Chembur’s Market To Witness Upward Movement In Prices: Report

Chembur’s Market To Witness Upward Movement In Prices: Report

Chembur has transformed due to infrastructure developments, boosting connectivity, and driving real estate demand.

Bhalchandra ChorghadeUpdated: Wednesday, May 29, 2024, 05:36 PM IST
article-image
Representative Image | Pexels

Mumbai's real estate landscape has evolved significantly, driven by factors like population growth, infrastructure expansion, and governmental policies. According to a report published by real estate agency Cushman & Wakefield, Chembur has emerged as one of the most sought-after residential hubs in eastern Mumbai. Chembur’s residential real estate market has evolved from a mid-end to a premium category.

In 2023, Chembur witnessed 10% of the total supply among the eastern suburb markets and 27% supply among the adjoining markets (i.e., Chembur, Ghatkopar, Kurla, Vidyavihar, Deonar, Tilaknagar and Sion). Chembur has also recorded a significant price appreciation, resulting in narrowing of the pricing gap between the established markets like Bandra, Worli, Dadar, Mahalaxmi and Lower Parel, the report said.

The average sales trend in the micro market of Chembur witnessed 837 units in 2019 and rose to 1200 units in 2023. The property rate (carpet area) was around Rs 25,800 per sq. ft in 2021 and is expected to rise to Rs 38,500 in 2028.

Chembur has transformed due to infrastructure developments, boosting connectivity, and driving real estate demand. Its affordability compared to other areas, coupled with improved infrastructure, has made it attractive to homebuyers and investors alike, it said adding, the launch of approximately 5,600 units in 2020 and 2021 by renowned developers has bolstered market dynamics.

Chembur's strategic location ensures excellent connectivity to key business districts like BKC, Lower Parel, Nariman Point, Andheri, Powai, and Vikhroli. Infrastructure initiatives like the Eastern Express Highway, BKC Connector, and Santacruz-Chembur Link Road have further enhanced this connectivity. Additionally, Chembur is well-connected to major industrial hubs, transportation nodes, and ports. Ongoing and completed projects such as Mumbai Metro Lines and MTHL project have improved connectivity to Navi Mumbai and within Mumbai as well.

Chembur also benefits from excellent infrastructure, significantly improving its accessibility to other parts of Mumbai. The Eastern Freeway, Monorail, BKC Connector, Ghatkopar-Mankhurd Link Road, and Santacruz Chembur Link Road has drastically reduced travel time in Mumbai. They provide swift access to South Mumbai, central, western and eastern suburbs and BKC, cutting commute time significantly. Additionally, the proximity of Chhatrapati Shivaji Maharaj International Airport within a 12 km radius boosts residential demand in nearby areas like Chembur.

Completion of major projects like the Monorail, Eastern Freeway, and SCLR significantly enhanced connectivity to central and southern Mumbai, driving consumer interest and spurring residential redevelopment. Proposed metro lines in Chembur and neighbouring areas are also increasing property prices, making the area more appealing for residential investment, the report added.

RECENT STORIES

How To Pick The Ideal Task Management App For Your Projects

How To Pick The Ideal Task Management App For Your Projects

India's 10th Spectrum Auction On June 25: Telecom Giants To Compete For ₹96,000 Crore Worth Of 5G...

India's 10th Spectrum Auction On June 25: Telecom Giants To Compete For ₹96,000 Crore Worth Of 5G...

Sun Pharma Completes $347.73 Million Merger, Acquires Full Ownership Of Taro Pharmaceuticals

Sun Pharma Completes $347.73 Million Merger, Acquires Full Ownership Of Taro Pharmaceuticals

The Role Of Travel Insurance In International Travel

The Role Of Travel Insurance In International Travel

Revolutionizing AI Security: Mr. Sai Kiran’s Vision With A.I.R.A Intelligence

Revolutionizing AI Security: Mr. Sai Kiran’s Vision With A.I.R.A Intelligence