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Thane - New dream destination for home buyers

Saturday, February 17, 2018

Thane has witnessed a tremendous makeover in recent years. Those who had seen Thane a few years ago will find a radical and a welcome difference in the city’s infrastructure and ambience. Beside the rapid development, Thane is gifted with many lakes and a hilly landscape, and a recent research report gives credence to the same. Nilesh Ghadge analyses the change

You have often dreamt of a home nestled in a sylvan surrounding ensconced among the lakes, trees and hills, of a home that is enveloped in clean fresh air for you to return to after a hectic day at work. Thane is probably the ideal destination where you can find such a dream home. Thane is a famous neighbourhood of Mumbai. Though it’s on the opposite end of south Bombay, it has its own importance. Over time, Thane has grown to be a preferred destination for home buyers.

What research report says about Thane
A latest research report 'Thane - An Emerging Megapolis' by ANAROCK Property Consultant  highlights Thane city's unstoppable rise to becoming one of the hottest real estate development and investment destinations in the Mumbai Metropolitan Region. The data-driven report vouchsafes that Thane, driven by specific micro-markets, has not only shed its previous 'industrial' image but become a stand-alone real estate boom city

In Thane, wide highways, complemented with flyovers, make the drive and travel easier for commuters to any part located off the Eastern Express Highway till South Mumbai and also provide connectivity to Navi Mumbai. With the widening of the Ghodbunder Road, the connectivity to Dahisar and Borivali side has also improved and, as infrastructure and road network develops in this stretch, the time consumed will be far less than now, thus facilitating more sales, and people looking to relocate to Thane.

The research report was unveiled at the MCHI CREDAI Thane Property Expo.

Anuj Puri, Chairman - ANAROCK Property Consultants, during the unveiling said, "Thane's emergence as a preferred destination for corporate office occupiers as well as homebuyers has been nothing short of spectacular." Further he added, “Last year alone, the city contributed as much as 18% of the entire supply of housing project launches in MMR. Even more interestingly, of the 70,000 housing units that hit the Thane market in the last five years, 53% have already been sold. These figures are a mute testimony to the fact that Thane has succeeded in achieving a 360-degree reinvention feat."

Ghodbunder Effect
Ghodbunder Road, once known as a far-flung area of Thane, is now the prime real estate hotspot in the entire MMR, due to the availability of large land bank for new developments and presence of excellent physical and social infrastructure. With new projects coming up on the Ghodbunder Road, and with the construction of the new metro line underway, Thane is poised to become the next best place to invest.

Kishor Joshi, a manager in a private firm who had recently purchased a flat on Ghodbunder Road,said, “Being born and brought up in Thane, I wanted to buy flat in the city only. But as compared to old city, I gave priority to Ghodbunder Road. Because of spacious locality, ample road connectivity and nature’s glory, Ghodbunder is a perfect location to stay. Affordable rates of the properties added more importance to Godbunder Road.”

Added Kishor, “Even though a new area, Godbunder Road is very well connected to old Thane city. It was like a dream come true for me to buy a home here. In the near future, Ghodbunder Road is going to connect with Mumbai, Bhiwandi, Kalyan with Metro line, which will attract more development in this area.”

ANAROCK’s report identifies the top locations in Thane, which have accounted for 65% of the city’s overall housing supply between 2012-17. Micro-markets like Majiwada, Ghodbunder Road and Kolshet Road together contributed 71% of Thane’s housing supply in this period. The newly-emerging real estate hotspots of  Vartak Nagar, Kasarvadavali and Bhayandar pada are now attracting both end-users and investors because of their massive inherent growth potential over the next
3-4 years.

Cluster development need of the hour
As the new projects showcase the potential of the city, many of the old weak and illegal structures in the old Thane city are a cause of concern for many. Keeping this in mind, recently the government of the state gave a nod for cluster development of the city. Real estate expert’s believed that the cluster development will help both the residential and commercial scenario in Thane. Under this plan, the redevelopment will be focused on a group of buildings instead of redeveloping individual buildings.
While it is true that Thane could do with some more amenities – such as an increased number of public parks, transportation facilities etc. – there is no doubt that it has improved greatly in recent times. For home seekers, Thane offers a value-for-money option with the promise of rich returns.

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