With the development potential of Mumbai's western suburbs almost fully exploited, we are witnessing increased momentum in new developments in the eastern suburbs where land parcels are still available and prices more affordable. As a result, the 16.8-kilometre Eastern Freeway that connects P D Mello Road in South Mumbai to the Eastern Express Highway at Ghatkopar has sprung into sharp focus with developers.
The implications in terms of demand, supply and price are considerable. We have seen a steady increase in inquiries for residential and commercial spaces close to the Eastern Freeway's entrance and exit ramps. Developers have begun marketing their projects with an emphasis on their proximity to this key arterial route.
In Chembur, property prices have risen by as much as 25 per cent over the past two years, primarily because of this area's advantageous juxtaposition to the Eastern Freeway.
In terms of residential development, Chembur is typically defined by low-rise developments like bungalows and ground plus two/ three-storey structures. This suburb has relatively generous open spaces and wide roads, integrated with the residential developments. A typical gridiron-type pattern can be observed between the railway station and the Sion-Trombay Road. Residential development in these areas caters predominantly to the upper middle and the high income segment of population.
Chembur, being a suburb that was developed early on, now features next to no vacant pockets that are available for development. This is one of the major reasons for the isolated, standalone residential projects one sees in its old, developed core areas. However, over the past four-five years, the increase in housing demand in these areas has spurred a lot of redevelopment activity, augmenting the residential supply to some extent.
Announcements of several infrastructure projects like SCLR, the monorail connecting Chembur to Jacob Circle and the alignment of Metro Phase I-Line 2 passing through Chembur have triggered further housing demand in this suburb. This fact has attracted many reputed city-level developers to enter this region. Particularly on the stretch along the Sion-Trombay Road, in areas like Deonar, large land parcels of certain closed industrial units are being transformed into integrated residential developments.
Several reputed builders like Runwal Group, Neelkanth Group, K Raheja Universal, Hiranandani Group, Dheeraj Realty, RNA Group, Kukreja Construction and Everest Developers have completed or launched their projects in Chembur. These developers are targeting the middle and high-income segment population in the area by providing quality two, three and four-BHK apartments with essential amenities. There is minimal demand for five-BHK apartments, a configuration which, if needed, is usually achieved by combining two apartments.
The writer is chief operating officer (business), Jones Lang LaSalle India
