Property price in Wadala and Chembur

Q: What is the property price going on in Wadala and Chembur?

Rakshit, Mumbai

30th September 2013

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Chembur is one of the best places in the Mumbai Metropolitan Region (MMR) from investment point of view. According to Knight Frank report, the capital value of residences will double up in the next four years. Chembur has very good infrastructure – the monorail and the eastern freeway. It is also strategically located and well connected to BKC and central Mumbai.

Padma G, Mumbai

1st October 2013

Comment

Wadala already is an expensive area due to the amenities such as educational institutions, malls, entertainment and religious institutions. Some renowned institutions here are the Veermata Jijabai Technological Institute (VJTI), a branch of Sahara India Pariwar, University Institute of Chemical Technology, and Dr. Ambedkar Commerce and Law College.

Wadala also is home to Aditya Jyot Eye Hospital, one of India’s most renowned eye hospitals. The locality also has the world’s largest IMAX dome theater and its proximity to major highways as well as localities such as Dadar and Parel.

The capital value in Wadala is currently between Rs. 18,200-21,450 per sq-ft for an independent house and between Rs. 19,800-20,500 per sq-ft for multistorey apartments.

Shrikant Kejriwal, Mumbai

1st October 2013

Which place is good for investment purpose Chembur or Wadala?

Rakshit, Mumbai

1st October 2013

Comment

Chembur locality has improved drastically, in terms of infrastructure and residential spaces. Small houses and bungalows are giving way to high rises and lifestyle residential complexes. Chembur is the link between Mumbai and Navi Mumbai and with the eastern freeway, connectivity in this locality has greatly advanced in the area, reducing the travel time to various parts of Mumbai.

Padma G, Mumbai

1st October 2013

According to Knight Frank’s Investment Advisory Report 2012, After Ulwe and Wadala, Chembur is listed as the best residential destination in Mumbai, to invest in. The investment point of view is over the next five years – 2013-2017. According to the report, property price is expected to appreciate by 125 percent in Chembur.

Shrikant Kejriwal, Mumbai

1st October 2013

After Colaba, Nariman Point and Bandra-Kurla Complex (BKC), Wadala may emerge as the next central business district (CBD) in Mumbai. With the first two CBDs nearing saturation, the MMRDA decided to acquire 1.84 crore sq-mt of land and convert them into major business centres along with rental housing projects and other facilities. BKC was the first of them and Wadala is expected to be the next.

Vineet Tendulkar, Mumbai

1st October 2013

What is the main reason for price appreciation in these areas in Mumbai?

Rakshit, Mumbai

30th September 2013

Comment

There are various reasons quoted for an enormous increase in property prices in these areas. The western suburbs are already expensive in Mumbai with the current infrastructure and amenities. Better connectivity with the western and the southern suburbs due to the monorail is one of the reasons for price increase in the eastern suburbs. Another reason which has further catapulted the prices in eastern suburbs such as Chembur and Wadala is the Eastern freeway and the proximity to the Eastern Express Highway.

Vineet Tendulkar, Mumbai

30th September 2013

However, experts also opine that along with these reasons, another major reason for exorbitant surges in property prices in these areas surrounding the monorail is the hype and anticipation. They say that some people with vested interests who can make profits in these areas over-hype the prices. Properties lying along the monorail line are not the only areas seeing price hikes. Catchment areas such as Ghatkopar, Kurla and Sewri are also seeing increased property prices.

Lalit Verma, Mumbai

30th September 2013

Even before the Mumbai monorail becomes operational, property prices in Chembur and Wadala have at least doubled in the last 4-5 years. The first line of Mumbai monorail between Chembur and Wadala has a huge impact on property prices in these areas.

Shrikant Kejriwal, Mumbai

30th September 2013

Comment

The following price trend gives an idea about how property prices have increased in areas such as Chembur, Wadala, Ghatkopar and Sewri since the monorail project was announced. Capital value in Wadala was at an average of Rs. 9,700 per sq.ft and Rs. 8,200 per sq.ft in Chembur before January 2009 when the construction began. Within a year after the construction of the first line commenced, the average price per sq.ft in Wadala rose to Rs. 16,100, an increase of 66% and Rs. 10,200 in Chembur, an increase of 24%. Surrounding areas such as Sewri and Ghatkopar also saw a reasonable increase in property prices. Capital value in Ghatkopar rose from approximately Rs. 6,500 per sq.ft to Rs. 13,100 per sq.ft (an increase of 101%) and from Rs. 16,600 per sq.ft to Rs. 21,000 per sq.ft (an increase of 26.5%) in Sewri.

Vineet Tendulkar, Mumbai

30th September 2013

The capital value during the second quarter of 2013 in Chembur is approximately Rs. 15,500 per sq.ft and Rs. 20,150 per sq.ft in Wadala. This is an increase of 89% and 107% in these two areas respectively in the last 4 years. Similarly, capital value during the second quarter in Ghatkopar was approximately Rs. 15,500 per sq.ft and Rs. 31,100 per sq.ft in Sewri. This is an increase of 138% and 87% respectively in the last 3 years.

Vineet Tendulkar, Mumbai

30th September 2013