Diving into the Evolution of Real Estate in Chembur

The real estate in Chembur has been staggeringly evolving in both cultural and social terms. As per the instances in the past, people are aggressively buying flats in Chembur, and this locality has also been the powerhouse for several commercial industries. 

Over the years, the harbour suburb has become one of Mumbai's most thriving investment destinations. The classic residential apartments, top-notch amenities and seamless connectivity are a few of the many exceptional elements boosting Chembur's real estate trends. 

So, if you plan to invest in a property in the upmarket locality, let’s dive deeper into the ocean of its evolution. 

The Rapid Growth in the Property Prices of Chembur

MahaRERA (Maharashtra Real Estate Regulation & Development Act) has taken critical steps toward looking into misleading ads and delayed projects. Hence, this allowed the honest and reputed developers to take over the mantle of evolving Chembur and its real estate potential. 

The unorganised players were eradicated quickly, and that was the emergence period for renowned builders. Hence, they have helped offer astounding residential and commercial properties in the locality and have pushed the average property rates within the past decade. 

As the infrastructural developments are picking up pace, the reputed and honest builders are interested in investing in the real estate of Chembur. It is to meet the rising demands of home buyers! Godrej, Poddar Developers, Spenta and Sabari Group and others are some known names with luxury properties in Chembur. 

The average price per sq. ft. for flats in Chembur is around Rs. 22,500, 10% more than the average recorded last year. The rental yield is recorded at around 6-7%, which is appreciating year over year. 

Hence, such a rapid scale growth in the price appreciation of properties in Chembur gives a scope of high ROI to home buyers and property investors. Such evolution was possible only when MahaRERA paved the path for honest developers to scale the real estate of Chembur. 

The Constantly Improving Connectivity

For home buyers, Chembur is one of the preferable destinations in Mumbai. Apart from the best-in-class residential apartments, the connectivity to the other parts of the city motivates them even further. 

The monorail Line-1 of Mumbai makes Chembur accessible to significant parts of Mumbai for around 1500 commuters daily. Following that, the Santacruz-Chembur Link Road is another inclusion to the seamless connectivity of this locality. This road helps the daily commuters connect with Bandra Kurla Complex, the popular business hub of Mumbai. 

If you live in Chembur East, you can also take the Chunabhatti-BKC flyover to reach Bandra Kurla Complex. RC Road and Central Avenue road also boost the locale connectivity. 

With the consistent development of road and rail, many other major employment hubs are now within proximity for residents of Chembur. They are:

• Andhra East, one of Mumbai's busiest localities, is just 11.7 km from Chembur. 
• Lower Parel, a popular business district, is just 9 km from Chembur via the Sewri-Chembur Road. 
• Navi Mumbai, which will soon become one of the popular IT and business hubs, is around 21 km from Chembur. 
• Devji Keshavji, Shah and Shivam Industrial Estate are some of the popular industrial hubs near Chembur East. 

Chhatrapati Shivaji Maharaj International Airport is located just 10 km away from Chembur. Hence, people here won't have to travel for hours to reach the airport. The Eastern Freeway and the Bengaluru-Mumbai highway are close to Chembur East, allowing the residents to commute to/from other parts of the city easily. 

Apart from the available connectivity seamlessness, there are a few ongoing developments to escalate further the real estate potential of the locality, which include:

• Phase 2 of the Santacruz-Chembur Link Road extension has been partially opened since February. The entire stretch will likely be open by June 2023. It could reduce the travel time for residents of Chembur by 20 minutes while commuting between the eastern and western highways. 
• The Shivaji Chowk Metro Station, built over Metro Line 2B and will connect ESIC Nagar to Mandale, will mostly be ready by 2024. It is located within walking distance of Chembur East. Hence, connectivity will be improved even further. 

The Rise of Social Amenities to Fill the Real Estate Gaps for Home Buyers

Chembur might have been an industrial centre in the past but has now taken a leap towards welcoming home buyers to live a peaceful and luxurious life here in the locality. Apart from the posh residential apartments and complexes, the authorities have also directed their attention towards evolving the social amenities, considering the needs of people. 

As more and more people started to live here in Chembur, these amenities became more than essential to give them an all-around locality. Many schools, hospitals, malls, recreational centres and other facilities are crucial for any residential locality. 

Some of the significant social infrastructure landmarks of Mumbai are:

• Bombay Presidency Golf Club
• Gandhi Maidan
• Sion Fort
• Ambedkar Garden
• Siddhivinayak Temple
• Fitness Centres
• Swimming Pools
• Ambedkar Udyan
• Gymkhanas
• Libraries
• JBCN International School
• St. Sebastian’s High School
• St. Joseph’s Convent Chamber
• St. Gregorios High School
• NY Children’s Hospital
• Inlaks General Hospital
• Zen Multi Specialty Hospital
• BARC
• ClinTech India
• Cubic Mall
• K Star Mall

Conclusion

Hence, this insight into Chembur's real estate dominance in Mumbai explains the overall evolution this locality has been through. All potential home buyers seek quality residential options to make their investments and move to this astounding locality. 

But they mostly face difficulties while narrowing down their search for the best flats in Chembur. In the cosmos of hundreds and thousands of property options in the locality, Blox will be helping you narrow down the search through evident filters. 

Blox is a popular prop-tech platform that helps you set budget, location, developer and property type parameters. This way, you can find the best properties that fit your needs. Once you find the right pick from the filtered options, you can use the online real estate buying platform to book your site visit. 

Hence, your home-buying journey will be streamlined with Blox as your assisting partner!