Maharashtra Approves Thane Metro Project
Commuting in the Mumbai metropolitan region is all set to get easier as the Maharashtra government on March 5 approved a 29-km circular Metro route that will operate within Thane. The project, which will cost Rs 13,095 crore, will be implemented by the Maharashtra Metro Corporation on behalf of the Thane Municipal Corporation (TMC).
The new route will be linked to some of the key Mumbai Metro routes passing through Thane. These include Metro Line-4 (Wadala-Thane- Kasarvadavali) and Metro Line-5 (Thane-Bhiwandi-Kalyan). These two lines will connect the suburb to central Mumbai. The upcoming connectivity will substantially impact the affordable real estate markets in Thane.
Similar to that of Gurgaon's Rapid Metro and Noida's Aqua Line, the Thane Metro will operate within the satellite city. The route will have 22 stations, and will be linked to Line 4 at Dongripada and Line 5 at Majiwada junction. The route will connect the old congested areas of Thane with the newly developed ones in next four years.
Proposed route: New Thane, Rayla Devi, Wagale Square, Lokmanya Nagar bus depot, Shivaji Nagar, Nilkanth Terminal, Gandhi Nagar, Ghanekar Theatre, Manpada (Ghodbunder road), Dongripada, Vijay Nagari, Waghbil, Water Front, Patlipada, Azadnagar bus station, Manoranjan Nagar, Kolshet, Balkum, Rabodi, Shivaji Chowk and Thane station.
Additional Metro lines
The Line-5 of the Mumbai Metro would connect Kalyan and Bhiwandi, the warehousing hub with main Thane. This would mean, once operational, it would get much easier to travel to Bhiwandi from new Thane, which at present takes at least an hour. The Thane-Bhiwandi-Kalyan route would join Metro Line 4 that would run between Wadala-Thane-Kasarvadavali and Metro Line 11 connecting Taloja in Navi Mumbai to Kalyan in Thane. The entire Metro network would be connected to the Western and Central Railway suburban network at Dahisar, Wadala and Colaba for quick interchange between local train and Metro routes.
Impact on real estate
With the announcement of the new Metro lines, several far-off real estate locations of the Mumbai metropolitan region which were so far connected only through local train network, would get a major boost. Areas falling along the Thane-Bhiwandi-Kalyan route are known for their affordable offerings, and are currently considered by those end-users, who prefer to stay on rent close to their offices while renting out these units to finance their home loan EMIs.
With improving connectivity and infrastructure, these places would witness sharp price rise as was seen during the construction phase of the first Metro phase, resulting in property price rise of 400 per cent in eight years and was considered as a major real estate game changer. The better facilities in Thane region would also attract commercial development which includes malls, office spaces etc, strengthening Thane's economy.
The proposed Metro station at Kalyan and Bhiwandi would enable homebuyers to commute to their work locations easily while staying miles away. Currently, the local trains run with full capacity during peak hours. Dombivli would be another beneficiary of this proposed infrastructure due to proximity to Metro connected areas.
Property prices in these real estate pockets ranges from Rs 4,500-6,000 per square foot, which is affordable as compared to other areas of Navi Mumbai with a similar profile, data available with PropTiger.com show. By 2021, these areas that may be lacking in infrastructure, good quality schools, medical facility and commercial area as of now, could turn into a job hub as well. The availability of vast tract of land would give way to more project launches in next three years. Currently, the area has a sizeable stock with over 190 projects available for possession in Kalyan alone.
For Swami Samarth Nagar-Vikhroli Metro route, impact on real estate would remain stable as these pockets are already saturated and have little scope for further appreciation. Though the boost in connectivity to the commercial area of SEEPZ and Powai would make it comfortable for the commuters staying in Andheri West to travel towards the Eastern Express Highway without passing through Bandra Kurla Complex or the Santa Cruz-Chembur Link Road, the impact would be less on the western counterpart as compared to the eastern end of the metro route.
The property prices along this corridor are in range of Rs 8,000-14,000 per sq ft with limited new stock and scope of new development. Therefore, the demand would move to further areas on Eastern Express Highway such as Kanjurmarg and Vikhroli where a number of projects are already in construction phase offering flats of smaller ticket size, selling like hot cakes. With the proposed metro station in both of these locations, a home here would remain in high demand due to the robust connectivity and right ticket-size.
With inputs from Housing News