Chandivali emerges as a lucrative residential destination for real estate development in MMR

Written by Manju Yagnik
Mumbai's real estate market is always changing, and some neighbourhoods are becoming more well-known than others because of their advantageous locations, excellent infrastructure, and desirable living environments. Chandivali stands out among them as a key micro market, offering the appropriate balance of quiet and quick access to the metropolis. Chandivali has evolved with time due to its proximity to important commercial centres, continuous infrastructural development, and varied real estate options making it extremely popular for developers and residents alike.

The strategic location of Chandivali

Located southwest of the well-known Powai Lake, Chandivali's most valuable feature is its advantageous location. The closeness of Chandivali to Powai, a reputable residential and commercial area, has contributed to its explosive expansion. Because of its accessibility and tranquil surroundings, professionals working in Powai, Andheri, and the popular LBS Marg find Chandivali a great place to reside. The neighbourhood's location guarantees short commutes to work while also providing residents with a tranquil haven from the bustle of the city.

Chandivali's location also has excellent accessibility to other regions of Mumbai. The Jogeshwari-Vikhroli Link Road (JVLR) is a key arterial road that connects the western and central suburbs, significantly shortening travel times. This road and convenient access to the Eastern and Western Express Highways simplify commuting to vital commercial centres and information technology parks. Furthermore, Chandivali's proximity to major IT parks, corporate centres, and educational institutions increases its appeal, making it a top choice for professionals and families.

Infrastructure development: A catalyst for growth

The major infrastructure improvements that have taken place in Chandivali are primarily responsible for its transition from a quiet suburb to a bustling residential hub. The neighbourhood has seen the construction of additional roads, flyovers, and better public transportation choices in recent years. Chandivali's rapid growth as a popular residential destination can be attributed to these projects, making the area more convenient and accessible.

The ongoing Mumbai Metro expansion is one of the most awaited infrastructure projects that would increase Chandivali's prominence. By 2025, the planned Pink Line (Line 6) will link Lokhandwala with Kanjurmarg through Jogeshwari, Powai, and Chandivali. This new metro line will serve as a much-needed public transportation alternative by cutting travel times to important parts of the city and easing traffic congestion. Chandivali's connectivity will be greatly enhanced when the metro is fully functional, increasing its appeal to investors and homebuyers.

Apart from the transportation network, Chandivali has all the facilities a person could need. The region has several well-known hospitals, schools, and retail establishments, fostering an ecosystem that supports itself and provides for its citizens' daily needs. The availability of these facilities guarantees that locals won't have to travel far for their daily needs, which raises the area's allure as a residential centre.

Also Read: Generational shifts: How Millennials and Gen Z are shaping luxury real estate

Chandivali's real estate market: A snapshot

The constant rise in demand and property prices in Chandivali's real estate market reflects Mumbai's growth direction. Powai-Chandivali region has seen over 1,200 property transactions in the last year, indicating the area's rising appeal. The average cost of real estate in this area is ₹30,750 per square foot, and it has increased by 4% annually. An ongoing increase in property prices highlights the area's potential as a profitable investment destination.

Property prices increased by 15% in the most recent quarter, driven by a combination of end users and investors. Investors are drawn to Chandivali by the area's potential returns on investment, while end-users are enticed by the area's affordability compared to other desirable places in Mumbai. As more people learn about the advantages of living in Chandivali and as infrastructural development advances, the area's real estate market is anticipated to continue to rise.

Diverse real estate offerings: Something for everyone

The variety of real estate options offered by Chandivali is one of its primary benefits. As a result, the neighbourhood is an appealing location for people of all tastes and financial situations to live in. The variety of Chandivali's real estate offerings, which range from luxurious homes to affordable apartments, guarantees that there is something for everyone.

Chandivali's appeal is further enhanced by the modern residential complexes created by prominent developers. These complexes, equipped with clubhouses, gyms, swimming pools, and landscaped gardens, cater to the needs of modern homeowners. They ensure a convenient and comfortable lifestyle, making Chandivali an even more attractive place to live.

Chandivali is home to well-known neighbourhoods and modern homes that attract selective buyers. These communities are characterised by thoughtful designs, ample green spaces, and high-quality construction, offering a perfect blend of luxury and tranquillity. The presence of renowned projects further elevates Chandivali's status as a prime residential destination.

A lifestyle of comfort and convenience

The area's way of life is an ideal blend of urban comfort and scenic beauty. The region has several parks, playgrounds, and green areas, giving residents lots of chances to relax and engage in outdoor activities. Chandivali is the more suitable choice for those who appreciate nature because of its profusion of vegetation, which provides a welcome contrast to the concrete jungle that is most of Mumbai.

Chandivali's allure is further heightened by its proximity to the serene Powai Lake. This beloved spot is perfect for tranquil walks and outdoor pursuits. Chandivali is an ideal retreat for those seeking a break from the city, thanks to its abundance of natural features.

The future of Chandivali: A promising outlook

Chandivali will become one of Mumbai's most desirable residential areas as it grows and develops further. Due to its strategic position, varied real estate options, and continuous infrastructure development, Chandivali is a desirable option for both investors and homeowners. Given its attractive lifestyle options and potential for appreciation, Chandivali will surely maintain its position as a major participant in Mumbai's dynamic real estate market.

Chandivali is a vibrant and dynamic neighbourhood that has successfully carved out its niche in Mumbai's competitive real estate market. It offers the perfect blend of urban living, connectivity, and tranquillity, making it a highly sought-after place. As the area grows, it is poised to become one of Mumbai's key residential hubs, attracting diverse residents seeking convenience and comfort.

The writer is Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO - Maharashtra.

The views expressed here are the individual's and don't represent those of the paper.