May 27 2017 : The Times of India
Chembur, over the years, has retained its ability to charm home-buyers by providing excellent connectivity, buyer friendly amenities and attractive price points, making it a sought-after residential destination
Chembur has witnessed a lot of changes over the last few years. From under-construction properties to ready-to-move-in homes; and commercial units to recreational parks; this suburb has seen a rise in the interest from home-buyers, leading to massive development.
CHEMBUR THEN AND NOW:
Chembur is a highly polarised market where one can buy a house with varied price ranges. “All the properties near the Bombay Presidency Golf Club would range from Rs 32,000 to Rs 45,000 per sq ft, whereas Mankhurd, Govandi, Tilaknagar areas, which are low lying, will range from around Rs 10,000-Rs 16,000 per sq ft. Hence, in Chembur, one can acquire a house (300-350 sq ft) for Rs 45-50 lakh. And if you are looking at buying a house near Diamond Garden, it will range from Rs 1.5 to 1.6 crore,“ says Amit Wadhwani, director, Sai Estate Consultants.
If you look at the time period from 2007-2017, one can easily trace the growth story of Chembur. That period was a time when developers were looking to sell their inventory on the super built-up area in the price range of Rs 6,000-9,000 per sq ft. Come 2010-2014, after the infrastructure boom, the prices started shooting up.The development of the metro, the Santacruz-Chembur Link Road and other infrastructural developments increased the connectivity and helped Chembur’s prices to shoot up from a saleable price of Rs 9,000 per sq ft to Rs 18000-Rs 19000 per sq ft.
This was the time when the carpet area concept was introduced. Post June 2014, there was a pull back and the prices started coming down but today, Chembur stands with a corrected price of around 30-35 per cent.In a decent location at Chembur, the price would be around Rs 20,000 Rs 25,000 per sq ft. Due to the industrial set up here, it has had the culture of large colonies such as RCF, BPCL, HPCL, Tata Colony, Indian Oil Nagar, to name a few.
Experts believe that there is no other location in Mumbai, which is so strategically placed as Chembur, connecting it to Taloja, Pune, APMC, the international airport and the domestic airport, the western suburbs and BKC too.
After shifting from Jaipur to Mumbai, Mukesh Doshi, an employee with a leading financial institution chose Chembur as his place of residence. “We first lived at Chembur on rent and seeing the convenience it offered in terms of connectivity to south Mumbai and the presence of reputed schools for my children, it made us invest in a redevelopment project here itself. My wife has also secured a job here thereby, adding to the convenience factor.
Properties at Chembur offer one of the best returns on investment because of Chembur’s central location and connectivity. And the best part about Chembur is due to the BARC, it always enjoys a low FSI rate as compared to the other parts of Mumbai,“ says Sukhraj Nahar, chairman and managing director of Nahar Group.
After working at BARC and staying at Anushakti Nagar for most part of my life, Chembur was the best option for me due to the familiarity bias and its proximity to the colony where I go regularly for work related to bank and hospital appointments,“ says C Subramaniam, a retired BARC employee and resident of Chembur.
Over the years, Chembur has become a prime area for residential real estate from being an industrial suburb. And due to infrastructural projects, like the Santacruz Chembur Link Road, the Eastern Freeway and the Chembur to Wadala monorail, home-buyers and developers have been attracted towards the area,“ says Farshid Cooper, managing director, Spenta Corporation.
The infrastructural growth has significantly contributed to the development of Chembur. Being centrally located, the area will see faster price appreciation than any other eastern and harbour suburb. A number of redevelopment schemes are also promoting the housing sector’s expansion in this area.
Social amenities are well-developed as the place offers good schools, colleges and shopping areas. So, with all the facilities and amenities required to lead a healthy and luxurious life, Chembur still remains a highly sought-after place in Mumbai and if you too are looking out to buy a home, you should consider Chembur.
Publication / Source: Times of India