Rising Popularity Of Thane's Pokhran Road, Ghodbunder Road, Vartak Nagar, And Kolshet Road

In the last few years, Thane has emerged as one of the most sought-after areas when it comes to homeownership

The well-developed ‘sister city of Mumbai’ with improving connectivity, and attractive price point has several areas which are most popular with homebuyers; some of them are Pokhran Road, Ghodbunder Road, Vartak Nagar, and Kolshet Road.

Pokhran Road has peaceful, green surroundings and offers a mix of apartment complexes and independent homes. It has good connectivity to other parts of Thane and Mumbai

Ghodbunder Road benefits from good connectivity and well-defined social infrastructure like shopping complexes, restaurants, and entertainment options. It is a popular location for young professionals and families

Vartak Nagar is located close to the Eastern Express Highway and also has good social infrastructure, including schools, hospitals, and shopping complexes, apart from peaceful surroundings

Kolshet Road too boats of good greenery and open spaces and offers a mix of affordable and luxury housing options, along with very adequate connectivity to other parts of Thane and Mumbai

- Rajkumar Singh, head of residential services (West), Anarock group.

“A number of notable developers have undertaken projects in Thane–especially in above areas– which vouches for the rising popularity of the city within the residential market space. We are seeing a good uptick in sales and prices in the Thane market, especially in the Panch Pakhadi and Ghodbunder road areas. We anticipate a further upside in Thane as Bhiwandi develops into a warehousing hub with modern amenities," says Amit Goenka, MD and CEO at a finance firm.

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Housing society can't shirk duty if house is rented: Maharashtra SCDRC

"It is hereby declared that the opponent (society) has committed deficiency in service as well as unfair trade practice," Maharashtra State Consumer Disputes Redressal Commission said.

MUMBAI: Observing that a housing society cannot shirk its responsibility of necessary maintenance only because the owners have given the house on rent, the state consumer commission has ordered a housing society in Deonar to pay Rs 55,000 as compensation and carry out repairs and water-proofing of two row houses.

"It is hereby declared that the opponent (society) has committed deficiency in service as well as unfair trade practice," Maharashtra State Consumer Disputes Redressal Commission said.

It also refuted the society's claim that the leakage persisted as the tenants had kept plants on the terrace and were watering them. "Admittedly, complainants were the members of the society....it was the duty of the society to carry out repairs and also to take care of proper maintenance of the row houses owned by the complainants," it said.

Worli residents Latika and Prakash Chanderkar had moved the district consumer commission against Madhuban CoOperative Housing Society Ltd in 2017. However, the district commission rejected their complaint in 2018. Subsequently, they moved the state commission.

The complainants submitted they had purchased two row houses and had been regularly paying monthly service charges, including repair and maintenance charges. They contended that in March 2017, they noticed major leakage in the ceiling above the kitchen, bathroom, toilet and slabs of the first and second floors. They informed the housing society which had carried out waterproofing of all the other units in the colony. The complainants alleged that the society didn't fix leakage and waterproofing of their houses. They said they sent the society a notice on March 2, 2017, but they did not receive a reply. Reminders were sent, but no action was taken.

They alleged that by not carrying out repairs in spite of taking maintenance charges amounted to deficiency in service as well as unfair trade practice. The housing society denied that it had not carried out any repairs. On the contrary, it took a stand that since there were many complaints from members about the leakage, it had carried out a structural audit in December 2014 and repairs were in progress.

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Runwal buys out GIC's entire 50% stake in Mumbai's R City Mall

The transaction is one of the largest single property acquisitions in the Indian retail industry. The deal marks GIC’s exit with returns of over 4 times while valuing the 1.2 million sq ft retail asset at over Rs 2,000 crore. GIC also received additional returns through the rental revenues since 2009, when the mall started its operations. Realty major Runwal has bought out Singapore’s sovereign wealth fund GIC’s entire 50% stake in their joint retail property R City Mall for around Rs 1,000 crore to get complete control of the asset in Mumbai’s Ghatkopar suburb, said persons with direct knowledge of the development.

The transaction is one of the largest single property acquisitions in the Indian retail industry.

The deal marks GIC’s exit with returns of over 4 times while valuing the 1.2 million sq ft retail asset at over Rs 2,000 crore.

GIC also received additional returns through the rental revenues since 2009, when the mall started its operations.

In 2006, Runwal partnered GIC for its flagship mall R City and this was one of the first Foreign Direct Investment (FDI) in the Indian real estate sector. The partnership started as a Greenfield project, with GIC infusing funds worth over Rs 250 crore for the 50% stake in the joint entity.

“We are humbled to be able to deliver such superior returns to our partners. With this deal, the company is embarking on the next chapter of complete ownership of R CITY mall. Our efforts to ensure the best experience to customers has also led to solid returns to our partner,” Sandeep Runwal, managing director, Runwal Developers, told ET.

