Mumbai Metro Line 3 inauguration: How the BKC-Worli Link is set to boost the city's real estate market
Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde inaugurated the second phase of Mumbai Metro-3, covering a 9.6 km stretch between Bandra Kurla Complex (BKC) and Acharya Atre Chowk (Worli) on May 9. Both areas, already among India's most expensive real estate markets, are expected to see a further boost in property demand and values with the improved connectivity, according to real estate experts.
The 9.6-km-long phase will cover areas like Dharavi, Sheetla Devi Temple, Dadar, Siddhivinayak Temple, Mahim Dargah, Mahim Church, Worli and Acharya Atre Chowk
With Phase 2 fully operational, the Metro will cover 20 km of the 33.35 km corridor, allowing passengers to travel between Aarey and Worli (Acharya Atre Chowk). Earlier, prime minister Narendra Modi inaugurated Mumbai's first underground Metro Line 3 between Aarey Colony and BKC on October 5.
Vimal Nadar, National Director and Head, Research, Colliers India, told HT.com that Mumbai Metro's Aqua Line (Line 3), currently partially operational from Aarey to Bandra-Kurla Complex (BKC) under Phase 1, is set to expand its commercial operations till Acharya Atre Chowk in Worli under Phase 2.
Also Read: Mumbai Metro Line 3 to connect BKC and Worli, boosting India's most expensive real estate markets
Once the final Phase 3 extending from Worli to Cuffe Parade also gets operational, the fully operational Line 3 will act as a major catalyst for real estate growth in most of the established catchment areas along this route. This metro Line 3 will significantly improve North-South connectivity, holding the potential to revive the older business districts of CBD (Nariman Point and adjoining areas) and drive existing business hubs such as BKC, Worli, and Lower Parel.
Complemented by the Coastal Road Project, the old central business district (CBD) micro market will likely see a 1.5- 2x rise in annual leasing demand for office spaces. Overall, key micro markets along the Metro Line 3 route could see a 10-15% rise in rentals over the next few years, he said.
On the residential front, this greenfield connectivity is poised to result in rental and capital value appreciation in established localities such as Santacruz, Andheri East, Kurla, Chembur, Dadar, and Prabhadevi. He added that these localities are projected to witness a 10–15% increase in property values over the next few years.
Also Read: Underground Mumbai Metro Line 3 inauguration by PM Modi expected to boost real estate market in South Mumbai
A few real estate consultants believe the second phase will have a limited impact on South Mumbai's working-class population. However, it is expected to impact those residing in Worli, Dadar, and Mahim, who are set to benefit from this. "There are several redevelopment projects along with the Mumbai Metro line 3 route, which will benefit from the aqua line," said Pramod Vyas, president of SMART (South MetroCity Association of Realtors), the apex body of real estate consultants in South Mumbai.
Also Read: Here's why high-net-worth individuals may be selling their properties in Mumbai's real estate market
It will transform commuting patterns for South Mumbai residents, offering seamless connectivity to key business hubs like Worli, Lower Parel, BKC, Andheri, and the airport. "This improved connectivity will greatly benefit middle-class professionals and executives living in South Mumbai who commute daily to BKC, Central Mumbai, and the suburbs," Vyas added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
4 hours ago
- Indian Express
Maharashtra Deputy CM Eknath Shinde calls for empowering of real estate sector to deliver economical housing
Maharashtra Deputy Chief Minister Eknath Shinde on Saturday called for empowering the real estate sector to ensure the delivery of economic housing. He was speaking at the installation of Manish Jain as the president of Credai Pune. Shinde said during the Covid-19 pandemic, the real estate sector had stepped up in terms of work and delivery of government revenue. 'The stamp duty was reduced, but still the revenues were remarkably high,' he said. Shinde said Mumbai developed rapidly during his tenure as the chief minister, and he said Pune requires similar growth. The deputy chief minister said reforms like unified Development Control and Promotion Regulations (DCPR), stamp duty relief, and infrastructure upgrade can push Maharashtra towards becoming an investment magnet. Poor infrastructure, he said, maligns the image of a city. Shinde promised that the concerns of Credai, the apex body of real estate developers, would be addressed in time. 'Our goal is simple: development, development, and more development—and Credai will be a key partner in that journey,' he said. Main Manish, the new president of Credai-Pune, presented a series of key issues before the minister. He emphasised the need for greater interdepartmental integration to streamline the building sanction process, proposing that building permissions be processed concurrently with environmental clearance, so that construction can commence immediately once the EC is granted. Highlighting the inefficiencies, he remarked that nearly 90 per cent of a developer's time is spent on obtaining sanctions, while only 10 per cent goes into actual construction. He also urged a phased and results-driven approach to Town Planning Schemes (TPS), recommending that two pilot schemes be implemented and evaluated for effectiveness before scaling up, ensuring more structured and impactful outcomes. Addressing governance-related challenges, he highlighted the urgent need to protect developers from undue harassment by blackmailers, advocating for stronger collaboration with police and law enforcement agencies.
