The Increased property rates in Mumbai have forced the buyers to move
towards the suburban localities of the city, one of which include Thane East
and West. Thane is among those suburban localities around Mumbai that offers good
options for the buyers belonging to the middle-income group. This area serves
as the perfect investment destination for the mid income buyers.
The Infrastructure
Spread over an area of 147 square
kilometres and ensures excellent connectivity with Mumbai through various
linking roads, which are the State Highway 42 and the Eastern & Western
Expressways. Thane has very good rail connectivity through the local rail lines
between Thane-Vashi and Thane-Panvel. It is also well connected to other
neighbouring suburbs through the suburban rail network of Central Railway.
The Localities
Localities like Dombivali, State
Highway 42, also known as Ghodbunder Road, Badlapur, and Kalyan West alone
account for around 40% of the total supply of 1 BHK units in Thane. These areas
have also witnessed tremendous infrastructural developments along with
modernization with the construction of several shopping malls, and other
commercial establishments. Such developments have greatly improved the growth prospects
of the localities.
The most popular types of housing
units in both Thane East and West are the 1 BHK flats. The buyers look forward
to invest
in the 1 BHK flats as compared to a 2 BHK or a 3 BHK flat. Undoubtedly,
Mumbai is the winner when it comes to demand for small sized flats and homes. However,
due to spiraling property rates in Mumbai, people have started to shift to the suburban
locations to find less costly accommodation, and this has certainly given a
boost to the realty segment of Thane.
The main reason why people look
out for smaller flats is that they think it is better to invest in flats rather
paying a hefty sum as rentals. These days, the rentals of a 1 BHK flat and the EMI
on a home loan are equivalent. In fact, in certain localities, the rentals are
much higher than these EMIs, suggest the market experts.
Reasons for growth of Thane as Realty Hub
Some of the remarkable reasons
for the growth of Thane as real estate destination are excellent connectivity
with Mumbai and other suburbs, infrastructural developments, and lesser capital
values. Thane has built up its buyer’s base for small sized homes. Flats having
a total built up area of 500-650 sq. ft. are available in the price range of
Rs. 3,000-4,500 per sq. ft. If you wish to buy a 500 sq. ft. property in Thane
West or East, you will have to pay
somewhere around Rs. 15 lakh. On an average, the price range of 1 BHK flats in
these localities is somewhere between Rs. 15-32 lakh, which is pretty
affordable.
A number of builders who were
earlier targeting Mumbai for development of new projects have now headed
towards Thane and have rode the wave of success. Some of the builders and
developers like Indoasian Buildcon Pvt. Ltd., Lodha Group, Siddhi Real Estate
Developers, Kabra Builders, Puranik Builders, Swami Developers, Skylark
Constructions Pvt. Ltd., to name a few, are offering 1 BHK flats in Thane West
and East. In addition, the interested buyers can also look forward to invest in
the 1 BHK flats in Dombivali East and Kalyan West also.
If the market experts are to be
believed, Thane has been able to attract the buyers owing to availability of
properties at affordable rates, and such growth is expected to continue in
future. Those who have a detailed knowledge of the market, expect that there
will certainly be a hike in the prices of properties in Thane. Some new realty developments
are also planned.
