Here’s How Metro Line VI Will Impact Property Prices In Mumbai
The Line VI of the Mumbai Metro network is another vital corridor that has been proposed for enhancing the east-west connectivity in the city. In October 2017, metro lines V and VI received approval from the Maharashtra government with an aggregate value of Rs 15,088 crore. Linking lines III and IV, the route begins from Lokhandwala Complex (Swami Samarth Nagar) in Andheri and goes up to Kanjurmarg in eastern suburbs of Mumbai via Jogeshwari and Vikhroli. Construction works were supposed to start by April 2018 but have got delayed. The Delhi Metro Rail Corporation (DMRC) has prepared the detailed project report (DPR) and is implementing the project on behalf of Mumbai Metropolitan Region Development Authority (MMRDA). The line is planned to be operational by 2022.
Length: The corridor will cover a distance of 14.5 kilometres encompassing 13 stations namely Lokhandwala Complex, Adarsh Nagar, Momin Nagar, JVLR, Shyam Nagar, Mahakali Caves, SEEPZ Village, Saki Vihar Road, Ram Baug, Powai Lake, IIT Powai, Kanjurmarg (W) and Vikhroli-Eastern Express Highway.
Cost: The project will be developed at an estimated cost of Rs 6,672 crore. Although there will be contributions from the MMRDA and the state government, the exact funding pattern has not yet been disclosed.
Interchange facility: The Line VI will provide access to the underground metro line 3 (Cuffe Parade-Aarey Depot) at SEEPZ; metro line 2 at Infinity Mall in Andheri; metro line 4 and the Mumbai Suburban Railway at Jogeshwari and Kanjurmarg; and the Metro Line VII at JVLR.
Features: It is a fully elevated line designed to reduce travel time by 45 minutes and carry trains of 6 air-conditioned coaches. The daily ridership has been estimated to be 6.5 lakh commuters by 2021. A depot will be developed at Kanjurmarg.
Real estate impact
With the commissioning of the Metro project, property values along the corridor are expected to rise. Despite many activists raising concerns over road congestion due to such projects, the Line VI will bring down vehicular traffic on the roads and ease pressure on the suburban railway line. The proposed development will provide connectivity with Western Express Highway, Eastern Express Highway, SV Road, Jogeshwari-Vikhroli Link Road and LBS Marg. It will boost real estate developments along these regions.
The Mass Rapid Transit System (MRTS) will give commuting a whole new meaning in the Mumbai Metropolitan Region (MMR) and bring the suburbs closer to the city centre.
Prices in Kanjurmarg and Jogeshwari west have already started to escalate with an appreciation of 19.2 per cent and 24.7 per cent, respectively, in last few months. Industrial areas like Santacruz Electronics Export Processing Zone (SEEPZ) and Andheri East have also seen a surge in prices. Compared to Andheri West, property values in Andheri East have leap-frogged from Rs 15,100 per sqft to Rs 17,311 per sqft in last one year.