate development will be evident."
Stating that this infrastructure development presents a significant opportunity to transform Mumbai's urban landscape, making it more accessible, vibrant, and livable, President of CREDAI-MCHI, Domnic Romell said, “The improved connectivity will dramatically reduce travel time between the western suburbs and South Mumbai, from the current 90 minutes to just 30 minutes. It will enhance the daily commute for professionals and residents, increasing the demand for residential properties in areas like Jogeshwari, Marol, and Andheri. Additionally, the Aqua Line will make BKC more accessible from various parts of the city, boosting its appeal to businesses. The proximity to SEEPZ will also positively impact commercial property demand in Andheri.”
Co-Founder of PropFina, Nitin Singhal said, “Once operational, the Aqua Line will particularly impact localities currently lacking access to any rapid transit public system, especially those within a 3 km radius of the new metro stations. Since the line will provide a direct and efficient route connecting key areas in Mumbai, it will enable seamless travel for daily commuters to prominent business districts and commercial hubs, such as Cuffe Parade, Kalbadevi, Fort, CSMT, Lower Parel, Dadar, BKC, Kurla, MIDC, and SEEPZ. The enhanced connectivity will likely attract a workforce seeking affordable rental options with high connectivity to these employment centres. We anticipate that the rentals in the western suburbs will rise as the Aqua Line attracts individuals and families seeking high connectivity with relatively lower rental costs. The improved infrastructure and connectivity are expected to drive capital value growth, making these micro markets attractive for investors and homebuyers alike.
