By Accommodation Times News Services
Thane, the uptown locality suburb of Mumbai has been seeing wide-scale real estate development over the past few years. Due to the already congested Mumbai city, people are forced to move to suburbs for affordable homes. It is no secret that rental in proper Mumbai is the highest in the country. As a natural outcome, many offices have migrated to the suburbs too to save money on rent.
Due to its excellent connectivity to Navi Mumbai, western and eastern suburbs of Mumbai, Thane has developed as a sort of a satellite city to Mumbai equipped with everything that is required to make the life of a person easy. Earlier envisioned as a poorer brother of Mumbai, Thane has come a long way and has established itself as an attractive town hosting residential buildings, office spaces, malls, multiplexes, schools, hospitals and everything that you need to live a comfortable life.
A town of choice:
Thane boasts of a cosmopolitan culture. It has good quality educational institutions, hospitals, restaurants and shopping malls which have to lead to the real estate boom in the city. It is not all concrete. There are enjoyable amusement parks, botanical gardens and riverside promenades. Thane is often called the city of lakes. Some of the well-known recreational places around Thane West include Sanjay Gandhi Park, Upwan Lake, Kanheri Caves, Masunda Lake, Kelwa beach, etc. Thane east has a number of attractions as well like the Upvan Lake, Talao Pali and the famous Kopileshwar Temple.
Infrastructure-wise, Thane is extremely well developed. It has adequate public transport and wide multi-lane highways for easy connectivity with Mumbai. NH3 and NH4 link, Ghodbunder Road, Eastern Freeway, NH 8, Mumbai Nashik Highway, SCLR, JVLR and the Thane Belapur road contribute to the excellent connectivity of Thane. The closeness to Mumbai-Pune expressway poses a great option for weekend getaways. The Central line, the Trans-Harbour line and the Thane-Panvel rail line connect Thane to the famous Mumbai railway network. The airport is about 27 kilometres away.
Thane has a strong economy equipped with a small scale and large scale industries which offer plenty of employment options. It has been estimated that employment opportunity in Thane will rise by 40% in the next couple of years. The demography of the population consists of people from a variety of income groups. People come from all over the country to work and settle in Thane. This is one of the major factors affecting the property market of Thane.
One of the most popular malls in Thane is the Lake City mall in Thane West. Korum mall, Viviana mall, Eternity mall are also worth mentioning. Thane has several recreation clubs like the Blue Roof Club, Golden Swan Club, United 21, etc. Among schools, DAV Public School Merry Angels International School, Nalanda Public School, BNB College of Science, Dnyansadhana College are notable.
Property in Thane:
Thane has been witnessing a steady rise in residential property prices. In the last 40 months, property prices have risen by 6.2%. Thanks to the above facilities, Thane is fast becoming the town of choice for homebuyers. One can see a number of property projects coming up all over the city.
India’s top real estate giants like the Hiranandani Group, Lodha Group, Rustomjee Group, have already started capturing the Thane market. Projects vary from luxurious to affordable providing a range of options for the buyers. While Thane West is in higher demand and is seeing rapid expansion, Thane East is also not far behind. The projects are well planned with sufficient greenery and open space, something that homebuyers prefer while making a purchase decision.
One of the most popular areas is the Ghodbunder Road (GB Road) where property prices have grown by as much as 300% over the last five years. People prefer GB Road due to its proximity to nature. The Government has a number of proposed plans to increase the connectivity in and around this region.
With employment opportunities coming up in Thane and Navi Mumbai, people are migrating from other parts of India to the township. Hence, rental demand is also very high. The rental rates have grown by 20% on an average in the last 5 years. Many prefer to buy their second home here and putting it up on rent. This gives them tax relief in the form of interest on home loans as well as earns some returns.
Thane has something for everyone. The property rates range from extremely affordable to super luxurious. According to estimates, one can get a property for as low as Rs 2.5 lacs in Thane. However, the average property price hovers around Rs 1.44 crores. While Thane West has already seen a lot of development, Thane East is also coming in a big way. If you travel around Thane, you can see many under construction projects in Thane East.
The average size of an apartment varies from 675 to 1250 square feet in Thane East and 419 to 5000 square feet in Thane West. Price ranges in Thane east hover around Rs 11,200 per square feet while in Thane West is around Rs 10,800 per square feet.
Future looks extremely bright for Thane. The Government has great plans to develop the township further. There are plans to develop a metro line with more than 10 halts within the town itself. This will reduce the travel time between Thane and Mumbai to a great extent. There are several other plans to increase the connectivity of Thane like another metro project from Kalyan and Mire to Bhayandar, a flyover at Bhiwandi bypass, parallel roads from Thane and Kalyan and a Thane-Diva Road.
With the Government having plans for the betterment of the town, Thane is a good option for both investment and settling down. Innumerable projects are available with a variety of price ranges. The property prices are expected to only go up in the coming years. Investment in Thane is like an investment for the future. This is a great time to go ahead.
(Compiled & Edited by Rohit Sharma)