Ronak Madhavi, assistant VP, 360 Realtors, breaks some myths
Once a prolific suburb in the vicinity of Mumbai Metropolitan Region (MMR), Thane has the potential to become one of the most sought-after real estate markets in western India.
Over the years, Thane has witnessed visible but steady growth in real estate demand. Proximity to Mumbai, plenty of lush greenery & natural endowments, improved infrastructure has enabled Thane to evolve into a self-sustainable urban ecosystem. It has more open spaces compared to Mumbai, which makes it a natural favourite for households looking for a calm & serene lifestyle.
After the rise in Work from Home (WFH) culture, Thane’s real estate demand will be further on an upswing, growing by leaps and bounds. Thane region is dotted with large township projects, offering a host of property options in the affordable range of INR 50 lacs – 1.3 Crores. Most of the major developers in the MMR such as Lodha, Rustomjee, Godrej, and Shapoorji & Pallonji are coming up with mega projects in the region. As WFH is gaining popularity, many first-time homebuyers in Mumbai will now prefer Thane, as it can offer large living spaces at affordable rates.
The Thane Municipal Corporation (TMC) has systematically invested in the city’s infrastructure development. Through the Thane-Panvel line, Central Harbour line, and the central railways, the suburb enjoys seamless connectivity with the Mumbai and Navi Mumbai region. TMC is further making investments to systematically reduce travel time between Thane and other key parts of MMR.
The Katai-Aeiroli freeway is expected to be operational soon, which will cohesively link Thane with the Navi Mumbai region. The metro will soon enter Thane, which will further give a facelift to the mass commute facilities in the region. Line 4 of the Mumbai Metro will link Thane with the Wadala region. Line 5 of the metro will connect Thane-Bhiwandi- Kalyan thereby rendering convenient commute facilities to the residents.Thane is also part of the 500-km-long bullet train corridor, which is expected to be operational by 2027. TMC has recently also announced the Thane-Borivali tunnel, which will reduce travel time between the two nodes in MMR to just ~ 15 minutes.
As work has begun in the Navi Mumbai international airport, Thane is now situated close to the major international airport. It will help the city make a mark on the domestic and international air routes.
A bustling commercial centre
Thane is also a bustling commercial and retail centre, which further consolidates its position as a housing stronghold. When compared to Navi Mumbai, it is a party to better retail facilities and social life. This is one of the reasons which has helped Thane’s property market to stay ahead of Navi Mumbai. Retail facilities, social amenities and commercial real estate is poised to grow further in the Thane region. Recently, Hiranandani group has invested INR 1000 crores to develop 2.6 million sq. ft of commercial space in the Thane region.
Upcycle in real estate demand
While many major markets in India will continue to grapple with dampened demand, upcycle will continue to unfold in the Thane region. The upturn in the market will be rooted in numerous factors including a thrust to infrastructure, availability of plenty of affordable property options, and overall higher standards of living. Besides first-time home buyers, Thane will also be a goldmine for the investor community. As new infrastructure development such as metro networks and roadways are taking shape in full steam, strategic investment in the Thane region can offer an elevated yield to discerning investors. As growth is rooted in fundamental factors rather than cyclic curves, the investment will be mostly risk-averse in the coming times. Given these characteristics, Thane is a property goldmine which one should not miss.