Post the inauguration of a new metro by Prime Minister Narendra Modi, house prices between Andheri to Dahisar east-west area have increased. Even the houses which were not sold for the last few years are now getting buyers. House prices have increased by five to ten percent in a year. In the past year, out of quarter of a million, half a million homes have been sold in the western suburbs.
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The Versova-Ghatkopar metro service was commissioned in June 2014, while the metro line 2-A and 7 work started in October 2016. Considering the extreme traffic congestion in this area, there was not much demand for the houses. But after the metro service started, the demand for houses in this area started to increase. Now, many housing projects are sprouting in this area and the prices of houses in these projects have increased.
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Between Andheri and Dahisar, the rate per square feet was INR 20 thousand to 50 thousand and now it has increased from INR 20 thousand to INR 70-80 thousand per square feet. According to a real estate agent, the rate in Andheri West was INR 25,000 to 35,000 per square feet. That rate has now increased to INR 30,000 to 40,000 per square feet.
Prime Minister Narendra Modi inaugurated the much-awaited second phase of Mumbai Metro Line 2A and 7 on January 19, in the presence of Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis and state governor Bhagat Singh Koshyari.