Construction Industry News
The recent analysis by Knight Frank India shows that Central Mumbai saw the number of property registrations increase month-on-month from 3 percent in August 2022 to 6 percent in September 2022. With the start of several infrastructure projects, the Chembur-Wadala corridor in Central Mumbai is witnessing a gradual population shift from South Mumbai to this region.
Today, the Chembur-Wadala corridor is rapidly transforming into a prime Mumbai real estate destination, replacing industrial units, run-down slums and old buildings with modern high-rise towers. Although this corridor has always had small residential areas, it has only witnessed a massive transformation after nearby commercial office destinations such as Lower Parel, Bandra-Kurla Complex (BKC), Powai and Ghatkopar developed. The availability of large plots of industrial estate for housing has amply supported this transformation. When large industrial plots were opened up for real estate developments, various developers moved to this location and the micromarket began to buzz with new developments.
Govind Krishnan Muthukumar, co-founder and director of Tridhaatu Realty, said: "A location that has been isolated until now is today one of the best connected in terms of accessibility to key destinations across the length and breadth of Mumbai. The area is well connected to several business centers of Mumbai making it a preferred location for people working in business districts such as BKC and Lower Parel This is the main reason why there is a huge demand in this region for housing from C-suite professionals and high net worth individuals (HNIs).”
Infrastructure has also played a crucial role in the transformation of this region. It is near the Eastern Express Highway, which provides excellent connections to South Mumbai, the central suburbs and the metropolitan area of Thane. The region also has a smooth connection to South Mumbai via the Eastern Highway and to Navi Mumbai via the Sion-Panvel Highway. Once the Mumbai Trans Harbor Link is in place, it will provide the much needed connection between South Mumbai and Navi Mumbai from this region. Most important of all, the area is well connected to BKC (the actual CBD of Mumbai) and commercial establishments of the western suburbs via the Santacruz Chembur Link Road and the Chunabhatti-BKC Viaduct. The area is also well connected to Lower Parel's other commercial hotspot via monorail.
Bhasker Jain, Chief Business Officer, The Wadhwa Group said: "Contemporary, cosmopolitan and rich in culture, the location in the heart of Mumbai is characterized by its new lifestyle and groundbreaking connectivity. Seamless connectivity from all sides, it is basically an epicenter of convenience, luxury and a state-of-the-art living environment.Its strategic central location also ensures excellent connectivity and easy access to every other part of Mumbai.It also offers first-class boutique office spaces in a well-connected suburb of Mumbai.The location offers discounted apartments to people who seeking a classy and classy lifestyle.Urban amenities and lush green atmosphere make Chembur one of the most desirable destinations of both modern and traditional home buyers in Mumbai.It is very good for both investment and end use purposes as one can take care of for a remarkable return on the p late with great amenities and specifications. It can easily be endorsed as an emerging destination to reap all the strategic advantages.”
Samyak Jain, director of Siddha Group, said: “As a residential area in the heart of Mumbai, the location is mainly dominated by multi-storey residential apartments and surrounded by greenery. It is fast becoming a coveted address, driven by its proximity to several employment hubs and several hubs of Mumbai.The area has excellent connections to the main areas of Central and South Mumbai and Navi Mumbai via the Harbor Line, Monorail, Eastern Freeway and the Eastern Express Highway.With excellent connectivity to each part of Mumbai, it offers enviable access to the best Mumbai has to offer when it comes to business districts, health, social affairs and leisure, with an unparalleled transport network and infrastructure hotspots.”
The Chembur-Wadala Corridor also offers unparalleled connectivity to all major attractions and places of everyday use, such as health centers, educational institutions, parks, entertainment and leisure centers and a host of other nearby commercial and retail establishments.
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 much of new real estate developments due to its strategic location advantage, it is likely to witness significant new launches in the future.
