Infrastructure and connectivity are the two main factors that directly impact the real estate market of a city. As the physical infrastructure is given a facelift by the government, the scope for other developments around the area also multiplies manifolds. A city’s transportation network is like its nerves running all across and connecting every far end with the other. Metro trains are the latest modes of rapid transit in Indian cities. Delhi came out as the pioneer of bringing metro in India and now other cities are following the lead.
Mumbai has joined the bandwagon recently and Mumbai Metro has also become the talk of the town. It is a PPP (Public Private Partnership) initiative by the government with participation from French transportation giant Veolia and Reliance Infra. Initially, the Versova-Andheri-Ghatkopar (VAG) Corridor had been commissioned by the department which is now fully functional. It has drastically reduced the travel time between east and west Mumbai. The effects of metro development on Mumbai’s realty landscape was witnessed soon after the announcement was made. The micro markets adjoining the metro line have seen perceptible price rise and the Mumbai residential realty market is showing signs of revival.
Let us learn about the impact of metro connectivity on Mumbai real estate from short term and long term perspective. [Read more…]