Showing posts with label property in thane. Show all posts
Showing posts with label property in thane. Show all posts

Small Properties in Thane, Mumbai (Guest Post - Rashmi Karan)

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.

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