Various reputed real estate companies are launching new residential projects in Thane, Mumbai, catering to the rising demand for affordable as well as luxury homes.
Proximity to Mumbai and competitive rates are two main reasons why residential projects in Thane, Mumbai have gained popularity. In a five-year price analysis of residential property markets across 11 cities in India, Thane and Navi Mumbai registered highest percentage of property rates after Mumbai.
Considering the growth in demand, many reputed real estate companies are launching affordable and luxury projects in this suburb. This market offers enough choice for buyers as well as investors who wish to stay in close proximity to Mumbai without burning a hole in their pocket. As per a report released by the Confederation of Indian Industry and JLL India, between 2009 and 2014, Thane recorded an 80-85% average increase in property rates. Rates for flats and villas are increasing in Thane; however, this suburb still remains affordable compared to areas such as Andheri and Bandra.
Improved Connectivity and Better Infrastructure
Buyers who cannot afford to purchase a property in Mumbai are opting for Thane as the Eastern Expressway has improved the suburb’s connectivity to South Mumbai, reducing the time to commute. Mumbai Metro has also improved this location’s connectivity to BKC, South Mumbai and Kalina. Connectivity of this area to Dahisar is also good from Ghodbunder Road. Due to improved connectivity and infrastructure, it has turned into one of the most sought-after locations for long term investors and buyers.
Ideal for Middle-Income Buyers
With multinational companies setting up their base in Thane, face of this suburb has changed drastically in last 10 years. Today, various sky-scraping residential as well as commercial properties are available for buyers to choose from.
According to an industry report, approximately 50 new residential projects were launched between 2013 and 2014 in Thane. Despite the growth in number of residential projects, property rates in this area remain less compared to other parts of Mumbai. It is easy to find flats, row houses and villas in various budget brackets.
Social infrastructure of this suburban area has grown and moved to the next level, attracting the attention of buyers from all over India. From shopping complexes and multiplexes to educational institutes and healthcare facilities, Thane has everything one would require for a relaxed living.
The manufacturing sector along Ghodbunder Road has played an important role in the growth of residential and commercial property market. As per reports, genuine demand for real estate is driving the residential property market in Thane. With developers launching exciting new projects, property supply has been satisfactory to some extent in this area. Mainly, demand for 1BHK and 2BHK has been high in this location, coming from middle-income buyers. However, this suburb doesn’t disappoint when it comes to luxury flats and villas.
Rental Properties in High Demand
With property rates increasing, many prospective buyers are looking for rental properties in this area. According to the industry experts, renting has become a popular trend in Thane as rates are skyrocketing. For them, renting is a better alternative and financially more viable.
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Considering the latest market trends, Commercial properties in Mumbai will put a smile on the faces of builders in Mumbai by the 4Q of 2015.
