What makes Chembur a budding real estate haven in Mumbai?

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Chembur in Mumbai is growing at a staggering rate, socially as well as culturally, as representatives from myriad cross-sections of society are converging here. Being a major real estate centre and a commercial launchpad for various industries, Chembur, has emerged as one of the most promising investment destinations in the city.

With state-of-the-art residential complexes, access to the best in class amenities such as multi-speciality hospitals and international schools, and efficient connectivity to some of the essential business hotspots of Mumbai like Lower Parel, Andheri East and the fast emerging IT hub, Bandra Kurla Complex (BKC), Chembur is practically a real estate goldmine in Mumbai. The connectivity offered by the Mumbai Monorail Line 1 makes this locality exceptionally accessible for over 15,000 commuters a day. The Santacruz-Chembur Link Road is another boon to this locality. It eases Chembur’s connectivity to BKC, which is slowly taking the place that the Central Business District (CBD) used to occupy in the industrial landscape of Mumbai.

Capital and rental trends in Chembur

Over the years, Chembur has undergone rapid metamorphosis in terms of infrastructure and real estate. The infrastructural revamp of villages in this locality’s peripheries has been exemplary. For instance, in the Mahul village, the establishment of amenities such as waste processing plants to minimise toxic waste and construction of advanced sewage pipelines and better hospitals, have played a major role in improving the living conditions. The fast-paced expansion of residential and commercial real estate and robust absorption by office space occupiers have also led Chembur to report significant price growth.

As per the data proliferated in the 99acres.com Insite Report, the average capital values in Chembur have risen from Rs 17,300 per sq ft in Oct-Dec 2018 to Rs 18,350 in Jan-Mar 2019, which is a five percent hike in prices, QoQ. The rental rates, too, have surged from Rs 43 per sq ft per month in Jan-Mar 2018 to Rs 45 per sq ft in Jan-Mar 2019, which is a four percent increase, YoY.

Commenting on the burgeoning real estate market in Chembur, Nadeem Shaikh, Senior Marketing Executive at Kukreja Construction Company says, "Chembur witnesses healthy demand for residential properties from the IT/ITeS and business professionals. Mid-sized 2BHK and 3BHK configurations, priced around Rs 1 crore for a carpet area of 650-900 sq ft and Rs 2-2.5 crore for 1,000-1,500 sq ft, respectively, are the most popular here."

Adding further, Shaikh says, "While moderately priced gated communities such as Sindhi Society and Sandhu Gardens are the most popular in Chembur, the extremely posh localities like Diamond Garden are also attracting homebuyers and builders.”

 

QoQ Price Trends

QoQ Price Trends

 

In the case of the rental market, the area now commands a premium and is out of bounds for the majority of the professionals working here. For instance, a 2BHK apartment near Basant Garden in Chembur is available on rent for no less than Rs 45,000 per month. Even the 1BHK variants have monthly rents over Rs 30,000, rendering the rental landscape devoid of tenants.

Connectivity

Chembur is located at a distance of 15 km from the airport and 6 km from the railway station, which is another addition to the roster of perks to the locality's accessibility and in turn, the real estate trends. The engineering marvel that is the Mumbai Eastern Freeway has also opened up Chembur to key business centres of the city. Wadala and Ghatkopar in Mumbai, and Navi Mumbai and Thane are now, only a short drive from Chembur. The Eastern Freeway bridge at Shivaji Chowk (Chembur) has been designed in a way that would accommodate future metro rail viaducts.

With advancements in the Monorail and Metro, the transport infrastructure is being developed so as to improve the quality of the daily commute and reduce stress.

 

 

 

Social Infrastructure

Chembur offers a seamlessly developed social infrastructure in terms of health care facilities, educational avenues and recreational set-ups. Some of the renowned school and colleges in Chembur include Loreto Convent School and Tata Institute of Social Sciences. For health needs, residents can easily access Apollo Spectra and Surana Sutha Hospitals. Some of the malls in vicinity to Chembur are R Odeon Mall and Cubic Mall.

Challenges in the face of livelihood

While Chembur has shown impeccable growth in infrastructure and real estate over the last few years, its proximity to the Deonar landfill has posed as a deterrent to the livelihood of its residents. The Deonar landfill poses the problem of a nasty stench and toxic smoke emanating from the burning garbage. Also, there are some pollutants like chromium and arsenic that have led to complaints of chronic respiratory ailments among residents.

The Brihanmumbai Municipal Corporation (BMC) has taken measures to curb this issue by procuring herbal deodorant to be sprayed in and around the Deonar dumping grounds.

New real estate development in Chembur

The Maharashtra Real Estate (Regulation and Development) Act (MahaRERA) has played an effective role in pulling strings on developers with delayed projects or misleading advertisements. This has cleared room for honest developers, who offer trustworthy services, to come to the fore. The gradual eradication of small-time, unorganised players and the emergence of renowned builders has given a push to the average property values in Chembur.

"Chembur has become one of the favourite real estate destinations among builders in Mumbai. With the infrastructural development taking place here, this area offers a healthy scope of returns on investment," avers Anish Raheja, a partner at Raheja Homes, Chembur.

 Upcoming residential projects in Chembur

Developer

Project Name

Configuration Offered

Budget bracket

Possession Timeline

Godrej Properties Ltd.

Godrej Prime

1,2,3 BHK

Rs 1.77-3.3 crore

May 2022

Poddar Developers

Poddar Spraha Diamond

1,2 BHK

Rs 1.13-1.6 crore

June 2021

Godrej Properties Ltd.

Godrej Prive

1,2,3 BHK

Rs 1.55-2.69 crore

Sep 2020

Spenta and Sabari Group

Alta Vista

1,2,3 BHK

Rs 97 lakh to 3.5 crore

Immediate

Source: 99acres.com, Click here to view more upcoming projects in Chembur

 


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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