As demand for homes in Mumbai soars, exciting new transport links are uncovering hidden corners of the capital. Chembur, once perceived of as far outside the city centre, now finds itself at the heart of a new, better connected, Mumbai. With people, businesses and restaurants all following in the wake of new infrastructure, this up-and-coming location has become an irresistible investment hotspot for forward-thinking buyers.
Where transport links go, home buyers follow, and Chembur has certainly seen its connectivity skyrocket in recent years. In 2013, the Eastern Freeway arrived, connecting the area to both Navi Mumbai and CST. With the monorail following in quick succession in 2014, Chembur has suddenly become a commuter’s dream, providing easy access to south central Mumbai, the western suburbs, Thane and Navi Mumbai. This trend is set to continue in the near future, with new metro stations planned for the neighbourhood firmly establishing Chembur as prime property hotspot to look out for.
Unlike its more crowded neighbours such as Thane and Borivali, Chembur has retained its leafy-green character through the transition from hidden-gem to transport-hub. The area remains one of the greenest in Mumbai, with seven major parks and communal areas. With open space and green areas on their doorstep alongside an ever-growing array of buzzing restaurants and trendy cafes, residents in Chembur really can enjoy the best of both worlds.
The appeal of Chembur has not gone unnoticed. In 2012, a Knight Frank investment advisory report predicted that residential property prices in Chembur would appreciate by 125% until 2017. This prediction not only proved accurate but shows no signs of abating in the coming years. Now ranked as one of the top five investment hotspots in India and described as “one of the most desirable locations in Mumbai” by the firm, Chembur’s charm is unlikely to stay hidden for much longer.
While many real estate developers have recognised the potential of Chembur and are investing in the area at an unprecedented pace, Xrbia and Crystal’s joint venture stands out for its commitment to affordable housing. The 5,000-home development offers homes in the heart of this vibrant locality for an affordable price, with one-bedroom apartments available for a little as 42 lacs. At this price point, and in this location, Xrbia is answering the need from young buyers who want to shed the connotation of “generation rent”.
As new transport links bring the city closer together and open up new areas for investment, central Mumbai is being redefined. With this comes an opportunity to do things differently when it comes to real estate. Instead of catering to the wealthy minority, which has led to an acute housing shortage across India, Xrbia intends to take this opportunity to reintroduce affordability back into Mumbai’s residential real estate market. Offering compact, affordable homes in a prime-location, Xrbia and Crystal’s Chembur Central development is designed with the millennial homeowner in mind.
By Rahul Nahar, Founder, Xrbia Developers Ltd.
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