'Chembur market to witness upward price movements'

The Chembur micro market has emerged as one of the most sought-after residential hubs in eastern Mumbai, real estate agency Cushman & Wakefield report said.

- BHALCHANDRA CHORGHADE

In 2023, Chembur witnessed 10% of the total supply among the eastern suburb markets and 27% supply among the adjoining markets (Chembur, Ghatkopar, Kurla, Vidyavihar, Deonar, Tilaknagar and Sion). Chembur has also recorded a price appreciation, resulting in narrowing of the pricing gap between the established markets like Bandra, Worli, Dadar, Mahalaxmi and Lower Parel, the report said.

The average sales trend in the micro market of Chembur witnessed 837 units in 2019 and rose to 1200 units in 2023. The property rate (carpet area) was around Rs25,800 per sq ft in 2021 and is expected to rise to Rs38,500 in 2028.