Mumbai Metro Line VI

How Metro Line VI will impact property prices in Mumbai?

Mumbai News

Mumbai Metro Line VI or popularly known as Lokhandwala-Jogeshwari-Vikhroli-Kanjurmarg corridor is a vital transportation system which is expected to enhance connectivity of the eastern and western areas of Mumbai. The whole corridor is 14.47 km long and will be fully elevated. The estimated cost to develop the corridor is Rs. 6,672 crore.

As per the state government notification, the line will get operational by 2022. Due to good connectivity to other parts of Mumbai, the real estate of surrounding areas is expected to boost a lot. Let us see how:

Features of the corridor

The Metro Line VI will have 13 stations which will connect east Mumbai to the west. These stations include 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.

The corridor will have 4 interchange stations with Metro line, 2, 3 4, and 7 at Infinity Mall in Andheri, SEEPZ, the Mumbai Suburban Railway at Jogeshwari and Kanjurmarg and, JVLR respectively.

As the line will be a fully elevated line, so it is all set to reduce travel time between the eastern and western Mumbai by 45 minutes. Kanjurmarg station will be developed as a fully functional metro depot. The expected daily ridership will be 6.5 lakh commuters by 2021.

Property rates and trend around the corridor

With Metro line VI, major suburbs of the city will enjoy good connectivity to other parts of the Mumbai and hence the property prices of the area are sure to rise. Once the line will get operational, it is also expected traffic woes will come down. Apart from this, the proposed infrastructural developments in the adjacent areas like Western Express Highway, Eastern Express Highway, SV Road, Jogeshwari-Vikhroli Link Road and LBS Marg will further expand property price and trends in and around the area.

Currently, residential property in Kanjurmarg and Jogeshwari west are available at an average rate of 15000 sq ft. and 16950 sq ft. respectively. While, these prices have already escalated to a high value of 24.7 and 19.2%, respectively in Kanjurmarg and Jogeshwari west in last few months, areas like SEEPZ and Andheri East also seen a surge in residential property rates.

Many known developers have already started development of their projects in these areas as well as home buyers are also investing in areas around the corridor because of good connectivity, social infrastructure, and well-developed amenities.