What is Encouraging Buyers to Purchase Flats in Chembur
Looking for flats in Chembur? With skyrocketing rates of property in Mumbai, be prepared to shell a huge amount for buying property in this suburban area.
Chembur is one of the top property investment destinations in Mumbai. Situated along the harbour line, this area has witnessed tremendous growth in terms of residential spaces and infrastructure. Various sky-high buildings are coming up in this region, changing the skyline of this suburb.
This area has gained tremendous popularity among property buyers. It acts as a link between Navi Mumbai and Mumbai. Due to the eastern freeway, connectivity of this suburb has increased with other areas in the city. The freeway has reduced travel time for people.
As per the Investment Advisory Report of 2012 by Knight Frank this suburb has been listed as the third residential destination in Mumbai for property investment. The first two spots have been bagged by Ulwe and Wadala. According to the report, this area will see tremendous growth in next five years. By 2017, it will see price appreciation of 125%.
Real estate experts are of view that this location is one of the best places to invest in the Mumbai Metropolitan Region (MMR). It has seen a lot of transformation since the real estate market started picking pace. From an industrial area to a residential zone, this suburb in Mumbai has seen many changes across the years.
Growth in IT and ITES companies also helped in changing the face of this location. Many companies have set up their offices in Chembur, pushing the demand for commercial as well as residential real estate. According to property experts, establishment of IT and ITES companies has managed to revolutionize area, making it a cosmopolitan residential hub.
If you are planning to buy property in Mumbai, and there are no budget limitations, this part of the city can offer you various attractive realty options. It is being predicted that in the next three to four years, capital value of homes in this region will shoot up. Thanks to the infrastructure development (especially the eastern freeway and monorail), strategic location and proximity with other parts of the city, Chembur has managed to attract a lot of investment in real estate.
Not just good infrastructure but greenery is also an important factor due to which this part of Mumbai has become a favourite among potential buyers. It is one of the greenest suburbs of the city, boasting of open spaces and a good mix of high rise buildings and bungalows. Apart from the greenery, this area also offers a good mix of colleges, schools and hospitals. It also has public gardens, clubs and gymkhana.
Since property rates are skyrocketing, you can get 2BHK flats in Chembur between 95 Lacs to 2.5 Crore INR (as per property rates in 2013). Rates were not high few years back (in 2011, properties in this area were available at 8000 and 10,000 INR per square feet). However, infrastructural developments helped increase the rates. Today, per square feet property rate in Chembur ranges between 14000 to 27000 INR. Rates vary according to the quality of construction, location and amenities offered by the developer.
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ABOUT THE AUTHOR
Shruti works in a real estate agency based in Chembur. She is also an avid blogger and her write-ups are quite useful for buyers of flats in Chembur or property in Mumbai.