Real Estate Gets An Infra Boost
March 2024
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Connectivity to Thane is expected to witness an infrastructural boost. And homebuyers are more than willing to leverage this advantage
The city of lakes, Thane, continues to be one of the fastest-growing areas in the Mumbai Metropolitan Region. From sustainable residential projects to swanky high-rises that boast of lavish lifestyles, greater connectivity to MMR and thriving commercial hubs, Thane’s real estate market is effortlessly scripting its growth story.
What makes Thane a favourite among homebuyers?
Jitendra Mehta, president, CREDAI-MCHI Thane shares, “Mumbai’s sister city at one time, Thane over the years, has evolved into a self-sustaining residential hub, with an elevated standard of living. It has become a rapidly evolving real estate market largely because of its safe environment and vibrant culture.” This makes it one of the main reasons why buyers still prefer Thane as a home destination. According to Mehta, a crucial factor that has played a key role in this trend is the timely delivery of projects by developers along with the promised amenities and facilities at affordable prices.
However, the reason why Thane continues to bridge the real estate demand-supply gap is because of the early investment in land by developers. Looking back at Thane’s real estate evolution, Prashant Thakur, regional director and head - of research, Anarock Group, explains, “At a time when land became a rare and expensive commodity in the main island of Mumbai, developers purchased land in the vicinity of Thane where prices were lesser. With many of these leading developers having lands here, they are now looking to launch new projects. These could be commercial and residential.”
Key upcoming infrastructure projects and their impact on real estate
Metro Line 4 (Wadala – Kasarvadavali) and Metro Line 4A
(Kasarvadavali – Gaimukh)
It is a 32.32 km long elevated corridor with 30 stations. Thakur adds, “It will provide interconnectivity with existing infrastructure links such as Eastern Express Highway, Central Railway, Monorail as well the ongoing Metro Line 2B (DN Nagar to Mandale). This metro link will also be connected to the proposed Metro Line 5 (Thane to Kalyan), Metro Line 6 (Swami Samarth Nagar to Vikhroli) as well as Metro Line 8 (Wadala to General Post Office).” Metro Line 4A will be an extension of Metro Line 4 from Kasarvadavali to Gaikmukh.
Real estate impact: Thakur says, “This approx 2.8 km extension from Kasarvadavali to Gaikmukh would further enhance the internal connectivity in the area. Making these markets more accessible and attractive to prospective homebuyers in the future.”
Waterways connecting Vasai and Kalyan through Thane
The Maharashtra Maritime Board (MMB) has unveiled plans to establish an Inland Passenger Water Transport system, aimed at linking distant civic zones within the Mumbai Metropolitan Region (MMR). Initially, the system will connect Mira-Bhayandar, Thane, Bhiwandi, and Dombivli through the construction of four jetties at Bhayandar, Kolshet, Kalher, and Dombivli. Operating along the Vasai Creek – Ulhas River route, this passenger water transport initiative will facilitate East-West connectivity, adapting to the evolving travel patterns driven by the MMR's expanding population and residential areas.
Real estate impact: This project will link Thane to Vasai, Kalyan, Mumbai, and Navi Mumbai, resulting in approximately one hour saved for Thane-Mumbai commuters and 30 minutes saved for those commuting from Navi Mumbai.
Thane-Borivali Twin Tunnel
The distance from Thane to Borivali via Ghodbunder Road is 25 km. The construction of a twin tube tunnel is proposed between Thane and Borivali under the Sanjay Gandhi National Park so that the journey from Thane to Borivali and vice versa will be reduced by 12 km. Real estate impact: This infra project will drive intra-city and inter-city connectivity. Commuters will gain from this with Thane becoming easily accessible and connected.
Thane Coastal Road
The much-awaited Thane Coastal Road is currently in the pipeline and has been specifically designed to ease congestion off the Ghodbunder Road. The proposed road will start from Kharegaon Toll Naka on Mumbai Nashik Highway (NH-3) and end at Ghodbunder State Highway (SH-42) near Gaimukh. The 13.2-km-long road, which is 40 to 45 m wide, will be constructed on 56.78 ha of land, most of which has already been acquired by the Thane Municipal Corporation (TMC). Simultaneously, last year, the Maharashtra Coastal Zone Management Authority (MCZMA) gave the Coastal Regulation Zone (CRZ) clearance to a 13.38 km second coastal road project in Thane connecting Gaimukh and Balkum. Real estate impact: Presently, Kharegaon and Kopri in Thane lack a direct road connection, necessitating commuters to undertake a detour of more than 30 minutes to cover the distance. The introduction is poised to substantially diminish travel time to around 15 to 20 minutes.
Thane-Ghodbunder Elevated Corridor
Thane – Ghodbunder Elevated Corridor has the potential to become a key connector between two of the busiest road corridors, i.e. NH-4 and NH-8. It is also one of the connectors between Eastern Expressway and Western Expressway for the MMR. Real estate impact: According to Mehta, trucks and containers' movement from JNPT to North India via NH 48 passes through Thane, and this creates a major traffic problem for the commuters. However, with this introduction, much of this heavy traffic will be reduced from existing traffic routes.
Metro Line 5 (Thane – Bhiwandi – Kalyan)
Metro Line 5 will provide rail-based access to commercial, government bodies and geographical landmarks in Thane, Bhiwandi and Kalyan. Thakur points out, “Metro Line 5 will connect the rapidly growing corridor spanning Thane-Bhiwandi-Kalyan through an efficient mass transport system. This elevated stretch will be 24.9 km long and will have a total of 15 stations. It is targeting a daily ridership of 3.025 lakhs by 2031. The upcoming metro line will have an interchange facility at Kapurbawdi Junction that connects Wadala to Kasarvadavli via Ghatkopar and Mulund.”
Real estate impact: Thakur adds, “Once operational, the metro link will be a boon for commuters travelling from Mumbai and Thane regions. Along with Metro Line 6 [Swami Samarth Nagar to Vikhroli (EEH)], this project will help create a circular Metro route in Thane city and integrate it with the rest of the Mumbai Metro network. The metro link will also support the emergence of various growth centres such as Nilje, Bhiwandi and Kalyan resulting in a rise in demand for housing in these peripheral suburbs.”
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Source: timesproperty.com
Also Read: THANE REAL ESTATE: TRACKING THE GROWTH STORY
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