Bustling Rental Market

The once industrial suburb of Mumbai, Chembur is now thriving with real estate and infrastructural development. Chembur is an old Mumbai suburb, situated at the north of Trombay and south of Kurla, history dates back to the partition era of India’s independence when many refugee camps were set here. It now sits right in the middle of Mumbai, geographically. The real estate market trend that stands out in major urban cities is experiencing a considerable shift in the last one and a half decade. Chembur’s upcoming residential projects are mostly set over smaller plots due to lack of availability of land. But a lot of lands is being redeveloped and some projects are using that huge space to their advantage. We also saw development in clusters of different upcoming projects in the same area.

Real estate development along the Eastern Freeway increased significantly over the past few years. Cutting down commuting time to South Mumbai created demand for commercial and residential properties and housing prices in locations like Chembur. The value of property in Chembur has increased by approximately 28-30 per cent over the last two years. This created a lot of market for rental properties in Chembur. As the property values kept increasing the rental market also proportionally went up and with so many new developments coming up, it is only adding to the inventory list. The housing supply in this area has been growing at an approximate rate of 10 per cent for the past four years, and it now accounts for approximately 18 per cent of Mumbai’s total housing stock. With growing residential activity, retailer interest in the market has understandably increased too, leading to the development of large scale organized retail in the region.

This further attracts more jobs and more people move into this locality in search of properties. The rent for a 250 sq ft, 1BHK is about Rs.9000 per month, a 350 sq ft unit can be rented for Rs.10,000 per month. Semi furnished and fully furnished apartments are also available. However, semi-furnished may often mean the property is sparingly furnished. Renters have used their discretion to decide on a correct property in this vast property market. Realtors say that with increased connectivity, there are more inquiries for properties in Chembur. The increase in rental properties in Chembur market was noted as about 3% in the past few years.