What is special about Thane real estate
Real estate consumers are turning their focus on Thane's realty market. Apart from the significant price rise in both, under construction and ready possession units, Thane had witnessed some infrastructure development, which prompted buyers and investors to take a look at its market.
The residential realty landscape
60 percent of the listed localities saw a price increase averaging at around 2.3 percent.
The balance localities witnessed an average price decline of 1.8 percent. In comparison to under-construction (UC) projects, ready possession properties are expensive by 15 percent.
Both, under-construction and ready-to-move-in (RM) properties saw a jump in average prices when compared to the July-September 2016 quarter. Prices of the former segment saw a significant 1.3 percent increase while the latter increased by a marginal 0.4 percent.
The key locality in terms of price increase was Thane west, where both, UC and RM prices increased significantly. Upcoming projects in Thane west are priced at Rs 49 lakh onwards. Flats are the most available property type and the configurations being offered are 1, 2, 3 or 4-BHK units. Thane east caters to buyers in the lower-mid and mid segments and accounts for more than a third of the total city's residential supply. East is the only region in Thane where properties are available in the Rs 3,000 per sq ft budget range.
Thane east is the most geographically distributed region of all and includes prime areas like Dombivli, Kalyan and Badlapur, which fall within the Thane district. Prices climbed by 0.3 percent in the region in the October-December 2016 quarter.
The graph above shows the price change in the different budget segments across Thane. Thane west is the costliest part of the city and is in close proximity to Mumbai. Almost, all properties available here are priced above Rs 11,000 per sq ft. The region accounts for less than 5 percent of the supply in the city and prices here have risen by a marginal 0.5 percent.
we lists the top localities of Thane (table in red), which have shown a high growth potential. Kolshet with 12.5 percent growth; Khopat with 4.8 percent growth; Vasant Vihar with 4.6 percent growth and Panchpakhadi with 4.2 percent growth are key areas in Thane.
Thane's rental market
Among the localities in Thane that have shown a high growth in rental yield in the last nine months, Kalwa tops the list with 13.7 percent growth; followed by Kolshet Road with 12.6 percent growth; Patlipada with 12.4 percent growth; Badlapur east with 10.8 percent growth and Kavesar with 10.6 percent growth.
Thane promises easy commute to its residents. The region is well-connected to central Mumbai, the western suburbs and Navi Mumbai. Compared to the east, the western part has better and an established liveability quotient.
Schools, hospitals, entertainment hubs, super-markets, etc, can be found in Thane, thus making the living standard easy. Additionally, with seamless train connectivity to the Mumbai Metropolitan Region (MMR) and Navi Mumbai, many potential homebuyers have now started looking at Thane as their ideal dream home destination.
Thane, at present, is a reservoir of residential options, which come at an affordable price. As a buyer, choices are ample and property prices when compared to Mumbai are also less.
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