Source: JLL Research

Aqua Line (Metro Line 3) connectivity between Worli and Bandra Kurla Complex (BKC) is creating benefits for both areas. The average vacancy in prime BKC has already reached a ten-year low, ranging between 0-5%, with strong demand for the upcoming supply. New metro routes are effectively making existing business districts more attractive.

Looking ahead, newer metro lines (line 6 and 4) are creating opportunity hotspots across the city. Gandhi Nagar Junction (Eastern Suburbs) and Pratap Nagar Junction (Western Suburbs) along JVLR are relevant examples where improved connectivity could potentially stimulate demand across all asset classes. Metro Lines 4 and 10 will improve connectivity between the Western suburbs to Thane and Eastern Suburbs, boosting East-West connectivity in the city. This is urgently needed to link densely populated residential areas with office corridors.

Over the next two years, Mumbai has approximately 13 million sq. ft. of new office supply planned, with a significant 53% of this located along operational or under-construction metro lines. These projects are expected to be highly desirable, mirroring the trend outlined above. The potential for new hotspots to emerge and existing corridors to strengthen will not only keep the office market thriving but also create dispersed economic activity corridors. Metro will likely be a game-changer for real estate, enabling property developments to spread across the metropolitan region, creating a holistic ecosystem that will bring the suburbs closer to the city centre.