Chembur Sees Slew of Luxury Projects in 2014

Chembur is one of the prominent suburbs in eastern Mumbai. While Chembur was an important suburb in the eastern part of suburban Mumbai, it lacked the luxury quotient of the western suburbs such as Bandra and Worli or the necessary infrastructure that would make it a realty hotspot. But the recent infrastructure upgrades have started changing the face of this suburb as a realty destination. In fact, the city witnessed the launch of a number of luxury projects up to the third quarter this year.

Infrastructure upgrades

Chembur has witnessed a slew of infrastructure upgrades over the past few years. The first important upgrade was the Eastern Express Highway (EEH), which is part of NH-3. The highway connects the eastern suburbs to Thane and few other cities in other parts of India. Other recent improvements in infrastructure in the suburb are in terms of connectivity to the western suburbs. While there were plenty of buses and the suburban Mumbai railway that connected the eastern suburbs to the west, with increasing population, it became increasingly difficult for people to travel between these two regions.

However, with the monorail becoming operational this year, the connectivity between the western and eastern suburbs has greatly improved. The monorail has also significantly cut down the commute time between these two regions, which has started attracting more residents in the area. Another important project is the Santacruz –Chembur Link Road that will also enhance the connectivity between the eastern and western suburbs. All these will provide a fillip to Chembur as a real estate destination.

Realty trends in Chembur

The improvement in the suburb’s infrastructure has already shown its impact on the property values in the suburb. There has been a growth in demand for residential projects. Consequently, property prices in the suburb have also gone up in the recent past. The average property value in the suburb was about Rs 10,300 per sq. ft. during the third quarter of 2010. It has continuously gone up to about Rs 17,100 per sq. ft. during the third quarter of 2014. This is equivalent to the current property values in some of the western suburbs.

With the improvement in the realty prospects, Chembur has increasingly started witnessing a slew of luxury projects. According to data from CommonFloor, the year 2014 has witnessed a number of projects being launched in the luxury segment. These projects include Godrej Central, Acron Edifice, Mahalaxmi Heritage and Wadhwa Anantya. All the projects were priced in the range of Rs 84 lakh-7.3 crore. The project configurations include 1-4BHK apartments. In fact, July witnessed the launch of Acron Edifice, which commands the highest prices in Chembur till now in this year. It has 1, 3 and 4BHK apartments.

With Chembur slowly transforming into an upscale realty market, you don’t need to limit your choices anymore to the western suburbs and South Mumbai for luxury projects.