New Thane Ring Metro project gets go ahead from Union Cabinet
August 26th, 2024
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The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Thane Integral Ring Metro Rail Project (IRMRP), a significant initiative set to transform urban mobility and real estate in Thane. The Maharashtra Metro Railway Corporation (MMRCL) will lead this pioneering project, which represents its first greenfield endeavor in the metropolitan area.
Scheduled to commence operations by 2029, the Thane Ring Metro will create a vital link between Thane’s remote residential and commercial hubs — Wagle Estate, Ghodbunder, Kolshet, and Saket — and both the new and old Thane railway stations. The project will also connect with Mumbai and Kalyan through the ongoing metro lines 4 and 5. Out of the 22 stations planned, the new and old Thane railway stations will be constructed underground, ensuring seamless integration with the existing urban infrastructure.
With the capacity to carry 1,500 passengers per six-coach rake, the metro is expected to operate every 15 minutes, completing a full loop within an hour. By 2045, the daily ridership on this corridor is projected to reach 8.72 lakh passengers, underscoring the project’s significance for the future of Thane’s urban transportation.
The real estate industry has responded enthusiastically to this development, recognizing the potential for a transformative impact on the region.
Vedanshu Kedia, director, Prescon Group, highlighted the project’s broader impact: “The Union Cabinet’s approval of the Thane Ring Metro Project marks a transformative milestone for the Thane real estate market. This project, with its strategic connectivity across key residential and commercial hubs is set to redefine urban mobility and catalyze significant growth in the region. The enhanced connectivity to Mumbai and Kalyan, along with the integration with existing metro lines, will not only improve accessibility but also elevate Thane’s appeal as a preferred destination for homebuyers and investors alike. We anticipate that this development will spur demand for both residential and commercial properties, driving up property values and contributing to the overall economic prosperity of Thane.”
Rajeev Ranjan, co-founder & CEO, The Mentors Real Estate Advisory, echoed these sentiments, stating, “The approval of the Thane Ring Metro Project by the Union Cabinet is a game-changer for the Thane real estate market. This project will not only enhance connectivity across key residential and commercial areas but will also bring a transformative impact on property values and development potential in these areas. With the metro seamlessly linking old and new railway stations and integrating with existing metro lines, we anticipate a significant uptick in demand for both residential and commercial spaces. The improved accessibility will make Thane even more attractive to homebuyers and investors, fostering sustainable growth and solidifying Thane’s position as a preferred destination within the Mumbai Metropolitan Region.”
Rajan Bandelkar, vice chairman, NAREDCO and MD, Raunak Group, expressed, “The Thane Integral Ring Metro Rail Project is a significant milestone that will undoubtedly catalyze the real estate market in Thane. The enhanced connectivity provided by this ambitious project will transform Thane into an even more attractive destination for both homebuyers and investors. As commuting times reduce and accessibility improves, we anticipate a surge in demand for residential and commercial spaces, particularly in areas around the proposed metro stations. Thane Integral Ring Metro Rail Project aligns with the vision of creating well-connected, sustainable urban centers, and will play a pivotal role in elevating Thane’s status as a thriving real estate hub. We expect a positive ripple effect on property values, leading to accelerated growth and development in the region. As the metro project unfolds, it will not only uplift the real estate market but also contribute to the overall socio-economic development of Thane, further solidifying its position as a prominent residential and commercial hub in the MMR region.”
Source: constructionweekonline.in
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