Mumbai Real Estate: In a further boost to Mumbai’s real estate market, a 20-km metro railway connecting the Dahisar and Andheri micro-markets via Link Road and Western Express Highway (WEH) has helped drive up housing demand in the region, according to a Moneycontrol report quoting realty experts.
According to the report quoting real estate brokers and consultants, rentals in the residential market between Dahisar and Andheri have risen by 10-20 per cent. It said that apart from the metro connectivity, there are other factors as well to push the real estate market in the region including old buildings going for redevelopment. During redevelopment, occupants have to move into renting another property nearby.
Last year, two metro corridors began operations — Dahisar-DN Nagar (Andheri) Metro-2A corridor (along with Link Road), and Dahisar East-Andheri East Metro-7 corridor (along the WEH).
Six micro-markets fall in between — Dahisar, Borivali, Kandivali, Malad, Goregaon, Jogeshwari, and Andheri.
“The metro has mitigated concerns about heavy traffic and commuting hassles that weigh heavily on the minds of potential residents. As a result, the rentals between Dahisar to Andheri have surged by 15 to 18 per cent. The rentals for properties near metro stations have also gone up, indicating the premium placed on accessibility and convenience,” said Ashish Narain Agarwal, Founder and CEO, PropertyPistol, according to the Moneycontrol report.
“In Borivali, rentals have gone up by about 15 per cent post the arrival of the metro. Earlier, the monthly rental for a 2 BHK apartment here was around Rs 35,000 to 38,000 for old buildings, and Rs 42,000 to 45,000 in new buildings. That has now gone up to Rs 40,000 to 45,000 for old buildings, and Rs 45,000 to Rs 60,000 in new buildings,” said Dhiren Doshi, a real estate consultant from Borivali.
“While rents rose about 9 per cent year-on-year (YoY) in the overall Mumbai market between January-July 2023, rents in areas around the metro corridor in Malad, Kandivali, and Borivali have risen upwards of 15 per cent, per our data,” said Saurabh Garg, Chief Business Officer and co-founder of NoBroker.com.
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