Thane, once a suburb located on the outer-skirts of Mumbai, is today one of the largest cities in Maharashtra. Drawing on the ferociousness of Mumbai & sublime charm of a peaceful suburb, it is emerging as one of the fastest urban catchment of Western India & increasingly becoming the 1st choice of many middle class & upper middle households in the Mumbai Metropolitan Region (MMR).
In terms of Infrastructure, it is billed as the next big destination in the Western Parts of India & similar momentum persists with regards to an upcoming employment Hub. Robust infrastructure & employment opportunities have resulted into an accelerated demand for residential units in the Thane Micro-market.
It is dotted with the developments by most of the major developers in India such as, Lodha, Kalpataru, Rustam Jee, Hiranandani, TATA Housing & much more.
The real estate sentiments in Thane is also fed from the economical prices of the City when compared to prime residential locations in Mumbai, as well as its smooth connectivity to Mumbai through the Eastern Expressway & suburban railway lines that is called the local trains in the regional vocabulary.
So Here is the list of factors that is fuelling & continue to push the Residential Real Estate markets of Thane, further up the curve in the times to come.
Connectivity to Mumbai
Through the local Mumbai Suburb, BEST buses, National Highway (NH), Eastern Expressway & NH-3, Thane is well connected to Mumbai. It is estimated that everyday 7.5 million working populace commute between Thane & Mumbai.
In times to come, with new Infrastructure in pipeline, the connectivity between Thane & Mumbai is going to further enhanced. An elevated freeway has been proposed on Ghodbunder Road (GB), that passes through Thane & connects the Eastern & Western Expressway. A 11 KM tunnel, worth INR 3,000 Crores has been proposed to connect Thane with Borivali, that will reduce the travel time from 120 minutes to just 10 minutes & enhance the connectivity of Thane to the Western Suburbs in Mumbai.
A 11 KM tunnel, worth INR 3,000 Crores has been proposed to connect Thane with Borivali, that will reduce the travel time from 120 minutes to just 10 minutes & enhance the connectivity of Thane to the Western Suburbs in Mumbai.
Work is in progress for the Metro Line 4 in Mumbai also called the Wadala-Ghatkopar-Teen Hath Naka (Thane) – Kasarwadavli. It will cover a distance of 32 KMs & is expected to have a daily ridership of around 1.2 million by 2031.
Economical Pricing to Mumbai
When compared to prime locations in Mumbai & other parts of the MMR, Thane offers a much economical prices. Prices in Mumbai have always been high & continues to surge ahead, sometimes making it go beyond the bandwidth of an average buyer. In contrast, prices are still economical in Thane & hence the upcoming city is a first choice amongst various middle income home buyers.
Upcoming Commercial Hubs
As an accelerating metropolis, Thane offers some of the tremendous employment opportunities with upcoming IT & Business Parks such as Orion, Sunrise, Biz, Thane Corporate Business IT Park, Hiranandani Business Park & much more. Once an industrial hub, now it is rapidly transforming into an IT/ ITeS hub & is counted amongst the Central Business Districts (CBD) in the Mumbai Metropolitan Region, drawing parallel with BKC & Western Suburbs.
Thane offers some of the tremendous employment opportunities with upcoming IT & Business Parks such as Orion, Sunrise, Biz, Thane Corporate Business IT Park, Hiranandani Business Park & much more
The office rentals are also very economical in Thane with just one sixth when compared to BKC & less than half when compared to the Western Suburbs.
High Price Appreciation
Thane has demonstrated a significant price appreciation in the recent times on the back of larger demands. As seen in the image, amongst some of the significant residential markets, spread across the MMR, Thane has demonstrated a Q-o-Q price appreciation in tune of around, 0.65%, that is higher than most of the markets in MMR.
New Lunches & Ready to Move in Projects
As a robust real estate industry, Thane enjoys a large number of new launches & under construction projects that will be up for possession very soon. Most of the developers are keeping Thane, high up on their agenda & rolling out new projects. A large number of new launches & upcoming projects in Thane is also a product of availability of free land parcels.