Santa Cruz-Chembur Link Road to Boost Tilak Nagar Realty

The Santa Cruz-Chembur Link Road is being built across the Eastern Express Highway (EEH) and the Western Express Highway (WEH) in order to decongest these highways. The effect of this flyover on Tilak Nagar’s realty is already visible as the property values here are going up.

Santa Cruz-Chembur Link Road

The Santa Cruz-Chembur Link Road (SCLR) is a 6.45 km six-lane double decker flyover, built across WEH in Santa Cruz and EEH in Chembur. The arterial road was completed and open to public on April 18th this year and reduce the congestion along these two important highways. The highway is dubbed as one of the most delayed road projects in the world. The road was initially supposed to be complete by November 2004. However, it took 11 years and 12 missed deadlines for the road to near its completion. The total cost of the project is an estimated Rs 4.35 billion. The 1.09 km Amar Mahal flyover connecting SCLR and EEH was also open to motorists on April 18th.

SCLR to boost Tilak Nagar Realty

Tilak Nagar is an eastern suburb that lies in close proximity of Chembur, less than 2.5 km from it. As such, motorists who travel to the western suburbs, especially for work, can take this road or even the monorail which has come up in Chembur. Due to this proximity to Chembur and SCLR, there is already a growth in demand for rental properties as well as property purchases. This growth in demand is giving a big push to the rental values as well as property values in Tilak Nagar.

Tilak Nagar is also witnessing large scale redevelopment where chawls are being replaced with multi-storey apartments. The suburb has good social amenities and is well connected to other suburbs via the Mumbai suburban railway. All these too have led to a growth in realty in the suburb.

Property rates in Tilak Nagar

Tilak Nagar is witnessing more demand for 2BHK apartments for renting and buying, although there is a demand for 1BHK apartments. The approximate monthly rental of a 1BHK apartment is between Rs 15,000-20,000 while that of a 2BHK apartment is between Rs 20,000-25,000. The cost of a 1BHK apartment is about Rs Rs 75-90 lakh whereas that of a 2BHK apartment is about Rs 1.25-1.6 crore. The average property value in the suburb during the first quarter of 2014 is about Rs 15,600 per sq. ft.

The year-on-year increase in average property value was about 7.5 per cent in 2012 and about 6 per cent in 2013 in Tilak Nagar. This clearly indicates the effect SCLR has on Tilak Nagar’s realty even before its completion.