Selling properties in Chembur at an all-time high

Chembur is considered one of the best connected parts of Mumbai city. It continues to attract buyers as well as investors even though the supply of residential units in this area is limited. Due to the launch of the first phase of monorail project from Wadala to Chembur, which happened on 1st February 2014, demand for properties in Chembur has accelerated.

With the next phase of the monorail project, eastern suburb of Chembur will be better connected to the Mahalaxmi area in South Mumbai. Reportedly, this project is the second longest monorail after the one in Japan. This was an initiative by the MMRDA in which the proposed first phase was from Wadala to Chembur and the entire stretch was to be from Jacob Circle at Mahalaxmi to Chembur. It was meant for development of Wadala and to ease the pressure of overpopulation from the main city.

Chembur’s property market is being seen as the biggest beneficiary as far as appreciation is concerned. According to real estate experts, an absolute return of 20% plus can be seen in this area in the coming one or two years. Meanwhile, rates for this area are increasing. Even Wadala properties have become expensive as the connectivity has improved to a great extent.

A growing number of reputed property developers are launching their projects in Chembur and Wadala within the price range of 15,000 and 25,000 INR per square feet. Rates are expected to rise in the coming months.

Property developers are doing attractive pricing of units in new residential projects in Chembur and areas like Mulund, Kanjurmarg and Ghatkopar. Compared to the resale properties in these areas, rates of fresh units are 25-30% cheaper. This has pushed the demand for flats in Chembur to a great extent.

About Chembur

This sub-city of Mumbai is also an important real estate investment destination in India. In 2012, property rates in this area ranged between 13,000-15,000 INR per square feet. With time, rates skyrocketed and today, it is one of the most in-demand areas for buying residential properties. The profiling of this area on the real estate map of Mumbai is quite desirable because it connects Navi Mumbai and Central Mumbai. It is also located in close proximity to Western and Eastern Express Highways due to which people living in Chembur find it easy to commute to BKC (Bandra Kurla Complex) and other business districts of the city.

Chembur is also famous for its landmarks such as Golf Club, Tata Institute of Social Science, Sadhu Garden, RK Studios, Diamond Garden and Dr. Ambedkar Garden. It is also one of the greenest parts of Mumbai and has been rated as one of the fastest growing suburban areas in Central Mumbai. Thanks to the rapid infrastructural development, large scale residential development is taking place in this part of Mumbai. Infrastructure initiatives such as Chembur-Wadala monorail, Santacruz-Chembur Link and Eastern Freeway have given the required boost to the property market in this area.

Shruti Decosta is a real estate blogger who loves to write about upcoming residential projects in Mumbai, Pune, Nashik.