Majiwada's rental market in Thane continues to flourish recording a 10 percent YoY growth during Jul-Sep 2016, revealed in report. The growth can be attributed to the availability of affordable rental properties, prloximity to key commercial and industrial hubs, seamless road connectivity and impending Metro project.
Strategically located at the junction of Nashik, Bhiwandi and Western suburbs via the Ghodbunder road, the micro-market of Majiwada in Thane enjoys the advantages of the economic growth witnessed across these regions. The region is primarily inhabited by business owners as the locality is close to Bhiwandi Industrial region and premium housing options by renowned developers such as Lodha Group and Rustomjee among others. While the region may not offer any properties less than Rs 1 crore in the capital market but rental values here are affordable.
According to the latest report, the region was among the frontrunners in the rental market coupled with Ghodbunder Road and recorded a ten per cent YoY growth during Jul-Sep 2016 quarter. Experts opine that in the last one year, Majiwada has been recording healthy growth in the rental market as compared to the capital market with ample supply of affordable rental properties and better infrastructure providing an impetus to the customer sentiments.
Why are rental values low ?
Local realtors attribute various reasons for the low rental "ask" rates in Majiwada. "The high availability of rented accommodation is keeping the rental market stable. Hence, instead of keeping the property vacant, owners prefer to give it on rent, even at a lesser value offering tenants the scope to negotiate rental "ask'' rates, says Kalpesh Patel, Owner, Ideal Properties.
Tenant profile
The region is considered by working professionals employed in BKC and Vashi who are unable to afford the rents in Western Mumbai areas such as Kandivali and Malad which command rental "ask" of Rs 30,000-35,000 per month for a 2BHK unit. Moreover, the luxury of renting spacious homes in affordable range is what you get in Thane and not in Mumbai, adds Patel.
A 1 BHK flat of size around 400 sq ft in Majiwada is available for rent anywhere between Rs 15,000 and Rs 18,000 per month, while a 2 BHK flat of size 600 sq ft can be leased for around Rs 18,000-25,000 per month and a 3BHK flat from 1400-1650 sq ft can cost you between Rs 25,000 and Rs 30,000 per month. In addition, there are a few 4BHK flats which command a starting rental value of Rs 40,000 per month. However, 2BHK continues to be the most supplied and favoured configuration among tenant community.
Connectivity and civic infrastructure
Talking about connectivity, the region has three important roads, namely, the Eastern Expressway, Ghodbunder Road and Thane-Bhiwandi Road connected by three flyovers. This has resulted in smooth travel to Mulund and other regions on Mumbai. In terms of social infrastructure, the region boasts of several educational institutes, malls, hospitals and neighbourhood markets.
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