Has Chembur exploded or is there an appreciation?


Anaisha & Farshid with Spenta Logo

Farshid A Cooper, Director at Spenta Corporation shares his view.

“In my view, Chembur still has a long way to go and conservatively speaking, an appreciation of 20-25% in the next 2 years in on the cards. I still think at ~13,500-15,000 per sqft, Chembur is still grossly underpriced.

Why do I say this so confidently? Never before has an eastern/centralsuburb of Mumbai seen so much action. Despite this, Chembur still retains the old world charm of Mumbai that most suburbs have lost. Community presence is extremely strong in Chembur with a lot of families preferring to stay in this area. Residents find the area very convenient, in terms of leisure, recreation and social infrastructure. Roads are reasonably wide and are lined with trees on both sides. In terms of open space, Chembur is among the greenest suburbs dotted with several small gardens and of course, the golf course and there are options available for clubs and recreation, like the Chembur Gymkhana and Acres Club. There are several places of worship, , basically catering to all religions. Chembur can be considered a truly cosmopolitan suburb of Mumbai.

More brands have made their way here – the fact that that telcos have opened galleries, coffee shops are buzzing and shoe stores/clothing brands are finding it profitable to be in Chembur.

It’s also a known fact that with SCLR – Chembur has become easily accessible for those working at BKC. The Eastern Freeway makes Nariman Point also just as easy to get to. A number of proposed infrastructural projects also center aroundChembur including the BKC-EEH connector.

It’s been difficult to find the large gated communities in Chembur like have been created in the West, which is what we are attempting to change with AltaVista. This 1000+ flat launch on Akshay Tritiya with possession in 2018 will change the way Chembur lives and the way Chembur is perceived. Along with being semi furnished with white goods, the apartmentswill also have access to the exclusive Club House and Terrace Walk. The Club House – Viva is 40,000sq feet elevated one, never done before and is located on a hillock using the natural topography of the land, housing a gym, swimming pool and a café! The terrace walk – Avalon – helps create spaces for a morning workout with a jogging track and more.

On the occasion of Akshay Tritiya, AltaVista is launching with a 10:80:10 scheme.
10% at the time of booking
80% by the bank
10% at possession
EMI from the bank (HDFC or ICICI) starts only post possession.”

Many reputed builders have their residential projects in Chembur. With prices ranging between Rs.16800–17500/sq.ft. and an annualized appreciation to the tune of 25-40%, Chembur remains an important investment hotspot. In addition, there are not much civic issues to be faced in this area. According to an investment advisory report by real estate consultancy firm Knight Frank, Ulwe, Chembur and Wadala in the Mumbai Metropolitan region have emerged as the top three investment destinations in India, with forecasts price appreciation by 145%, 133% and 125%,  respectively in next five years.

About Altavista

AltaVista – Ongoing

AltaVista is a Portuguese expression meaning “view from a height” and the name is apt when considering our design vision for this project. Spread across 7.6 acres of land in Mumbai’s eastern suburb of Chembur, AltaVista consists of nine residential towers totaling in excess of 1000 apartments.

Inspired by the elements of nature, our endeavor is to create an aura of peace, quiet and tranquility while still providing the amenities that the modern discerning customer has become accustomed to. Our carefully planned 1BHK, 2BHK and 3BHK apartments, designed by renowned architect Hafeez Contractor, come finished with Italian marble, air-conditioners, modular kitchens, finished and fully functional toilets and white goods including a refrigerator, washing machine and microwave oven. Further, the apartment owners will be provided with a choice of service providers for Internet (WiFi) and television connections in addition to CCTV cameras in common areas and a video door phone for the additional security of their family. Shaped by Mahimtrura and Mahimtura, 23 floors will house 1000+ flats.

As you enter, you will be greeted with majestic drop-off foyers, cascade water features, reflective pools, mounds and timber decks designed within three separate courtyards opening to the west ensuring we can make the most of the city’s sea breeze. Viva, our nearly 40,000 square feet clubhouse area is designed keeping in mind the natural topography and undulation of the underlying land. Located atop a hillock and accessible via a grand staircase and glass elevator, the area offers a mix of sport and relaxation based amenities. A swimming pool with an attached kids pool, a fully equipped gym with steam and sauna, squash court, multi-purpose court, cricket pitch etc. are only some of the activities one can enjoy here. Avalon, our nearly 35,000 square feet terrace garden is decorated with greenery, meditation cabanas and small water bodies around a jogging track. This makes for the perfect venue to exercise in open air while enjoying the city’s breathtaking view.

In recent times Chembur has become the heart of Mumbai’s infrastructural development plans. The Eastern Freeway (~5 minutes from AltaVista) connects Chembur to Fort in no more than 20 minutes. The Santacruz-Chembur Link Road (~10 minutes from AltaVista) connects Kurla and BKC to Chembur in no more than 10 minutes. Further with the addition of the Mumbai Metro and Monorail projects, connectivity to Chembur is now better than ever. In terms of proposed infrastructure, a new 120 foot road (expected to break ground soon) will lace our property connecting V.N. Purav Marg to the Shivaji statue junction (start of the Eastern Freeway) cutting travel time to the freeway down to only a couple of minutes. Additionally, the BKC-EEH Connector, a 1.6-kilometer road connecting Bandra-Kurla Complex to the Eastern Express Highway ends only a few minutes from AltaVista cutting travel time to BKC down to only 10 minutes.

Built in collaboration with the most discerning architect; Mother Nature, living here will ensure that your weekend plans, don’t necessarily have to wait for the weekend.

For more information, visit www.spentacorporation.com