Thane : a growth story
Thane continues to enjoy an undisputed position as opposed to its other realty counterparts. What gives it an edge? Let's find out...
Thane is one of the top few realty destinations that have performed well, despite a series of slowdowns and repercussions posed by demonetisation. The robust presence of commercial realty in Thane is a very big advantage due to which investors are expected to continuously put their money in this buzzing realty destination.
"Thane's unimpeachable locational advantage to the current Commercial Business Districts (CBDs) of Mumbai, will lead corporate and businesses to set up their offices here in order to establish a walk-to-work concept. Today, Thane hosts top corporate and businesses, which will soon witness their peers acquiring space here as a part of their business expansion plans, "says Ateev Gala, executive director, Vijay Group.
Experts point out that the last decade, from 2007 to 2016, saw a tremendous rise in the residential market of Thane. Now, from 2017 onwards, Thane is well poised to witness another simultaneous evolution of other real estate asset classes such as commercial and retail, to meet the demands of the rising urban cosmopolitan population that will continue to make Thane their abode.
The rise and rise of commercial realty:
"Owing to several IT parks, commercial hubs and malls opening up in Thane, there has been a surge in employment opportunities, thus leading to a surge in the demand for homes as well. This, along with the correct ongoing infrastructure work, i.e. widening of existing roads cluster policy TDR policy and other favourable policies, has led to the development of the city by attracting developers to come to Thane, "suggests Munish Doshi, managing director, ACME Group.
Social and physical infrastructure:
There are around 30 lakes in Thane, due to which the city is also known as the `city of lakes'.Thane is home to various renowned hospitals and several educational institutes and colleges. "History has proven that any city, which has excellent infrastructural facilities, invariably becomes a social and an economic driver for the region. Thane is an excellent example of the same. The city has already witnessed enormous infrastructural development in the last few years.
The ongoing metro rail project WadalaGhatkopar- ThaneKasarvadavali, will add a feather in the cap. Thane has two botanical gardens too. Top retail and restaurant brands have their presence in various malls located in Thane, "says Rima Pradhan, senior vice-president, marketing, Viviana Mall. The city is also witnessing the development of many IT parks, which will again attract a large number of realty investors.
A rise in liveability index:
Neha Jain, a homemaker and resident of Thane (E) says, "Things are changing rapidly here. Grocery and vegetable vendors offer door-to-door services now. Earlier, we used to go to Mumbai to shop but now, we have several shopping malls here in Thane; therefore, accessibility and self-sustainability are easily achieved."
"Apart from employment opportunities, other facilities too are becoming accessible as com mercial properties are being looked upon as a part of the vicinity. With international schools, state-of-the-art hospitals, restaurants, malls, entertainment and recreational activities today, Thane has everything that defines a better lifestyle. This has surely been the catalyst in pushing up the liveability index and speeding up the growth story of this vital suburb, "opines Vihang Sarnaik, director, Vihang Group.
The connectivity quotient:
According to experts, since it is strategically located, Thane is well-connected to Mumbai as well as Nasik Road ThaneKalyan- Belapur Road (which houses the majority of IT parks like Dhirubhai Ambani Knowledge City, Mindspace, etc) and Ghodbunder Road, thus connecting the Bombay-Ahmedabad Highway. Thane was the first suburb to have a number of bridges and major roads have been widened and there is very little traffic congestion here.
Lalit Makhijani, chief marketing officer, Godrej Properties Ltd explains, "Owing to its affordability and connectivity to Mumbai, Thane started witnessing a massive demand from the increasing population. This also led branded developers to foray into the Thane market and build its residential portfolio. Ghodbunder Road has played a very crucial role in the development of the district. Owing to its connectivity, it has been a hub of residential and commercial development. It has become a lucrative investment destination for budget homes as well as luxury home-buyers, thus, making Thane the most sought-after residential destination in and around Mumbai." The proposed metro line, which is expected to cover more than 50 per cent of Thane, will further enhance the connectivity, both internally and externally.
"Micro-markets such as Thane have the luxury of a bullish infra story, which is not found in markets like Mumbai. The fresh supply of units from Grade A developers in Thane presents a horde of opportunities for buyers, thus enabling real estate prices to remain in control. Investors in such markets also benefit from good deals and flexible payment plans, all without skimping on quality. And so, investors attribute these factors to the upside of investing in Thane. This is true for areas like Thane, which will provide robust returns as the demand for destinations closer to IT and commercial hubs increase, "suggests Gaurav Sawhney, president sales, Piramal Realty.
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