Looking for houses in the residential clusters between Chembur and Jacob Circle? Here’s all you need to know about the impact of monorail on real estateprices.
India’s first Monorail project, connecting Chembur and Jacob Circle, finally saw the light of the day in 2014. The 19.54 km rail corridor housed 18 railway stations, seven of which opened in 2014, and the rest recently in 2019.
The monorail alleviated the transportation woes of Mumbai’s residents and positively impacted the real-estate value of the micro-market alongside. Wadala and Lower Parel are two of the prominent housing clusters that witnessed an uptick in realty investments.
Effect of monorail on housing sector
The monorail development has positively catalysed the real estate sentiment across the city’s residential pockets. Moreover, it helped sustain real estate prices in housing clusters that previously struggled to stay afloat.
For example, Lower Parel, where property prices were dropping, experienced a small revival after the inauguration in 2019.
As with any infrastructure project, the real estate market of the vicinity is positively impacted only during the announcement phase and the different construction stages. The same happened with the Monorail project. During the five years of its construction, the neighbouring suburbs of Chembur and Wadala witnessed a whopping 100% rise in property prices.
To put it into perspective, a 1000 sq-ft apartment in Wadala, which was selling for Rs. 90 lakhs in 2009, was available for Rs. 2 crores in 2014, which is more than 100% price appreciation. Flats in Chembur saw a similar upward trend in price, going from Rs. 70 lakhs to Rs. 1.6 crore in five years.
Additional Read: What Are the Top 5 Affordable Housing Projects Present in Mumbai?
How does this affect homebuyers?
A rise in property prices is an obvious red flag for home buyers. However, considering the seamless connectivity and a buzzing suburban locality, buying a house in the Wadala-Chembur-Jacob Circle circuit is a great idea, especially if your office is in the same line.
Given the locale’s superb connectivity, Mumbai Metropolitan Region Development Authority (MMRDA) plans to bump up the Floor Space Index (FSI) in Wadala. This can increase the commercial and residential capacity of the realty micro-market.
Since Wadala is close to the monorail, Eastern Freeway, and the upcoming Metro-4 corridor, investing in a home in this locality is wise since the metro is in the construction phase. Once it’s up and running, the realty prices would appreciate rapidly, offering you great returns on your investment.
Also, with home loan interest rates at an all-time low, you can get a new home at a way lower price tag today. All in all, making a real estate investment in the up and coming localities of Wadala and Chembur is an undeniably clever choice.
Additional Read: 5 Things You Need to Know About the Mumbai Luxury Housing Market
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