Thane should be credited for relieving pressure from Mumbai’s residential market. Not just Thane, other satellite towns such as Bhiwandi and Navi Mumbai also share the responsibility. The city is gaining popularity due to new planning and availability of open areas.
One of the new plans got approved by Mumbai Metropolitan Region Development Authority (MMRDA) the Metro IV project connecting Thane to Wadala via the LBS Road and the Eastern Express Highway.
The 32-km stretch will cost Rs 14,549 crore. This project will further help in increasing the demand for housing units. At present, Thane caters largely to spill over demand from the middle income working population of Mumbai, and has price points much lower than the micro-markets of Mumbai. Almost three fourth of its residential supply is under Rs 11,000 per sq ft.
What makes Thane different from other Tier 1 cities of the country? The micro-markets are widely distributed across the city limits because of various forest and hilly areas in between the clusters. Also, prices decline concentrically as one moves away from the city. Thane’s premium developments are located on the periphery it shares with Mumbai, instead of its centre.
The city has become a preferred area for premium investments. This quarter, many reputed developers chose Thane for their construction. The amenities being offered along with these properties are lavish which fit perfectly in their high-budget segment.
Some of them include lush open air sky gardens at terrace level, which double up as fitness zones, and open air ‘sky communities’ – large double height community congregation areas – at intermediate levels, etc.
Other luxurious amenities like swimming pools, multi-purpose courts and yoga decks seem to have fascinated investors. Since property prices are comparably lower, the demand remains consistent, although property prices in Thane have risen marginally this quarter.
There are other reasons behind the increased interest – walk-to-work concept as it has been attracting many conglomerates and manufacturing companies to set their base here. Consumers prefer living close to office hubs for a healthy work-life balance. Good connectivity and improving infrastructure have attracted investors and influenced their buying decision.
All in all, the future of the realty market of Thane looks promising.
A-201 Manas Apartment, V.S Marg.
Near Teen Petrol Pump, Thane(w) – 400602