Mumbai Metro Line-3 was inaugurated by Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde on May 9

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.

How is Mumbai Metro line-3 expected to boost the Mumbai real estate market?

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.

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.

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.

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.