Due to great infrastructural facilities and availability of open spaces and excellent connectivity the micro-markets of Thane are turning into realty hotspots.
Thane has risen on the realty map of Mumbai in a very short span of time. Sunita and Vishal Khare, who are software consultants and have been living in a rented apartment at Chembur for the last four years, are among the new generation of buyers who now no longer want to stay on rent and instead wish to buy their own home in Thane. When they contacted a local real estate agent, they told him specifically to search for a flat in Thane and even if it is a re-sale flat, they are completely fine with it. Vishal explains, "If we are going for a resale property in a good area, we know the property titles are clear. The necessary social infrastructure is ready and we would not have to struggle every day for our daily necessities. Besides, Thane has emerged as a destination where residential development is complemented with strong infrastructure and improving connectivity. Hence, we want to invest in this area."
Manohar Bapat, a local broker in the area says, "For the last three years, the market had been sluggish in Thane. In this period, there were many buildings ready for possesion, which were available but there were not many buyers. Due to enroachment of private forest land and other clearance issues, home buyers were looking at areas that were 'popular' and wherein the buildings had a clear municipal title."
But now the scenario is gradually changing with buyers opting for areas, which were earlier considered `far flung' due to the improving social infrastructure and connectivity. According to Ramesh Nair, COO business and international director, JLL India, "Thane's residential property market has the unique advantage of being able to cater to almost every income group. Many areas in Thane like Vasant Vihar, Ghodbunder Road, Majiwada and Waghbil have become key attractions for buyers. But some of its newly emergent locations also show clear signs of superior town planning, very likely induced by learnings from other markets like Navi Mumbai. Today, Thane has clearly defined precincts for the upper-middle class of home-buyers. Thanks to intelligent land purchasing and planning, some of the major developers are now able to launch large integrated residential projects, which offer a lot more than just baseline amenities and facilities. Thane's excellent connectivity to Mumbai by road and rail has also helped boost its overall stature and desirability in the realty market."
Ateev Gala, executive director, Vijay Group agrees, "Thane Municipal Corporation (TMC) and the government bodies have planned many new infrastructural projects as well for improving the connectivity of the area with the rest of the city. The approvals have also come in and both, the developers as well governing bodies, are working to make Thane a self-sufficient city. The upcoming metro project, an improving railway connectivity and the growing IT and commercial space, have boosted Thane's realty quotient." Also, after the Kapurbawdi fly over has become operational, it has considerably reduced traffic congestion in this region. The proposed monorail, which will connect Thane to the western suburbs in its next phase, is yet another major draw for this location.
Sachin Mirani, director, Squarefeet Group, says, "Thane is attracting the attention of home-buyers as well as developers alike. In the near future, affordably priced properties in Thane will experience a steady rise in rates. In addition to all this, Thane is also endowed with multiple renowned schools, multi- specialty hospitals, shopping malls, avenues for recreation and enter-tainment, fine dining restaurants and eateries within an easy reach. While this area remains among the more affordable ones around Mumbai, there will be a steady rise in rates as development catches up with planning and existing supply getting absorbed by the buyers." But many buyers who have invested in the area in the last five years, also caution that before anybody makes a purchase, it's important they exercise due diligence by checking the documents thoroughly and making sure the area has strong infrastructure and connectivity. James Joseph, who bought a 2-BHK flat in Majiwada, four years ago, says, "Till date, we are facing a lot of problems due to an irregular supply of water. Besides, our area is not as well connected too to the railways station as compared to other areas. Hence, it's important that the authorities should look into all these problems before giving the permission for new buildings."
Talking about the popular areas in Thane, Shailesh Puranik, managing director, Puranik Group says, "At present, it is the Ghodbunder Road, which has become one of the most favourite destinations among home-buyers in view of excellent connectivity and infrastructure facilities it enjoys although nothing can take away from the GETTY IMAGES fact that it has taken a lot of years and efforts on part of both, the government and the developers, for the area to become live able."
But for most of the realty experts, even the upcoming areas of Thane, are going to give better returns, provided the area has good infrastructure. Vikram Kotnis, founder and managing director, Amura Marketing Technologies says, "Thane, as a destination, has definitely picked up, given the rates and the infrastructure being developed there. Hence, I am sure, in the coming time, besides the 'current favourite' localities, the remaining areas will also do well and attract the attention of buyers and developers alike."
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