Chembur & Malad: Ample Choice For Those Looking To Settle In The Suburbs
Sunil Raut, a 45-year-old financial advisor bought a house in Chembur keeping in view the number of infrastructural development taking place in the area. Also, with the new Eastern Freeway his travelling time to his workplace in Fort has reduced to 45 mins from an earlier of two hours. Raut said, “It is now easy for me to commute to my workplace. Also, in the past few years gradually the infrastructure of the area is also being developed by the government which would make the area more livable and attractive for homebuyers.”
The city of Mumbai is growing at an exponential pace due to the constant influx of working population. Currently, eastern suburbs is boasting projects that fit the needs of end users and provide them with well-developed social and civic infrastructure. These locations offer better infrastructure, good connectivity, and accessibility to healthcare facilities, educational institutes and entertainment facilities which makes these locations apt for residential housing.
Good connectivity and infrastructure development
In Eastern suburbs of Mumbai, real estate is still affordable and therefore, witnesses considerable demand. Many areas in the eastern suburbs have flourished with the development of infra projects like the Chembur-Wadala monorail, the Santacruz-Chembur link road, the Eastern Freeway and the Mumbai Metro. Amit Wadhwani, managing director, Sai Estate Consultant says, “Chembur is strategically placed, connecting it to Taloja, Pune, and APMC, international and domestic airport, the western suburbs and Bandra Kurla Complex. Most of the locations are a few hours drive during the peak hours. The area has a history of 60 years of inhabitation. Other places like lower Parel have shot up in the last 20 years and hence, the consumers do not have a connect with the locations. It is a home to various communities with a cosmopolitan outlook.”
Apart from this the Mumbai Presidency Golf Course attracts about 3,000 golfers every month. It is a de-congested location, with easy flow of traffic on the roads even during peak hours. Experts feel that Chembur is going to be the new Dadar and it will stay like this for the next few years. Rohit Poddar, managing director, Poddar Housing and Development says, “Chembur, during 2010-2017, has seen high rate of development with new infrastructure and correction in the market price. With the announcement of allocation of Rs 4 lakh crore for infrastructure development, the area is expected to develop further.”
In case of Mulund the quality of buildings, amenities and the infrastructure are what a homebuyer aspires for. The area has many malls, kids' play areas and lifestyle amenities which have attracted homebuyers from different segments. According to Dharmesh Jain, chairman and managing director, Nirmal Lifestyle, “In addition to offering amenities and facilities on par with city standards, these areas have the edge of a considerable cost-advantage. Important infrastructure projects have further driven the attractiveness of the real estate in these suburbs. The Metro-4 project intended to connect Wadala-Kanjurmarg-Thane-Kasarvadavli will further boost accessibility of the area. But, the connection of Central Mumbai to Navi Mumbai, is Chembur's biggest selling proposition. Whereas Mulund has seen significant and simultaneous rise of both residential and commercial sectors. Both areas offer several social features coupled with an organised civic set-up.”
Choice of projects
Realty experts are of the view that Chembur is a complex market to understand and one can get something at a rate as low as Rs 10,000 and this number can go upto Rs 40,000 per sq ft. All the properties facing the Bombay Presidency Golf Course are priced from Rs 32,000 to Rs 45,000 per sq ft. Whereas, Mankhurd, Govandi and Tilaknagar areas, which are low lying and have slump projects, have projects available within the range of Rs 10,000-16,000 per sq feet. So, one can get a house for Rs 45-50 lakh sized between 300-350 sq ft. Also, apartments in the same size are available between Rs 1.5 to 1.6 core in areas like Diamond Park.
At present, there is a price correction in the area. The rental yield is currently around 2-2.5 per cent before taxes, hence, a 2BHK, which is priced at Rs 2-2.5 crore, would yield a rental of about Rs 38,000-42,000 per month and 1BHK, priced at Rs 1-1.5 crore, would offer rental of Rs 28,000-30,000 per month.
Affordability
The reason Mulund is a choice for homebuyers, apart from connectivity and lifestyle, is affordability. Most of house here are priced in the range of Rs 8,000 to Rs 14,000 per square feet.
Good returns on investment
These areas have also seen appreciation in the market property rates over the last few years and the trend is expected to remain. Considering all this, and the big ticket residential projects launching in the suburbs soon, the property experts advise that homebuyers should definitely head to the suburbs for good return on investment and more modern housing options. Amit Ruparel, managing director, Ruparel Realty says, “With better infrastructure and connectivity, suburbs like Mulund and Chembur have witnessed an appreciation of more than 30 to 40 per cent over the last two years, compared to other suburbs.”