by Manju Yagnik Vice Chairperson, Nahar Group & Senior Vice President of NAREDCO- Maharashtra
The development of transport infrastructure significantly shapes the growth and evolution of cities. In this light, the opening of Metro Line 2 in the western suburbs has the potential to completely transform the local real estate industry. Metro Line 2 is expected to encourage social and economic change in the western suburbs due to its better accessibility, connectivity, and potential for urban expansion. The 32.8-kilometre elevated metro line has made reaching DN Nagar and Dahisar East from the MMR area possible at a fraction of the time taken previously.
Western suburbs' growth would be further accelerated by the Metro Line 2, making them more desirable to homebuyers and investors, in several ways
- Reduced Pollution and Traffic Jams - In addition to easing traffic congestion and reducing pollution levels in the western suburbs with the Metro Line 2 being introduced, the number of automobiles on the road will reduce as more people would prefer to commute through the metro, improving traffic flow. This will shorten travel distances, use less fuel, and lessen environmental pollution. Potential residents and investors will benefit more from the western suburbs' transition into a more environmentally friendly and sustainable location.
- Better Connectivity - One of its most important features is the seamless connection that Metro Line 2 provides between the western suburbs and the rest of the island city. Residents will have access to a quick and effective form of transport, which will also shorten commute times. The western suburbs will become more appealing to people and businesses looking for easily accessible locations due to this improved connection, which will also improve the quality of life for locals.
- Infrastructure Development and Urban Growth - Urban growth in the western suburbs has accelerated with the opening of Metro Line 2. Developers and investors will grab the chance to profit from the improved accessibility and potential customers as the demand for residential, retail, and commercial spaces increase. This will then result in the establishment of thriving mixed-use communities with a mix of residential, commercial, and recreational areas close to the metro stations. Shopping malls, eateries, entertainment venues, and other amenities will increase in the western suburbs, transforming the area into a more self-sufficient hub.
- Increase in Real Estate Prices - Property values in the western suburbs are anticipated to increase as Metro Line 2 has started. The demand for houses near metro stations increases when connectivity and accessibility are improved. As purchasers and investors realize the area's potential, real estate prices are anticipated to increase. Due to the convenience of commuting, neighborhoods near metro lines will attract more homebuyers, particularly young professionals and families, which would increase demand for property.
- Regeneration of communities - The western suburbs' neighborhood regeneration will be aided by Metro Line 2. Existing infrastructure will be improved, and new amenities will be added, as property values rise and developers invest in the area. Improved public spaces, parks, and neighborhood amenities will rejuvenate neglected or underdeveloped areas. The western suburbs' overall livability will be improved by this redevelopment process, luring in new residents and raising the demand for real estate.
- Micro Markets will benefit from it - Metro Line 2 helps significant micro markets like Dahisar, Borivali, Kandivali, Malad, Goregaon, Andheri. These areas are already well-developed and contain many residential and commercial structures; it has now become more appealing for residential and commercial development due to the operating Line 2's increased connection, decreased travel time, and increased property prices.
The areas near the airport as well as the New Link Road connecting Dahisar East and DN Nagar are anticipated to gain significantly from the Metro Line 2A. Homeowners and investors have long preferred these areas because of their close proximity to the city's commercial and financial districts. The improved accessibility of the metro lines will result in a rise in the demand for real estate in these areas. Additionally, Dahisar and DN Nagar would make it simpler for Mumbai residents to use the Metro and the suburban rail network. The western suburbs have become a vibrant and desirable place for both residents and investors with the arrival of this new transport infrastructure. The western suburbs have gone under substantial change after the line was put into service, presenting themselves as important locations for those looking for convenient, well-connected, and successful areas to live, work, and invest in.