Proximity to Eastern Freeway an advantage
Dec 31, 2013
Source : Business Standard

 

MUMBAI: 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.

 

 

Latest Realty News

Realty segment hoping for turnaround in 2014
Dec 31, 2013
MUMBAI: While the Indian real estate sector has been on a growth mode in the last three years, though not much support has been extended by the market or the policy makers, there is a strong optimism within the built environment that 2014, would be a turnaround year. Though, nothing much has changed in terms of issues and concerns of the sector as another year comes to an end, some of the policy decisions in the last six months, indicate that the sector is finally on the road to recovery. To add
A blue print for planned realty development in Pune
Dec 31, 2013
PUNE: Although the process of urbanisation can beautify a city, unplanned development often results in increased burden on land and infrastructure. As Pune is witnessing rapid growth, many urban analysts are wondering whether the city will turn into an urban nightmare. The city stands at a crucial juncture, as in a few years, it may become too late to take corrective measures.
REITs, a game-changer
Dec 31, 2013
MUMBAI: The demographic dynamics in India is changing fast, leading to a growing demand for real estate, which continues to be higher than supply. An estimated 843 million people will live in Indian cities by 2050, about the same as the combined population of the US, Brazil, Russia, Japan and Germany.
High returns make realty investors ignore risks, say experts
Dec 31, 2013
MUMBAI: The ongoing slowdown and steep rupee fall are among the factors making the country a riskier realty destination for global investors, even as it continues to be a high return market, say experts.
Taking stock of financial wealth
Dec 31, 2013
MUMBAI: As the new year is about to begin, it is essential for every investors to take stock of their financial wealth. Though developing an investment strategy depends on individual investors’ financial needs, risk appetite, current and desired financial position, etc, it is essential to discuss some of the major areas of concentration such as retirement planning, educational planning, estate planning and insurance which are essential for every individual investor.
Sahara's 'Rs 19,300 crore plot' in Mumbai worth little: Sebi
Dec 30, 2013
MUMBAI: A plot owned by the Sahara Group in the western suburb of Versova and valued by global property consultant Knight Frank at a jaw-dropping Rs 19,300 crore may actually be worth nothing.
Renting real estate can be a worthwhile option
Dec 30, 2013
MUMBAI: Possibly the biggest buying decision of your lifetime - purchasing your own house - has become a lot more difficult than before, with prices rising in the big cities of Mumbai and Delhi and several other parts. In certain prime locations, the affordability index has gone through the roof, posing big questions before property aspirants: To buy or to rent? Will property price correct in 2014?
Retailers in Pune ditch go-it-alone idea for large malls
Dec 30, 2013
PUNE: The city’s large-format retail is witnessing a shift as standalone locations are losing their appeal while presence in a big multi-channel mall seems to be making greater business sense for retailers.
High returns make realty investors ignore risks: Experts
Dec 30, 2013
MUMBAI: The ongoing slowdown and steep rupee fall are among the factors making the country a riskier realty destination for global investors, even as it continues to be a high return market, say experts.
Be brave: Go for equities, shun gold
Dec 30, 2013
MUMBAI: It's not been the easiest of years for financial planner Gaurav Mashruwala. He had to constantly assure his clients that they should not panic and change asset allocation.

Latest Realty News Of State

Realty Talk's