Time of India
5 hours ago
- Time of India
No more visa fee waivers: Kuwait imposes standard KD150 charge across all sectors
Photo: Pexels In a significant overhaul of its labour market framework, Kuwait has officially ended fee exemptions for work visa transfers, introducing a standard KD150 charge for each work permit issued across a wide range of sectors. The policy change was enacted under Ministerial Resolution No. 4 of 2025, announced on Thursday, June 6, by First Deputy Prime Minister and Interior Minister Sheikh Fahd Al Youssef. The move marks a major shift in Kuwait's approach to labour regulation, aimed at tightening oversight and eliminating preferential treatment for specific industries. Key repeals and new requirements At the core of the change is the repeal of Article 2 of the 2024 resolution, which had previously allowed exemptions from work permit fees for certain sectors, depending on manpower requirements approved by the Public Authority for Manpower. With the exemption lifted, all work permits issued under previously exempted categories will now incur the KD150 fee, assessed on a case-by-case basis. Additionally, Article 5 of the 2024 resolution has been abolished, removing the requirement for the Public Authority for Manpower's Board of Directors to conduct a one-year impact assessment before implementing the fee structure. This eliminates the need for any further formal review or recommendation process. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo These adjustments also modify earlier provisions under Ministerial Resolution No. 3 of 2024, further streamlining the issuance and transfer of work permits and standardising related fees. Sectors now affected by the KD150 fee The newly standardised fee applies to a broad spectrum of public and private sector organisations, including: Government-owned companies Hospitals, clinics, and medical centres licensed by the Ministry of Health Private universities, colleges, and schools Foreign investors accredited by the Investment Promotion Authority Sports clubs and federations Public benefit associations, charities, endowments, labour unions, and cooperative societies Licensed agricultural operations, including hunting, livestock pens, sheep and camel grazing Commercial and investment properties Industrial facilities and small-scale industries Previously, these sectors were exempted from paying additional fees, contingent on staffing needs evaluated by the Public Authority for Manpower. A broader push for labour market standardisation The new fee structure is part of Kuwait's wider effort to unify labour regulations and eliminate inconsistencies across sectors. The KD150 fee will now apply uniformly to each work permit issued or transferred, regardless of sector or employer classification. By scrapping exemptions once granted to entities like hospitals, schools, agricultural operations, and charitable organisations, the government aims to close regulatory loopholes and ensure equal treatment in how foreign labour is managed. The repeal of Article 5, previously mandating a one-year impact study, also signals a move toward faster implementation of reforms without further delay or discretionary reviews, reinforcing a shift to more centralised and uniform oversight.
Time of India
19 hours ago
- Time of India
‘Task for Maha to get 11 cr saplings in three months'
Mumbai: As part of the 'Green Maharashtra' initiative, chief minister Devendra Fadnavis declared an ambitious plan to plant 11 crore saplings in three months, but the big challenge before the administration will be to procure such a large number of saplings. "It is expected the exercise will have to be completed before monsoon, and before that we will have to procure the saplings and plant them across the state. It will be a challenging task," a revenue official said. According to the presentation made before the CM on Wednesday, the forest department will provide 1.8 crore saplings – 1.04 crore from its own units and 76 lakh from the social forestry wing, while the rest will have to be procured by other departments from their own funds. "Non-forest departments will have to purchase saplings from their own funds," he said. The official said while a new target of 11 crore has been set up, Fadnavis must ask the forest department the status of the tree plantation drive last year. — Prafulla Marpakwar Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
