PM Narendra Modi flags off Mumbai Metro Line 3: Worli–Cuffe Parade stretch to revive SOBO's real estate market
PM Modi inaugurates Mumbai Metro Line-3 Phase 2B ( ₹12,200 crore). Experts say Cuffe Parade & Colaba may regain India’s priciest real estate status
With Prime Minister Narendra Modi giving the green light to the third phase of Mumbai Metro Line 3, also known as the Aqua Line, connecting Acharya Atre Chowk in Worli to Cuffe Parade in South Mumbai, the city’s poshest areas are set to regain the spotlight. Real estate experts and developers believe the Metro line could revive the prestige of Cuffe Parade and Colaba, once among the country’s most expensive residential markets.
Historically, South Mumbai neighborhoods such as Malabar Hill, Colaba, Cuffe Parade, Altamount Road, and Peddar Road housed the city’s costliest apartments. Over the years, however, the focus shifted to Central Mumbai, including Worli and Bandra, as high-rise developments attracted several high-net-worth and ultra-high-net-worth individuals to these areas.
Does the Mumbai Metro Line 3 impact Mumbai’s costliest real estate markets?
According to experts, the biggest beneficiaries of the entire Mumbai Metro Line 3 will be South Mumbai's Cuffe Parade, Colaba, and Andheri.
"With Mumbai Metro Line 3 now fully operational, its impact on the city’s real estate market, especially in South Mumbai and other connected corridors, is inevitable. However, I believe the Mumbai Coastal Road will have an even greater long-term influence, particularly once it extends deeper into the western suburbs, significantly improving road connectivity," said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives, JLL India, a real estate consultancy firm.
"That said, Mumbai Metro Line 3 will reshape micro-markets such as Andheri East, Colaba, Cuffe Parade, SEEPZ, and BKC, by enhancing accessibility and reducing travel time. Both the residential and commercial segments in these areas are likely to gain traction as connectivity improves," Mehta said.
According to Mehta, South Mumbai's Cuffe Parade and Colaba are likely to report increased interest by developers and homebuyers. "In particular, Colaba and Cuffe Parade could see renewed developer interest and stronger homebuyer sentiment. With new projects priced around ₹75,000 per sq. ft, these locations may start to look like genuine value-for-money propositions once the Metro’s full benefits are realised."
Expected to lead to increased redevelopment activity in old buildings in Girgaon and Kalbadevi
According to local brokers, the Mumbai Metro Line 3 is also expected to lead to increased redevelopment activity in old buildings in Girgaon and Kalbadevi. "The buildings having legacy problems may still end up missing the bus. However, with the Metro line, fresh supply will get a push," a local broker said.
From an investor’s standpoint, Metro Line 3 is expected to reshape Mumbai’s real estate canvas. Ram Naik, co-founder and CEO, The Guardians Real Estate Advisory, said, “By cutting down travel time, easing congestion and reducing commuting costs, the metro is helping households save more and improving quality of life. As city connectivity strengthens, we are observing an increase in investor interest in well-established corridors. The key will be identifying micro-markets where infrastructure readiness and developer execution align for sustainable growth.”
All about Mumbai Metro line 3
The entire Metro-3 corridor measures approximately 33 km and is expected to enhance connectivity between several localities, including BKC, Prabhadevi, Dadar, Worli, Mahalaxmi, Mumbai Central, Marine Lines, Churchgate, Nariman Point, Cuffe Parade, and areas in and around the Mumbai Airport.
The final 10.99 km phase of Mumbai Metro Line 3, stretching from Worli to Cuffe Parade, was inaugurated by Prime Minister Narendra Modi today. Earlier, on October 5, 2024, he flagged off the 12.69 km stretch between Aarey JVLR and Bandra Kurla Complex (BKC), which features 10 operational stations.
Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde had inaugurated the second phase, covering a 9.6 km stretch between BKC and Acharya Atre Chowk (Worli), on May 9.
Both Worli and Cuffe Parade are already among India’s priciest real estate markets, encompassing areas such as Dharavi, Sheetla Devi Temple, Dadar, Siddhivinayak Temple, Mahim Dargah, Mahim Church, and Worli.
Proposed by the Mumbai Metropolitan Region Development Authority (MMRDA) around 2004, the entire Metro Line 3 comes with a project cost exceeding ₹37,000 crore.
