THANE: Mapping the Growth Tale

Consistent buyer demand for properties in Thane has been well-received by the developer community, who have launched a number of new projects in the region. In the last two decades, this suburban region has transformed very rapidly and is now dominated by high-rise buildings.

MAKING A PROPERTY INVESTMENT : Shirin Sudhakar acquired a ready-to-move-in 2-BHK house for an all-inclusive cost of around Rs 22 lakh last year. Having paid back the bank loan taken to fund this acquisition in 2010, Shirin decided to in-vest around Rs 80 lakh in another 2.5 BHK apartment in Thane near the Eastern Ex-press Highway.

Thane has both, affordable and luxury housing units to offer, thus diversifying the options for buyers. Due to the infra-structure development, the area boasts of the best residential townships, hospitals, schools and social infrastructure, thus making it one of the fastest developing districts for affordable, premium and luxury housing.

Moreover, the increasing cost of construction and continuous demand for properties has outstripped the supply in the area. Being the only affordable haven around Mumbai with a developed infra-structure, housing demand tends to in-crease for properties priced below Rs 70 lakh.

Property experts are also of the view that 2-BHK apartments are being pre-ferred, especially if they are priced below Rs 50 lakh. According to Magicbricks data, there are over 19,000 properties available for sale in Thane. More than 400 new projects are under-construction. The most available property types in the locality are 1, 2 and 3-BHK units. There are modem amenities available in these residential complexes such as club house, coffee lounge and restaurants, private terrace gardens, barbecue pits, a dance studio, including others.

A Harikesh, senior vice-president, sales and marketing, Tata Housing Development Company Limited, recently said that Mum-bai will always remain a preferred destination for property buyers. In fact, due to the robust connectivity, the Thane-Kalyan belt has immense market opportunity. The area is accessible to the island city and of-fers properties that fit a buyer's pocket too.


GOOD CONNECTIVITY TO THE SUBURBS : Moreover, the suburbs beyond Thane are growing gradually as they have infrastruc-ture as well as the connectivity edge. Till a few years ago, the place used to be an industrial belt. Today, one can easily reach Navi Mumbai via Dombivali through the pipeline road. The area is directly linked to Chhatrapati Shivaji Terminus (CST) and is well-connected to Thane, Kalyan, Dombivali, Panvel and Navi Mum-bai via the state transport and local bus network.

The government has also proposed a monorail on the Thane-Kalyan-Badlapur corridor, which will further help to im-prove the connectivity in the city, adds Harikesh.

DO HIGH-STOREY BUILDINGS : Most recently, the area has received the clearance from the municipal corporation for residential towers that will have more than 27 storeys. Presently, the height of several projects in Majiwada, Manpada and even Kolshet, has reached 92m and developers say there is a huge market for projects that can go higher. Structures in Thane can go much higher since there is no restriction on the maximum number of storeys in the Development Control Regu-lations (DCR).

"The approval will help increase the number of residential units in Thane. Pro-jects in areas like Pokhran Road, Manpada and Majiwada, are likely to benefit from this move as per our initial feasibility esti-mates," mentions Jitendra Mehta, secre-tary of MCHI-CREDAI Thane unit.

Besides these, government policy re-forms have also boosted consumer senti-ments towards first-home and end-user purchases. It is further expected that there will be a further acceleration in Thane's real estate market in the coming times. Therefore, home-buyers can consider Thane as the next investment destination!



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