When we join offices or colleges, all we want is to avoid long journeys and live nearby. In a city like Mumbai, residents prefer living close to public transport options like local trains and metro stations. The impact is clearly visible in rental prices. Now, as Mumbaikars show more interest in finding homes near the Mumbai Metro Aqua Line, rents in the area have increased sharply. Scroll down to know more!
Mumbai Metro Aqua Line Leads To A Sharp Rise In Rents
The Mumbai Metro Aqua Line has made it easier for people to reach their offices. As per NDTV Profit report, people working in Nariman Point and Bandra Kurla Complex (BKC) are now showing interest in homes closer to metro stations.
Why Are Professionals Looking For Homes Near Mumbai’s Aqua Line?
Living near metro stations in Mumbai helps professionals cut down on travel time.
However, the sharp rise in demand has also led to an increase in rental prices, especially around Marol and the wider Andheri East belt. Kunal Bohra of Aahana Real Estate told Mumbai Mirror that earlier, many working professionals, especially bachelors, preferred shared flats or cheaper homes near their offices. Now, they are showing interest in homes near metro stations.
Also Read: Mumbai Metro Launches Aqua Line Passport To Celebrate One Year; Check Cost, Stamp Details & More
What Are The Rent Prices In Mumbai?
Harish Gupta, a real estate agent operating in Marol, told Mumbai Mirror that a 1BHK in Marol Naka earlier cost between ₹25,000 and ₹30,000 per month. However, now it has increased to ₹55,000 to ₹60,000 for an unfurnished 1BHK and ₹65,000 to ₹70,000 for a furnished.
With better connectivity, Marol has become one of the preferred locations to rent a home. According to Rajkumar Singh, the area now offers rental returns of 3.5-4%, which is higher than several other residential areas. It has also reduced the rent difference between Marol and Lokhandwala, though Lokhandwala still has higher rental prices.
Are you also looking for a place to rent near metro stations? Tell us in the comments below!
Also Read: Mumbai Metro Line 4 Trains To Have 8-10 Mobile Charging Points In Every Coach
Cover Image Courtesy: Wikipedia
FAQs
Which is the largest mall in Mumbai?
Phoenix Marketcity in Kurla West is the largest mall in Mumbai.
What was Mumbai's old name?
The old name of Mumbai is Bombay.
Which are the most expensive areas in Mumbai to live in?
Some of the most expensive areas to live in Mumbai include Malabar Hill, Worli, Bandra West, Pali Hill, Juhu, Tardeo, Breach Candy and Cuffe Parade.
