According to a recent analysis by Knight Frank India, Central Mumbai saw a Month-over-Month rise in property registrations from 3% in August 2022 to 6% in September 2022. With the commencement of several infrastructural projects, the Chembur-Wadala corridor in Central Mumbai is witnessing a gradual shift from the people of South Mumbai to this region.
Today, the Chembur-Wadala corridor is transforming rapidly into a premium real estate destination of Mumbai, with industrial units, dilapidated slums and old buildings being replaced by modern high-rise towers. Though this corridor always had small residential localities, it witnessed massive transformation only after nearby commercial office destinations such as Lower Parel, BKC, Powai and Ghatkopar evolved. The availability of large industrial land parcels for residential developments amply supported this transformation. As large industrial land parcels were unlocked for real estate developments, several developers gravitated towards this location and the micro-market started buzzing with new developments.
Speaking about the transformation of this location, Govind Krishnan Muthukumar – Co-founder & Director, Tridhaatu Realty said, “A location that was hitherto an isolated one, is today one of the most well-connected in terms of accessibility to important destinations across the length and breadth of Mumbai. The area is well connected to various business hubs of Mumbai which makes it a preferred location for people working in business districts such as BKC and Lower Parel. This is the foremost reason that there is a huge demand for residential properties in this region from C-Suite professionals and HNIs.”
The infrastructure has also played a vital role in the transformation of this region. It lies in proximity to the Eastern Express Highway, which provides excellent connectivity to South Mumbai, the central suburbs and the metropolitan area of Thane. The region also enjoys hassle-free connectivity to South Mumbai via Eastern Freeway and to Navi Mumbai via Sion-Panvel highway. Once the Mumbai Trans Harbour Link is in place, it will provide the much-needed link between South Mumbai and Navi Mumbai from this region. Most important of all, the area is well-connected to BKC (the de-facto CBD of Mumbai) and commercial establishments of the western suburbs via the Santacruz Chembur Link Road and the Chunabhatti-BKC flyover. The area is also well-connected to the other commercial hotspot of Lower Parel via monorail.
Commenting on the prominence of this location, Bhasker Jain, Chief Business Officer, The Wadhwa Group said, “Contemporary, cosmopolitan and heaped in culture, the location which is in the heart of Mumbai is defined for its novel lifestyle and game changing connectivity. Seamless connectivity from all sides, it is actually an epicentre of convenience, luxury and state-of-the-art living environment. The strategic central location also allows great connectivity and easy accessibility to every other part of Mumbai. It also offers premium boutique office spaces in a well-connected suburb of Mumbai. The location offers competitively priced apartments to those looking for a stylish and classy lifestyle. Urban facilities and lush green ambience transforms Chembur into one of the most sought after destinations by the modern as well as traditional home buyers in Mumbai. It is very good for both investment and end use purposes as one can ensure remarkable returns over the locality with great amenities and specifications. It can be easily endorsed as an upcoming destination to take all the strategic advantages.”
Reiterating the same, Samyak Jain – Director, Siddha Group said, “The location is a residential neighbourhood situated at the heart of Mumbai and is majorly dominated by multi-storey residential apartments and is surrounded by ample greenery. It is fast becoming a coveted address driven by proximity to several employment hubs and different nodes of Mumbai. The area enjoys excellent connectivity to major areas of central and southern Mumbai, and Navi Mumbai through the harbour line, Monorail, Eastern Freeway and the Eastern Express Highway. With outstanding connectivity to each and every pocket of Mumbai, it provides enviable access to the best that Mumbai has to offer when it comes to business districts, health, social, leisure, with an unparalleled transportation network and infrastructure hotspots.”
The Chembur-Wadala corridor also provides an unmatched connectivity from all the important landmarks and places of everyday utility such as healthcare centers, educational institutions, parks, entertainment & recreational centres and a host of other commercial and retail outlets in close proximity.
With a slew of launches in the premium segment, the perception of this region as a residential market has significantly improved. Being the cynosure of a big share of new real estate developments due to its strategic location advantage, it is likely to witness significant new launches in the future.
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