Runwal, however, declined to comment on the exact size and specifics of the deal.

ET’s email query to GIC remained unanswered until the time of going to press.

Retail properties in India have been witnessing steady growth in investments led by robust rise in consumption for the last few years especially after the pandemic.

“Retail malls in India do not just signify a shopping destination, they are more recreational in nature and have rooted themselves in our diaspora. Increased trading densities even at lower footfalls in comparison to pre-pandemic levels demonstrates the same. We expect this asset class to remain buoyant and attract large capital flows from investors and developers alike,” said Nishant

Interestingly, the deal has been concluded at a time when India’s maiden retail assets-led Real Estate Investment Trust (REIT) Nexus Select Trust is getting ready to be listed on bourses.

Institutional investments in quality retail assets have recorded 6 times growth in 2022 as against 2021 and these inflows are expected to be around $1 billion in 2023. Vacancy levels for graded assets are currently at 3-year low, while leasing activity is at 3-year highs with consumption and footfalls exceeding pre pandemic levels, showed data from JLL India.

According to the data, retail space absorption levels in 2023 across Grade A malls is estimated to be around 6.5 million sq ft as against 9 million sq ft expected supply.

R City is one of Mumbai's biggest shopping and leisure destinations with over 300 Indian and International brands across fashion, food, beverage, and entertainment. It has been operational for over 13 years and has recently undergone renovations to offer a premium shopping experience in line with international standards.

The mall recently collaborated with Tata Power to install EV chargers throughout the premises.

The retail property has the largest recreation hub of the city with over 9 entertainment centres including India’s first and largest indoor theme park Kidzania. R CITY also has the first and only in-mall format of IKEA which spans across 72,000 sq ft.

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Maharashtra overtakes Gujarat in land acquisition for bullet train project

Maharashtra has pipped Gujarat in acquiring land for the under construction Ahmedabad-Mumbai bullet train project.

The land acquisition process, which began five years ago, is nearing its end with Maharashtra completing the acquisition of 99.75 per cent of the land in the state required for the project, data shared by National High Speed Rail Corporation Ltd (NHSRCL) show. In comparison, Gujarat, which so far led the land acquisition process, has fallen a tad behind clocking 98.91 per cent as on April 24.

Before the Eknath Shinde-led government came to power in Maharashtra, Maharashtra had completed only 75 per cent of the acquisition, while Gujarat had finished 98.5 per cent of the acquisition process as of January 2022. When asked why Gujarat is trailing, a spokesperson of NHSRCL said, “Acquisition of larger chunks of land on the Maharashtra side sped up the project in the state. The small pieces of land that remain in both states will soon be acquired. Acquisition of some of these land parcels remains stuck due to court battles fought with land owners.”

While 100 per cent of the 7.9 hectares was acquired in the Union Territory of Dadra and Nagar Haveli way back in September 2021, the process in Gujarat and Maharashtra dragged on well beyond the initial deadline of December 2018. Bullet trains between the two destinations were to become operational by 2023.

Currently, only 1.07 hectares remain to be acquired in Maharashtra where NHSRCL has paid a compensation of Rs 3,217 crore for 1,984 private plots. While 4.83 hectares needed for the project in suburban Mumbai has been fully acquired, small plots of 0.32 hectares in Palghar and 0.75 hectares in Thane are on the pending list.

In comparison, about 10.53 hectares remain to be acquired in Gujarat where Rs 6,104 crore has been paid for 6,248 private plots. Of the eight districts where the bullet train will pass through, 100 per cent land acquisition has been completed in Kheda, Anand, Navsari and Valsad districts. Vadodara, with 5.47 hectares, has the highest quantum of pending acquisition, followed by Surat with 4.89 hectares. Ahmedabad and Bharuch also have 0.02 hectares and 0.05 hectares respectively of pending acquisition.

Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe had laid the foundation stone for the Rs 1.1-lakh crore project at Sabarmati in Ahmedabad in September 2017. The land acquisition process had begun a couple of months later and was met with opposition from farmers demanding higher compensation. NHSRCL later revised the compensation to be paid to private landowners.

The acquisition process in Maharashtra slowed down considerably after Uddhav Thackeray became the chief minister with the support of parties such as the Congress and NCP in November 2019. After a split in the Shiv Sena, a government headed by Eknath Shinde and supported by the BJP came to power in Maharashtra in June 2022. Deputy Chief Minister Devendra Fadnavis had then assured the visiting Japanese officials that all obstacles would be cleared for the bullet train project in the state.

Now, the first trial run of the bullet train is expected to happen on a 50-km stretch between Surat and Bilimora in South Gujarat in 2026.

