If you have a decent budget and are looking for a 2/3/4 BHK flat in suburban Mumbai, then Chembur offers some great options. The only concern is that the prices have increased exponentially in the last two years. After a little pause, property prices have started climbing the ladder upwards. With a 2 BHK flat in Chembur running in Crores, present day buyer will have a tough time; but if you have invested in the area in the time period of 2006 to 2011 now can be the time to reap the benefits.
Chembur has seen quite a lot of transformation since realty started to galvanize in the area. From a primarily industrial area to now a fully residential zone; this eastern suburban of Mumbai has come a long way. The area derives its name from the word ‘Chimboree’ which means ‘a Large Crab’ in Marathi, and it began primarily as an industrial township lying in the suburbs of Mumbai with majorly plotted houses, both big and small.
As is the case with the major suburbs, Chembur too got a face lift because of the IT and ITES companies setting up base here. The IT industry completely revolutionized the area and converted it into a cosmopolitan residential hub with high rises.
Dominated by Maharashtrians, Sindhis and South Indians; the skyline of Chembur remains a link between Mumbai and Navi Mumbai. The area is well connected with the rest of the Mumbai as well by various modes of transport and well developed roads. Also, infrastructural developments have made the property prices soar in the area and buying a decent 2 BHK flat in Chembur can cost anything between Rs 95 Lacs to Rs 2.5 Crores as per the current real estate prices (Dec 2012-Mar 2013) .
The scenario was different two years back when the property prices were around Rs 8000/Sq Ft to Rs 10,000/Sq Ft.; but now the scene is very different. The property rates are in the range of Rs 12000/Sq Ft to Rs 27000/Sq Ft (Dec 2012- Mar 2013) depending upon the location and quality of construction. The infrastructural development of Chembur has attracted several developers and buyers making it an expensive property hot spot.
Another factor adding to the realty climb is the connectivity of the area to Navi Mumbai, Sion, Kurla and the western suburbs through Santacruz Chembur Link Road. Also, its connectivity proposition with the South Mumbai through Monorail Western Suburbs and the Eastern Freeway project in Chembur has contributed to the escalation of property prices.
Greenery and serenity
Covered by sufficient greenery, Chembur offers a peaceful residential zone and patches for development. The area now has best clubs, schools, colleges and good and reputed restaurants and shopping areas. The area is plush with parks and has recreational areas for everyone. The famous Maitri Park is centrally located, with the Golf Course on one side and V.N. Purav Marg on the other end. Realtors see Chembur as the jewel of the Eastern suburbs of Mumbai and owning a flat in Chembur is a proud possession for present and a good investment for the future.
Experts attribute that Chembur flourished majorly because of the advent of the IT Park, which is, described as the Mumbai’s biggest IT and IT-enabled services (ITES) centric Special Economic Zone (SEZ). This remains the major reason for boosting the property value of residential and commercial property in Chembur. The per square feet rate for the commercial market in Chembur ranges from Rs 20,000 to Rs 29,000, (Dec 2012- Mar 2013), which is almost double than what they were in 2011. Experts predict a further growth in the property rates in the next two to three years as Chembur promises good returns; whether we talk about residential or commercial property.