Mumbai's Aqua Line Metro is driving a sharp rise in rents around Marol, with furnished one bedroom apartments near Marol Naka now being quoted at as much as Rs 70,000 per month according to local property agents.
With professionals working in Nariman Point and BKC increasingly seeking homes near stations to cut commuting times, landlords are cashing in on the demand, while tenants who once settled for one-room-kitchen (1RK) flats are now exploring a wider range of properties.
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According to property agents, rental values in Marol and the wider Andheri East belt have risen sharply, narrowing the gap with the upmarket Lokhandwala neighbourhood
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Kunal Bohra of Aahana Real Estate told Mumbai Mirror that better connectivity is encouraging tenants who once opted for shared homes or cheaper rentals close to their workplaces to now consider apartments along the metro corridor.
“Many of the new tenants are bachelors who would earlier opt for shared accommodation or budget rentals near their workplaces but are now exploring homes closer to the metro corridor for a smoother daily commute,” Bohra said.
Harish Gupta, a real estate agent operating in Marol, told Mumbai Mirror that a 1BHK in the Marol Naka area, which earlier rented for Rs.25,000-Rs.30,000 a month, is now being offered at Rs.55,000-Rs.60,000 when unfurnished.
“Earlier, rents for 1BHK flats in the Marol Naka area would range between Rs 25,000 and Rs 30,000, but now they range between Rs 55,000 and Rs 60,000 for unfurnished flats and Rs 65,000 and Rs 70,000 for furnished ones,” Gupta said.
Rajkumar Singh, Senior Executive Director - Residential Sales (West) at ANAROCK Group, told the newspaper that the Aqua Line has shortened travel time between major employment centres such as BKC, SEEPZ and South Mumbai.
“The Aqua Line has definitively infused new vigour into rental demand along its corridor. This is to be expected, as it reduces commute times between major commercial zones such as BKC, SEEPZ and South Mumbai. Many tenants now prefer a transit-oriented lifestyle. Locations like Marol Naka, Chakala and MIDC are seeing a lot of demand from corporate professionals,” he said.
Rajkumar Singh also stated that Marol is generating rental yields of 3.5-4 percent, which he described as stronger than several established residential micro-markets. He attributed the yields to demand for limited supply in gated residential societies located close to metro stations in the Andheri East belt.
“Our MMR research does show that there is an increased preference for 1BHK and 2BHK configurations in the mid-to-upper-mid budget segments along these metro corridors. In the Andheri East belt, there is strong demand for all available supply in gated societies near metro stations. This naturally results in very good rental yields of 3.5–4 per cent in Marol. This does outperform many other established residential pockets,” Singh added.
He added that while the Aqua Line has strengthened Andheri East's residential profile and narrowed the rental gap, lifestyle led markets such as Lokhandwala are likely to retain a premium.
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