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India's commercial property sector is strong and stable: Report

The Royal Institution of Chartered Surveyors (RICS) Global Commercial Property Monitor Q1 2023 saw the results that the reading of the headline Commercial Property Sentiment Index (CPSI) improved slightly from -15 to -11 in the final three months of 2022. APAC in comparison with America’s CPSI showed significant improvement from -21 to -4. The CPSI of China went from -44 to -7.

In India, overall occupier demand remained strong and stable with a net balance of +52, with this positivity is broadly equal throughout each commercial sector (office, retail and industrial). Looking towards the future, India’s commercial property market displays many positive signals, with capital value expectations in each sector (office, retail and industrial) all expected to rise over the next twelve months. This is mirrored by rent expectations for the next three months which all strongly expect rises. The twelve-month expectation net balances for rentals and capital values saw that then countries India, Saudi Arabia, and Singapore share similar places which encompasses those countries where projections for both variables are positive majorly but not specifically made up of APAC and MEA markets. On the opposite side of the comparison, countries like the United States, France, and Belgium acquire places where expectations are negative for values and rents.

Deben Moza, FRICS, MCA, Senior Executive Director ‑ Head of Project Management Services, Knight Frank (India) Pvt Ltd., said, “The latest Commercial Property Sentiment Index (CPSI) presents a mixed picture of the global real estate environment. Despite increasing interest rates in many countries, a stronger macro environment and robust labor markets have balanced the trend. CPSI in APAC has shown a significant improvement, primarily driven by a shift in sentiment in China and a stable growth environment in India. However, credit conditions continue to deteriorate across the globe due to more restrictive lending standards. In contrast, the Indian market appears to be picking up and remaining stable due to changing policy landscape, budget allocations for infra and related sectors, and other initiatives as a boost to business. Additionally, with the world’s largest population and the growth of the online economy, the segments of Retail, Data Centres, Industrial & Warehousing, and associated areas are experiencing heavy growth. Also, the rise of the Indian middle class is pushing the residential demand in India.”

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Thane's Real Estate and the Smart Property Investor: A Match made in Heaven!

 

Thane India's leading Urban Conglomeration offers a wide array of real estate options across segments and price-points. Mumbai's 'Sister City' has grown to become a Global City in its own right; offering a wide array of property options for investment as also end-use. With some of India's leading real estate developers creating masterpieces which become landmarks, Thane's real estate is created using global best practices. Stunning architecture and structural stability come together in an environment which offers the verdant greenery of Yeoor Hills and the Sanjay Gandhi National Park as also the azure Blue of Thane creek and the Ullhas River. The City has grown in sync with its infrastructure, which makes it ideal as a real estate hub poised for future growth.

For Corporate entities having office spaces spread all over India's Commercial Capital Mumbai, its suburbs and across the Mumbai Metropolitan Region (MMR), Thane is ideal for consolidation and relocation. Centrally located in the MMR, it offers excellent connectivity through road, rail and the upcoming Metro as also Water-based transport, which links all major hubs across Mumbai and the MMR.

THE ASSET CLASS OF CHOICE

A growing commercial hub, in sync with its excellent connectivity, it offers logistics hubs in its periphery. On the InfoTech Highway, it has proven to be the ideal location for IT and ITeS, catering to BFSI while also offering excellent office and work spaces to suit requirements of the small entrepreneur as also large floor plates to meet the requirements of large corporates.

Retail Therapy leads the trend in Thane, with Shopping Centres, Malls and High Street Retail jostling with shops which fulfil daily needs.

With some of India's leading real estate developers who offer a wide array of options across their on-going projects, Thane's real estate is vibrant, safe and secure - for the end- use buyer as also the investor. As ROIs turn attractive in the resurgence following the pandemic, it is the right time for the smart property investor to take a closer look at the Math: attractive entry levels; steady rate of growth; value appreciation and easy exit options.

Arguably, there's no better opportunity across the Mumbai Metropolitan Region, and Thane's Property scenario is an option which should not be missed by the smart investor.

What makes Thane a real estate destination of choice?

It's a simple equation: entry level price points in Thane real estate still have the potential to grow effectively. In some projects, future growth potential has not already been factored into present-day pricing. That's factor one. The second is relatively easy exit options, as also simple renting and leasing opportunities. Thane's real estate is driven by end-users. So, an investor wanting to divest or exit finds it relatively easier as compared to other property hubs. Based on the investor's risk appetite

7 REASONS TO INVEST IN THANE

• * Centre-Point & A Growth Centre: It Hub, Logistics Hub, Retail Hub Etc
• * Lifestyle-Plus Safe & Secure City
• * Excellent Ready & Upcoming Infra
• * Clean, Green, Serene City: Ideal Place To Live, Work, Play
• * Hub Of Relocation By Major Corporates
• * Steady Demand And Appreciation: Thane Realty Delivered During Pandemic
• * A Real Estate Product To Suit Every Budget: Includes Affordable To Mid-range To Luxury

Medical Tourism Hotels, F&B Outlets. Entertainment spaces including theaters, multiplexes and open air auditoriums, Sports complexes, gardens, The City of Lakes is bordered on one side by the verdant, green national Park on the other side lies the Azure Blue Creek and Ulhas River. Integrated townships and stand-alone buildings. Skyscrapers and low rise structures this is a poetry written in cement and steel. Scripted by architecture, created safe and secure through structural stability.

