Chembur An attractive real estate market of Mumbai

Chembur: An attractive real estate market of Mumbai

Mumbai News

One of the most affluent real estate markets of Mumbai, which is attracting property buyers these days, is the bustling Chembur. Located in East Mumbai, the name Chembur is derived from the word Chimboree, which means “Large Crab” in Marathi. After independence, Chembur was one of the sites where refugee camps were set up to settle refugees after partition. However, the industrialisation of Trombay during and after the war led to the demand for housing and the growth of Chembur thereafter.

 

Because of its rapid development, today this area has become one of the most sought out residential as well as commercial markets of Mumbai.

 

Connectivity

Chembur is surrounded by Kurla, Deonar, Mahul, Govandi, Chunabhatti, and Ghatkopar in the neighborhoods. The area is well connected to the Bandra-Kurla Complex (BKC), the central suburbs and Thane.

 

The operational monorail from Chembur to Wadala will soon be extended to Jacob’s Circle, further enhancing Chembur’s connectivity. The proposed BKC-Chunabhatti flyover will also reduce travel time from 45 minutes to 15 minutes. The Santacruz Chembur Link Road (SCLR) connects Chembur to Santacruz, which is also India’s second double-decker flyover.

 

The Harbour Line of the Mumbai Suburban Railway has a station in Chembur. The railway station of Chembur is one of the oldest lines which were opened to passenger traffic in 1924. Suburban trains bound for Mumbai CST, Andheri, and Panvel run throughout the day.

 

Infrastructure

Chembur is home to many industrial, commercial and retail outlets. One can find a variety of food from street food to high-end restaurants here. Chembur is known for its misal pav, pav bhaji, vada pav and also sweet marts.

 

The famous R K Studios is also headquartered in Chembur area.

 

It also has many public spaces like Gandhi Maidan Annabhau Sathe Garden, Diamond Garden, Ambedkar Udyan, Sandu Garden, Tilak Nagar grounds and Jawahar Grounds where many big sports events and activities are conducted.

 

Rising property market

Since 2013, Chembur has seen rapid development of over 14,000 units of residential apartments. Furthermore, upcoming projects like the Navi Mumbai International Airport, the Monorail Phase-II Wadala to Jacob Circle, and the elevated road from BKC to Sion, are expected to increase the demand for residential properties in the area.

 

Development of large land parcels into the commercial sector has also resulted in a huge increase in the number of homeowners looking to buy properties here. Along with this massive physical as well as social infrastructure has also helped this area to transform into a major cosmopolitan.

 

In recent times, many renowned builders and developers have also shown their interest in this area due to which property buyers are flocking towards Chembur.

 

Price trend

Due to the increasing demand for homes in the region, property owners are getting good returns. Many projects in this area have surpassed record sale figure due to which many developers are even conducting re-launches to appeal to customers.

 

The average price quoted for the flats in the fourth quarter of 2017 was Rs. 17,000 to Rs. 18,000 per square feet.

Here is an average figure of different residential units in Chembur:

Multistorey Apartment—18,070 (Average Price Rs./Sq-ft)

Builder Floor Apartment—19,825 (Average Price Rs./Sq-ft)

Residential House—-15,995 (Average Price Rs./Sq-ft)

 

All these factors will further contribute to its rising popularity. Hence it can be surely said that in future Chembur will definitely become a major real estate center.