Phase 1 of Metro Line 4 to start soon: the last window for pre-metro pricing?

With delayed regulatory clearances finally being obtained, Phase 1 of Metro Line 4 which ultimately will connect Wadala to Gaimukh, is set to commence operations soon. The first phase is within Thane city’s limits, and once operational, will place Thane’s property on the cusp of a real estate transformation. For the smart home buyer, is this the last window for pre-metro pricing? Stakeholders in Thane’s property market seem to concur on this. “It will be the Game Changer Thane Real Estate was waiting for,” says Founder-Member of Thane Estate Agents Association (TEAA) Bharat Malik. When fully functional, the 32.3 km fully elevated corridor with 32 stations will connect Thane directly to major hubs across Mumbai city and suburbia, especially given the interchanges with other Mumbai Metro lines, he adds. “The impact on price-points of Thane’s real estate will be positive, so effectively, this is the last window to buy property at pre-Metro rates,” adds Mr Bharat Malik. Suburban trains on Central Railway will no longer be the only quick transportation link, says Mahesh Makwana, past president, Thane Estate Agents Association. For Thaneites, what is currently a 90-120 minute road journey will transform into a much shorter metro ride. As of now, it is the first phase that looks set to commence operations soon, and while the advantage of the full run will obviously be more, the first phase will have positive effect on Thane’s ease of living, especially when it comes to the commute. “Ease of travel especially on micro-markets situated on the first phase will definitely impact property prices and this is definitely the last window to lock in property purchase at current prices,” says Mr Mahesh Makwana. The impact on real estate will be three-fold, says Realtor Bhupinder Singh Saini. 1. Price Appreciation Along the Corridor: Micro-markets like Ghodbunder Road, Manpada, Kapurbawdi, and Wagle Estate – where stations like Gaimukh, Kasarvadavali, and Manpada are located – should witness 15-20 per cent faster appreciation as compared to the Thane average. 2. Rental Demand Surge: Young professionals working in Powai, BKC, and Wadala will prefer to live in Thane for better housing at lower rents with assured connectivity, and demand for rental property will increase. 3. Positive for Commercial Realty: Wagle Estate and Balkum, among other micro-markets, will see renewed demand for offices and retail as commute becomes predictable. “Given these theee aspects, this is definitely the last window to lock in your property purchase at pre-Metro operation price-points,” adds Mr Bhupinder Singh Saini. Much like Metro 1 did for Andheri-Ghatkopar, Metro 4 will redraw Thane's property map, says Mr Bharat Malik. For homebuyers, buying now before operations begin is the last window for pre-metro pricing, he concludes.