Chembur property market: an overview
Chembur is located in the suburbs of Eastern Mumbai that is now a residential hub. It is approximately 15 km from Mumbai’s city center. Besides being an industrial hub for several years, Chembur has also hosted thousands of refugees during the partition after it was merged with Greater Bombay during the land reclamation project.
Chembur market: an overview
Today, Chembur is home to multiple residential colonies like Tata, BPCL, Indian Oil, and HPCL colonies. Chembur property market includes both high rise and independent housing, including 1BHK, 2BHK, and 3BHK.
While flats in Chembur have a similar aesthetic to Mumbai housing, the place has multiple open spaces. Bombay Presidency Golf Club is a notable landmark and green cover area in Chembur locality. Nearby localities of Chembur are Kurla, Deonar, Ghatkopar, and Chunabhatti.
The Chhatrapati Shivaji International Airport is also conveniently located within a 10 km distance.
What makes chembur a residential real estate haven?
Chembur is a well-developed real estate market in Mumbai with excellent road and rail connectivity and other amenities. It is also in proximity to busy workplaces like Bandra-Kurla Complex (BKC), Trombay, Andheri East, and Lower Parel.
Highlights
The following are highlights of the Chembur real estate market:
- Established social and residential infrastructure
- Key residential real estate hub in Mumbai suburbs
- Good connectivity to amenities like hospitals, schools, and open spaces
- Retail hubs nearby – Carnival IMAX Multiplex, Phoenix Market City, and Cubic Mall
- Connectivity through Santacruz-Chembur Link Road, Mumbai Monorail Line-I, Eastern Express Highway, Metro, SCLR and Eastern Freeway
With continuous real estate developments, Chembur added 16,120 units alone from 2013 to 2019. Despite being a micro-market, Chembur is thriving with continuously increased demand for 1BHK, 2BHK, and 3BHK properties.
Chembur is constantly witnessing a rise in the real estate demand due to growing IT/ITes and business hubs. For residential real estate, the micro-market of Chembur received high demand for 650-900 square feet for 2BHK and 1000-1500 square feet for 3BHK configurations. These properties are suggestively worth more than INR 1 crore.
Besides, the rental value of similar properties is also higher than many places in Mumbai. For instance, a 2BHK flat in Chembur near Basant Garden may cost up to INR 45,000 per month. a 1BHK flat in the same locality may cost up to INR 30,000.
New real estate developments in Chembur
After introducing the MahaRERA Act, strings were pulled on the misleading advertisements from developers that effectively helped overcome many roadblocks of property buyers. The recent emergence of famous real estate developers like Godrej properties, Poddar developers, and Spenta and Sabari group also pushes this micro-market towards better growth.
Some of the residential real estate projects coming up in Chembur are:
- Godrej Prime: 1BHK, 2BHK, 3BHK (possession expected – May 2022)
- Poddar Spraha Diamond: 1BHK, 2BHK, 3BHK (possession expected – June 2021)
- Alta Vista: 1BHK, 2BHK, 3BHK (possession expected – immediate)
- Purva Clermont: 2BHK, 3BHK, 4BHK (possession expected – Nov 2026)
- 71 Midtown: 1BHK, 2BHK, 3BHK (possession expected – May 2024)
Chembur micro market: a rising real estate hub
Chembur developments are progressing at an unprecedented speed, socially and culturally. Besides being a residential hub, it is also slowly transforming its commercial landscape.
The state-of-the-art residential complexes, easy access to essential amenities, and growing IT/ITeS hubs make Chembur a perfect micro-market that eyes only growth. It has undergone multiple metamorphoses for an infrastructural revamp.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
