Destination Chembur: In the throes of an urban makeover
- 12th Aug 2015
A key central suburb of Mumbai, Chembur has emerged as one of the most promising micro markets for real estate not just in Mumbai but also in the country today. Rated as one of the fastest growing suburbs of central Mumbai, courtesy the rapid infrastructural development projects in its vicinity, Chembur is currently witnessing large-scale residential development over the last few years.
Some of the key attributes responsible for its rise as a preferred realty destination in recent years include its strategic location connecting central Mumbai to Navi Mumbai, its close proximity to both the EEH and WEH allowing for an easy commute to CBDs like the Bandra Kurla Complex and the completion of key infrastructure projects like the Chembur-Wadala Monorail and the Santacruz-Chembur Link Road (SCLR), which have enhanced connectivity to other parts of the city.
Acknowledging the rising fortunes of Chembur as a realty destination, Farshid Cooper, director of Spenta Corporation, the reputed Mumbai-based developer says, "Chembur still retains the old world charm of Mumbai. Community presence is extremely strong here with a lot of families preferring to stay in this area. Residents find the area very convenient, in terms of leisure, recreation, connectivity and social infrastructure.
"In terms of open space, Chembur is among the greenest suburbs dotted with several small gardens and of course, the golf course and there are options available for clubs and recreation, like the Chembur Gymkhana and Acres Club," adds Cooper. "Moreover there are several places of worship here catering to all religions. Chembur can be considered a truly cosmopolitan suburb of Mumbai."
Not surprisingly, Chembur today is a much sought-after destination on Mumbai's urbanscape with a slew of exclusive projects by several leading developers including: Godrej Properties, Omkar Group, Ekta Group, Hiranandani, Tridhaatu Developers and the Wadhwa Group among several others.
Despite the ongoing slowdown in the realty market, this fast developing central suburb is today dotted with an array of projects that are finding no dearth of buyers. Key ongoing residential projects here include Alta Vista, a project by the Spenta Corporation, which consists of nine, 23-storeyed residential towers housing in excess of a 1,000 apartments.
Spread across 7.6 acres of land, the project offers choice across 1, 2 and 3BHK apartments designed by the noted architect Hafeez Contractor and fully loaded with Italian marble, air-conditioners, modular kitchens, finished and fully functional toilets and white goods including a refrigerator, washing machine and a microwave oven.
Godrej Properties, the real estate development arm of the Godrej Group, has also announced the pre-launch of its residential redevelopment project at Chembur's Shell Colony. Christened Godrej Prime, this project is spread across 3.5 acres and will offer a saleable area of approx 750,000 sq.ft.
The project which is located a few meters away from Tilak Nagar Station and the arterial Eastern Express Highway, will offer 600 units in the configuration of 2, 2.5 and 3BHK residences ranging from 663-1076 sq ft (carpet area) spread across 9 towers. Scheduled for completion in four years, key amenities being offered at Godrej Prime include a modern clubhouse, gymnasium and facilities for indoor games among many other attributes.
Ekta World, another city-based developer has not one but three ongoing residential projects located at Chembur - Ekta Oculus, Legranz and Panorama. Oculus, a 19-storeyed luxury tower project will feature only 15, spacious 4BHK elite residences wrapped around a contemporary exterior, embodied by glass, private balconies and classically inspired interiors of wood and imported tiles.
Legranz has been conceptualised as a fine ensemble of 4 BHK abodes that come with an array of ultra-refined comforts embedded amidst swathes of luxurious space. Panorama, a joint venture between the company and the Shubham Group will offer its residents luxury, style, panache and uber comfort by way of luxurious apartments in 3 and 4BHK formats.
Buoyed by the success of its two earlier projects here namely Tridhaatu Prarambh and Srinivas, the Tridhaatu Group has announced the launch of two new projects at Chembur - Hersh Aangan and Tridhaatu Aayu.
The former, a 21-storey tower project will feature 2 and 2.5BHK homes backed by amenities including a grand entrance lobby, high-speed elevators, modern gymnasium, ample parking space, emergency exits and several eco friendly measures like rain water harvesting and solar lighting in common areas, while the later is slated to host spacious homes in a 2 and 3BHK format with the latest amenities on offer.
Much of Chembur's rise as a realty destination can be attributed to the success of recent mega infrastructure development projects like the Chembur-Wadala Monorail, the 6.45 km, six-lane Santacruz-Chembur Link Road (SCLR), Eastern Freeway and the Versova-Ghatkopar metro project. Enhanced connectivity options have been known to have a positive impact on the real estate values of a location and Chembur is no exception.
Already there has been an approx 25 percent jump in Chembur's property rates, adjoining areas like Kurla, Sion, Vidyavihar and Wadala are seeing a renewed surge of realty projects, while the demand for properties in BKC and along the Chembur-Sion-Trombay Link Road is on the upswing.
According to industry experts, the mid-term impact of these mega projects is likely to be a game-changer from a real estate perspective with the supply, absorption and rental/capital values likely to increase significantly.
Once known for its popular landmarks like the Tata Institute of Social Science, the famous Golf Club, RK Studios, Sadhu Garden, Dr. Ambedkar Garden and Diamond Garden, Chembur today is in the throes of an urban transformation. Its once-famous tree-lined bungalows are now slowly making way for a clutch of high-rises, commercial complexes and multi-storied towers, while its broad roads are now lined with a number of shopping malls, coffee chains, restaurants and shopping destinations.
While some may mourn the demise of this once-tranquil suburb, there are many who rejoice at its rebirth as an investment hotspot with property rates already hovering in the range of approx INR 16,000-18,000 psf, offering an annualized appreciation of between 15-18 percent.
"In my view, Chembur still has a long way to go and conservatively speaking, an appreciation of 20-25% in the next 2 years in on the cards," feels Cooper from Spenta Corp. "I think going by the current capital values, Chembur is still grossly under-priced."
And Cooper may well be right in his assessment, with a recent investment advisory report by Knight Frank, rating Ulwe, Chembur and Wadala in the MMR as the Top Three investment destinations in India, with the potential for a price appreciation of approx 145%, 133% and 125% respectively in the next five years.
(All prices and specifications mentioned above are purely indicative.)
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