Chembur market to witness a rise in prices: Cushman and Wakefield

The average sales trend in Chembur micro market recorded 837 units in 2019 and increased to 1200 units in 2023. The property rate (carpet area) was around INR 25,800 per ft2 in 2021 and is expected to increase to INR 38,500 in 2028. .

Chembur has transformed due to infrastructure development, increased connectivity and increased real estate demand. Its affordability compared to other areas, along with improved infrastructure, has made it attractive to both home buyers and investors.

Chembur’s strong real estate market, characterized by steady supply and rising prices, has not only strengthened its position, but spurred growth in its surrounding areas. The launch of approximately 5,600 units in 2020 and 2021 by renowned developers strengthened the market dynamics. Due to its strategic location, Chembur has become a focal point for growth in the eastern region, spurring the development of adjacent micro-markets like Kurla, Tilak Nagar, Nehru Nagar.

Connectivity:

Chembur’s strategic location ensures excellent connectivity to key business districts like BKC, Lower Parel, Nariman Point, Andheri, Powai and Vikhroli. Infrastructure initiatives like Eastern Express Highway, BKC Connector and Santacruz-Chembur Link Road have further enhanced this connectivity. In addition, Chembur is well connected to major industrial hubs, transport hubs and ports. Ongoing and completed projects like Mumbai Metro Lines and MTHL project have improved connectivity to Navi Mumbai and also within Mumbai.

Existing infrastructure:

Chembur enjoys excellent infrastructure, significantly improving its accessibility to other parts of Mumbai. The Eastern Expressway, Monorail, BKC Connector, Ghatkopar-Mankhurd Link Road and Santacruz Chembur Link Road have drastically reduced travel time in Mumbai. They provide quick access to South Mumbai, Central, Western and Eastern Suburbs and BKC, significantly reducing commuting time. Additionally, the proximity of Chhatrapati Shivaji Maharaj International Airport within a radius of 12 km increases the residential demand in nearby areas such as Chembur.

Impact of infrastructure development on real estate growth

The Santacruz Chembur Link Road (SCLR) has played a vital role in connecting the eastern corridor with the western suburban markets, spurring residential development in Chembur, Kurla, Ghatkopar and Sion. Completion of major projects like Monorail, Eastern Freeway and SCLR has significantly improved connectivity to central and south Mumbai, spurring consumer interest and spurring residential redevelopment. Initiatives like BKC Chunabhatti Corridor, metro lines, GMLR and MTHL have further reduced travel time to key nodes, accelerating redevelopment. The proposed metro lines in Chembur and surrounding areas are also increasing property prices, making the area more attractive for residential investment.

Ease of connectivity within the MMR through multiple metro routes and other modes of transport is expected to drive upward movement in prices. The upcoming metro lines 4, 2B and 8 will improve Chembur’s connectivity to other parts of Mumbai and Navi Mumbai.

Metro Line 8 will connect Mumbai International Airport to Navi Mumbai International Airport. This will allow commuters from Chembur easy access to both international airports. Metro Line 2B will connect DN Nagar to Mankhurd, allowing direct connectivity to BKC and the sprawling western suburbs of Mumbai. Metro Line 4 will connect Wadala to Kasarvadavali, improving connectivity to the eastern suburbs. This will help ease congestion on LBS, Eastern Express Highway and central railway.

Several innovative transport projects are underway in Mumbai:

1. Taxi Bridge: An 8.8 km service connecting Bandra Railway Station, BKC and Kurla Railway Station with 38 stops along the route.
2. Water taxi: Ferries have planned four routes including Gateway of India to Belapur jetty with future phases extending to JNPT, Elephanta Island and Mandwa.
3. Worli Sewri High Connector (SWEC): A 4.5 km controlled access urban expressway connecting Worli and Parel to Sewri, scheduled for completion by early 2025.
4. Mumbai Traveller: An automated conveyor belt-like system to transport commuters between Sant Gadge Maharaj Chowk monorail station and Mahalaxmi railway station, to be operational by February 2024.

Social infrastructure

Chembur boasts of top educational institutions such as JBCN International School, Ryan International School and St. Sebastian High School. Renowned health facilities like Zen Multi Specialty Hospital, Surana Sethia Hospital, Sushrut Hospital serve the community. In addition, the area has prominent retail destinations such as JIO World Drive, R City Mall and Cubic Mall, providing residents with various shopping options.

Club landscape:

Chembur is proudly home to Mumbai’s largest golf course, the Bombay Presidency Golf Club. Located in the heart of Chembur, it is one of the most prestigious and expansive 18-hole golf clubs in the city, spread across 90 acres of lush greenery.

Demography

Chembur’s vibrant commercial community and thriving population fostered a self-sustaining ecosystem. With a majority of the working population (51%) between the ages of 25 and 59 being the main demographic for homebuyers, the area is experiencing substantial demand for residential property. Additionally, the significant presence of students and university-goers (35% of the population) and a high proportion of households (40%) with incomes above 10 lakh indicate a potential demand for mid- and high-end residential developments. Moreover, a notable 3% of households boast incomes above ₹1 crore, reflecting a trend consistent with Mumbai’s overall demographic distribution.

If you have any objection to the content of this press release, please contact (email protected) to notify us. We will respond and fix the situation within the next 24 hours.