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Chembur: From an industrial suburb to a prime property market

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Chembur: From an industrial suburb to a prime property market

Infrastructure development and connectivity to other parts of Mumbai, have transformed this industrial suburb into a prime property market. Despite high prices, it may still be a worthwhile investment destination

The suburb of Chembur, in Mumbai, has witnessed a sea change over several years. There are many under-construction and ready projects in the area, from reputed builders. Many sick industrial units have also given way to luxurious residential homes, making it a preferred choice for end-users as well investors.

Kala Suresh, a career consultant and resident of Chembur for the past 20 years, recalls the lush greenery of the area, which was known for the famous RK Studio. In the last ten years, the area has developed into a hub for commercial activity, as well, she says.

“The number of high-rises, has tripled in the last decade. Old chawls near the station are being redeveloped and bungalows are gradually disappearing from the area,” Suresh explains.

What makes Chembur a good choice?

This residential area is now witnessing an increase in population, owing to the development of transport infrastructure such as the Santacruz-Chembur Link Road (SCLR), the Eastern Freeway, the monorail from Chembur to Wadala and the proposed elevated road from Bandra-Kurla Complex (BKC) to Sion.

Sundeep Jagasia, managing director of Shree Krishna Developers, feels that “Major infrastructure projects and the Sion-Panvel highway, which connects the area to Navi Mumbai and the new proposed airport, have been the major drivers for making it a sought after location for flat buyers,” Jagasia elaborates.

A proposed 1.6-km flyover, from BKC to Chunabhatti, could reduce the time taken to commute between Chembur and BKC by almost 20 minutes. With all these projects, one can reach south Mumbai, BKC, the western suburbs or Vashi within 20-30 minutes.

Diipesh Bhagtani, executive director of Jaycee Homes, points out that location plays an important role in influencing a home buying decision. “Owing to budget restrictions, many buyers have moved out of the island city, to the eastern and western suburbs. Working professionals prefer to buy homes, in places that enjoy proximity to business districts and airports,” he says.

Many information technology companies have also set up their offices in Chembur, pushing the demand for residential and commercial projects. Property consultant Sanjiv Masand, is of the view that this location is one of the best places in the Mumbai Metropolitan Region (MMR) to invest in. From an industrial area to a residential zone, this suburb has seen a lot of transformation since the real estate market started picking up pace, he adds.

 

Social infrastructure

The social infrastructure is well-developed, with malls, restaurants, a golf course, hospitals, schools, etc. The Bombay Presidency Golf Club, Chembur Gymkhana, Acres Club and K-Star mall are located in the area. “Chembur, today, is one of the fastest growing residential micro-markets in Mumbai. The area is bestowed with good infrastructure and excellent connectivity,” points out Ashish Shah, COO of Radius Developers.

The drawbacks

Due to Chembur’s proximity to the dumping ground at Deonar and the presence of many industrial units, the area has earned the tag of a ‘gas chamber’.

HK Clubwalla, a civic activist and resident of the area for 50 years, cautions that “The area falls under the category of a disaster-prone region. Despite this, the civic authorities continue to increase the FSI for the area and permit more construction.”

Old areas, where redevelopment is taking place, are likely to face parking issues as the roads are narrow. Drainage and water issues could also worsen, as the space that was formerly occupied by one bungalow with ten occupants, is being replaced by high-rises having more than 100 people.

Pricing and ROI

Chembur resident Sanjay Jain, booked his flat at a rate of Rs 8,000 per sq ft. “In three years, it has shot up to Rs 18,000 per sq ft and all flats in the complex, near the golf course, have been booked,” he says.

Prices for under-construction properties in the area, range from Rs 12,000 to 30,000 per sq ft.

Nevertheless, experts maintain that properties in Chembur offer one of the best returns on investment because of its central location and the relative ease with which one can travel to any part of Mumbai.

Source: Housing.com

 

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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