Environment clearance for Colaba-Seepz metro to give a new edge to real estate market
Spreading of the metro route in the city has given an impetus to the growth of Mumbai real estate. With the environment clearance of Colaba-Bandra-Seepz Metro line III, the dynamics of the real estate market in Mumbai is expected to change significantly.
The Colaba-Bandra-Seepz Metro line III (an underground corridor) joins the prime locations of the city with each other. From Colaba to Mankhrud, the metro route corridor-III is expected to make travelling trouble-free for commuters. Moreover, with the sanctioning of the metro corridor, prices of the residential and commercial properties near Bombay Central, Mahim, Kurla and Parel are expected to hit the roof.
However, the Charkop-Bandra-Mankhurd Metro-II corridor is stuck due to certain environment clearance factors. The 32 km stretch has experienced clearance issues in regard to a car depot and has been stuck ever since. As an attempt to change the scenario, the Mumbai Metro Rail Corporation (MMRC) has hired consultants to resolve the issue, impending on the Rs 23, 136 crore project. The consultants are called upon to conduct an integrated testing and commissioning of the corridor, addressing the environmental issues. On submission of the report of the consultants to the state government, the metro corridor work is expected to resume.
On getting the environmental clearance for the corridor, that rate of residential and commercial space near Charkop and Mukhrund may trigger. Smooth accessibility between south Mumbai to Seepz is likely to fuel the growth of residential and commercial properties. The average price range per sq feet for a residential property in Bandra Kurla complex is Rs 17646. With the sanctioning of the metro corridor-II, the average price range of Bandra-Kurla complex is expected to rise to 19000 per sq feet. With the emergence of new corridors, Mumbai’s property market is expected to appreciate significantly.
Convenient transportation plays a key role in the development of an area. Metro is considered one of the best means of commuting. With the sanctioning of such clearance for the Charkop-Bandra-Mankhurd Metro-II corrido II, real estate development in the adjacent areas is evident. In regard to this fact, MMRC has also pledged for a lump-sum loan of five hundred crore from JICA(Japan International Cooperation Agency). The loan amount will be used to pay for the consultancy required to get environmental clearance for the project.
Realty developments near the route Charkop-Bandra-Mankhurd Metro-II corridor is likely to climb a few notches up with the such clearance. The area reflects huge opportunity for realty developers and builders and has the potential to become one of the major realty destinations in future.