These are options for investment, to create wealth and to grow wealth. In a well-regulated real estate market governed by RERA. Real estate created by developers who are creators of prime property the ideal investment option for the smart investor.

Thane's Real Estate: Residential - Affordable, Mid-segment, Luxury, Second Homes; Villas Commercial - Retail, Office and Work Spaces, IT & ITeS; Logistics; Data Centres; Entertainment and F&B; Hospitality, Medical Tourism

Safe and Secure: Thane's property scenario

In a world where humankind co-exists with the Covid-19 pandemic, the 'new normal' has re-set the paradigm. Indian real estate has undergone a course correction of sorts, with changes being made to the architecture and design aspect, as also the common amenities and facilities - to be in sync with the new requirements of the 'ideal real estate product' demanded by the new age customer. Thane, for years, has offered these features in its real estate offerings, and did not see the need to 'course correct'. Through the pandemic, sales and leasing of property in Thane were not impacted, post the lifting of the lockdowns, property transactions have steadily grown.

Thane's real estate has adopted principles of 'sustainable development', which will ensure that the quality of life within the city remains top-class, going into the future. The culturally rich city offers property options across segments which help live a life complete in all respects.

In the pandemic-challenged times, as also under the new, Hybrid system of work, Thane offers homes which are ideal for work - from - home while also ensuring work-life balance, for those who make Thane their homes.

For investors and wealth creators, it all points to the safety and stability offered an industry, which is powered by the real estate developers association, CREDAI-MCHI Thane. Over the years, CREDAI-MCHI Thane has been the steadying factor, ensuring real estate development in sync with the city's growth story.

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Mumbai's Property Registrations Soar Past 10,000 Mark in April 2023, Setting New Record

Mumbai Real Estate Market Records High Revenue Collection in April 2023

The Mumbai real estate market saw property registrations of 10,514 units in April 2023, with 83% of the total registrations being residential properties, as per a report by property brokerage firm, Knight Frank. The city also registered its highest ever revenue collection for April in the past 10 years, adding over Rs 840 crore to the state exchequer. The growth in revenue was due to the increased stamp duty rate and surge in higher-value property transactions.

The daily average property registration in April 2023 was 352 units, making it the second-best April month in the last ten years after April 2022. Mumbai's home buying appetite has remained strong, with the city registering an estimated sales of 8,00,000 properties in the last ten years, of which 40% were registered since September 2020, when the stamp duty stimulant was introduced.

Preference for Apartments between 500-1,000 sqft

In April 2023, apartments measuring 500 sqft to 1,000 sqft continued to be the preferred choice of purchasers, accounting for 44% of all apartments. However, the market share of apartments with less than 500 sqft saw a marginal decline from 36% in April 2022 to 32% in April 2023. The share of apartments with areas larger than 1,000 sqft also increased from 17% in April 2022 to 24% in April 2023.

Home Buying Budget up to Rs 1 Crore Remains Top Choice

In April 2023, the home buying patterns shifted with homebuyers with a budget of up to Rs 1 crore accounting for 49% of registered properties, compared to 41% in March 2023. The ticket size of Rs 1 crore to Rs 2.5 crore accounted for 38% of registered properties, while the ticket size of Rs 2.5 crore to Rs 5 crore accounted for 9%. The share of home buyers with a budget of Rs 5 crore to Rs 10 crore and Rs 10 crore to Rs 20 crore was 3% and 1%, respectively.

Age Category 31-45 Years Remain Largest Buyer Group

The age group of 31 and 45 years made up the biggest percentage of home buyers, accounting for 44% of all residential property registrations in April 2023. The share of home buyers who were under 30 years old was 12%, while 30% of buyers were in the 46 to 60 age range. The share of home buyers who were over 60 years old was 14%.

Conclusion

Despite the elevated stamp duty rate, consecutive rise in interest rates, and a steady rise in prices in the market, Mumbai's home buying appetite has remained strong. The preference for apartments between 500-1,000 sqft, a budget of up to Rs 1 crore, and the age category of 31-45 years being the largest buyer group indicate the changing dynamics of the Mumbai real estate market. 

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