Chembur: The Rising Real Estate Market of Mumbai
Fuelled by the soaring demand for homes, the real estate market in Mumbai has been experiencing a considerable growth in the last few years. Even areas outside the suburbs, which were earlier overlooked by builders, have become highly viable, thereby helping create opportunities for more and more micro-markets.
Chembur, located strategically, and connected to South Mumbai via the freeway, the Western Suburbs via the SCLR, Navi Mumbai via the Sion-Panvel Highway, and Central Mumbai via the Eastern Express Highway, is one such area which has rapidly risen in popularity, lately. As such, it is positioned perfectly to not only meet the ever increasing demand for homes, but also to address the lack of space and infrastructure, a major concern in several other areas of the city. Its close proximity to business districts and airports, along with its connectivity to the rest of Mumbai, makes commuting easy for professionals, resulting in a huge increase in the number of homeowners looking to buy properties here. Furthermore, upcoming projects like the Navi Mumbai International Airport, the Monorail Phase-II Wadala to Jacob Circle, and the elevated road from BKC to Sion, are expected to majorly increase the demand for residential properties in the area.
One of the primary reasons for its rising popularity and market success has been its location, as Chembur is situated directly on the Eastern Express Highway. In addition to that, the massive infrastructural development taking place in the area has helped transform Chembur into a major cosmopolitan area. Several existing buildings are undergoing redevelopment, while the number of high-rise towers in the area has multiplied manifold as well. Also home to several malls, restaurants, hospitals, schools, and a golf course, Chembur boasts of a robust social infrastructure, without compromising on green spaces, rife with lush green gardens, and streets adorned with trees.
As a result, the demand for homes in the region has been rising consistently, making it a favourite of builders, and providing exceptional returns for investors. Projects in the region are clocking record figures in sales, and many developers are even conducting re-launches to appeal to customers.
The area is expected to grow even further, infrastructurally, as well as culturally, as people from several cross sections of society are now looking to buy homes here. These factors will further contribute to its rising popularity, and make Chembur a major real estate centre in the years to come.