June 18, 2018

Mumbai

A brand new suburban railway network is being constructed between Panvel and Karjat. How will it impact real estate of areas that would fall on the new rail route?

The Panvel-Karjat railway network is a 29 km stretch with three stations but the lack of commuting options had made the area inaccessible. This will soon change and seeing its future possibilities, many developers have been doling out projects at rates that are still affordable for the common man. The line is being worked upon by the Mumbai Rail Vikas Corporation (MRVC), the railway body set up exclusively to plan Mumbai railways.

While this section does have a track running through it, there were very few services, about three to six passenger trains throughout the day. Railway officials say that the dream of converting this passenger train section into a local line is close at hand, with the money for the project slated to come in by the end of June. Going by conservative estimates, work on this line is likely to begin post monsoon as the tendering process will be completed during the monsoon. Following similar development patterns, property values around these suburbs are likely to see an upward swing, especially when work begins on the ground. Therefore, this is the right time to invest in real estate around Panvel-Karjat.

The three stations that lie between Panvel and Karjat, namely – Chikhale, Mohape and Chowk see property valuations on an average of around Rs 3,000 to 4,000 per sqft. Thus, this area is touted to be a veritable magnet for home-buyers seeking affordable options.

Kalwa resident Ashok Kamble (45 years old) has already invested in a plot of land in Karjat. "Post retirement, my wife and I are contemplating shifting and letting our son continue living in Kalwa once he is married. This way, we will be able to have our own space and now my brother plans to do the same; hence, we will have our people around as well," he says.

How much moolah?

The three stations of Chowk, Mohape and Chikale require an investment of anywhere between Rs 3,000 and 4,000 per sqft, thus making this an ideal time for investment;

An investment will not yield immediate benefits and therefore, those who can afford to wait-it out should invest around this area.

What exactly is the railways' plan?

The line currently is said to be inducted into the Mumbai local railway system at the cost of Rs 2,783 crore;

The line currently has trains running only in one direction; hence, the railway line will be doubled enabling trains to run in both directions at once;

This railway line will also see new railway stations once the line is fully operational, as the existing three stations are too far from one another.

Improving connectivity

The plan was drawn up for the line as far back as 2010, say some officials. But the plan has finally reached fruition now;

The line falls under the railways sanctioned project for the city under Mumbai Urban Transport Project 3;

The line will help open up a new suburb to citizens in search of affordable housing.

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