Property rates may rise in Andheri along Metro stations
The most affordable vast CBD of Andheri East, expanding as far as Marol, Sakinaka and SEEPZ, is all set for a face-lift by 2010. These areas that have become a preferred option over southern and mid-town CBDs due to cost factor, will soon see a major hike in realty rates. Chakala, Marol Naka and Saki Naka are three of the 12 stations planned on the Phase I of the Mumbai Metro Rail. The air-conditioned Metro Rail will take only 21 minutes from Versova to Ghatkopar. This will greatly enhance the CBDs transport infrastructure. Currently, though well-connected to the Western and Eastern Express Highways, access is quite unpredictable in terms of duration and also quite tiring for those using public transport.
Other major factor adding to this CBD’s rise is the fact that it has modern and well-planned constructions. While mid-town CBDs and Bandra Kurla complex do offer similar constructions, it is much easier for the huge suburban population to commute to Andheri on a daily basis which results in higher efficiency and output at work. Proximity to airport and some of the finest luxury hotels are the biggest asset for these CBDs to attract corporate and multi-nationals.
For those who argue that these areas are already saturated and don’t have further scope for new development, there is more. While other emerging destinations may offer world-class services, the Andheri CBD will now expand itself into the areas of Subhash Nagar and Asalpha. These, plotted as stations after Saki Naka, have lot of development potential. Until now, these areas have acted as satellite areas for Ghatkopar. But now, the scene will differ. The residential area of Ghatkopar will feel the heat of price hike due to its next-door status to the CBD area.
Ghatkopar has already started bustling with new projects, residential as well as retail. Developers like Everest Group are investing into huge projects here. Apart from several residential projects, they have set up a 90,000 sq.ft. ‘Urbania’ for commercial / mall development. Other developments at Ghatkopar include ‘Neelyog Plaza’, a recreational hub close to the railway station which will house the suburb’s first multiplex, Fame cinemas. A discount mall is also being planned by Akruti Nirman.
Prices of commercial as well as residential realty in Versova, D.N. Nagar and Azad Nagar are also to see a huge hike, as they are some of the other stations plotted on the metro line.