Mumbai, known as the city of dreams, has always been a hub of real estate activity, with its property market constantly evolving. One of the recent additions to the city’s infrastructure is the Mumbai Metro, a rapid transit system that has been changing the way Mumbaikars commute. But what impact has it had on property prices, specifically in the desirable location of Goregaon East.
If you are planning to buy a 3bhk in Goregaon East, this article is perfect for you. Read on to understand the impact of the development of Mumbai Metro on Mumbai real estate.
Goregaon East is a popular residential area in Mumbai that has seen a surge in property prices over the past decade. It is home to some of the best schools, colleges, hospitals, shopping malls, and entertainment centers in the city. The area is also well-connected to other parts of Mumbai, making it a prime location for property investors and homeowners alike.
One of the reasons why property prices in Goregaon East have risen is because of the Mumbai Metro. The Metro has made commuting to and from the area much easier and more convenient, thereby increasing its attractiveness as a place to live. In fact, according to a report by the Indian Express, property prices in Goregaon East have increased by over 20% since the launch of the Metro.
The Mumbai Metro has also made it easier for people to travel to other parts of Mumbai from Goregaon East. This has led to an increase in demand for properties in the area, particularly for 3 BHK apartments. These apartments are popular among families who need more space and are willing to pay a premium for it. According to data from real estate portal Magicbricks, the average price of a 3 BHK apartment in Goregaon East is around Rs. 2.5 crores. This is significantly higher than the average price of a 2 BHK apartment, which is around Rs. 1.5 crores.
The increase in demand for 3 BHK apartments in Goregaon East can also be attributed to the area’s proximity to the Mumbai Metro. Many people are willing to pay a premium for a property that is within walking distance of a Metro station. This is because it makes commuting much easier and saves time, which is a valuable commodity in a city like Mumbai.
Another factor that has contributed to the increase in property prices in Goregaon East is the overall improvement in the area’s infrastructure. The Mumbai Metro has led to the development of new roads, flyovers, and other infrastructure projects that have made the area more attractive to property buyers. Additionally, the Metro has also led to an increase in commercial activity in the area, which has further boosted property prices.
However, it is important to note that the impact of the Mumbai Metro on property prices in Goregaon East is not uniform. While some areas have seen a significant increase in property prices, others have not seen much change. This is because property prices are determined by various factors, including location, demand, and supply.
The Mumbai Metro has had a profound impact on property prices in Goregaon East, particularly for 3 BHK apartments. The increased accessibility and convenience that the Metro offers have made Goregaon East an even more desirable location for property investors and homeowners alike. As a result, property prices have risen significantly since the launch of the Metro.
This trend is likely to continue in the future, as the demand for properties in the area continues to grow. So, if you are looking for a 3 BHK apartment in Goregaon East, be prepared to pay a premium, as the Mumbai Metro has certainly made its mark on the area’s real estate market.
