Thane 2.0 A Megapolis In The Making
February 16th, 2024
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From that historic day in 1853 when India’s first train steamed into Thane railway station, to the present times of being recognised as a buzzing powerhouse of commerce, Thane is also ‘home’ to lakhs of Thanekars and their dreams.
India's first train journey was on April 16, 1853, from Bori Bunder in Mumbai to Thane covering a distance of 34 km. That historic milestone set the pace for an improved railway network boosting connectivity and catapulting Thane on the outskirts into the league of self-contained super cities. Cut to the present day, Thane is recognised as a thriving nerve centre for future generations to live, study, work and grow.
The big shift
The suburbs offer a welcome respite from congested, overpopulated city centres. Thane’s well-developed connectivity combined with robust infrastructure and modern amenities are inviting newbies into the city from across Mumbai. Prashant Thakur, regional director and head - of research, Anarock Group elaborates, “Thane boasts of good social and physical infrastructure facilities with easy connectivity to major areas in Mumbai via the Eastern Express Highway and Ghodbunder Road. The upcoming Metro Line 4 project when operational will further boost connectivity between Thane and other major areas of Mumbai.”
Living the good life
Everybody longs to make their dream home in a place that gives them comfort, safety and accessibility to essentials. Thane is ticking all these right boxes including that of the crucial driving force of affordability, say industry watchers. “Many developers went ahead and bought land in Thane as the prices were significantly lower than in Mumbai. This was at a time when the land started to become a rare and expensive commodity in Mumbai.
Many of these leading developers now have land banks here. Now, these big players are looking to launch new projects - both commercial and residential,” reveals Thakur. Deepak Khandelwal, principal partner and sales director, at a real estate aggregator platform shares, “Several infrastructure projects are underway, most nearing completion in 2024. This will improve intra-city connectivity and usher real estate boom in emerging peripheral markets.” According to a Knight Frank H1 2023 report, although there was a minor dip in residential market transactions, the number of new project launches continued to remain robust. In H1 2023, a substantial supply of 50,546 units was added. Nonetheless, developers remain aware of consumer sentiment and affordability. Of the supply added in 2022, 70 per cent was in suburban markets like the western suburbs, Thane, Peripheral Central Suburbs and Central Suburbs.
Magnetic appeal of micro-markets
The spillover effect of a big city is experienced in its smaller pockets or micro markets. Thane’s micro markets include Naupada, Ghodbunder Road, Pokhran Road, Majiwada, Khopat, and Panchpakhadi. Based on the new supply added in the last few years, Thane West, Kolshet Road, Thane East, Pokhran Road and Majiwada are among the top five prominent areas in Thane with maximum number of new launches between 2019 and 2023. As per Anarock research, 44,760 new units have been launched in these five areas during this period. “New supply essentially follows demand here and no wonder there is limited unsold stock in not just these areas but altogether in entire Thane,” Thakur points out. As per Anarock research, as many as 2.02 lakh units are presently unsold in the entire MMR, of which Thane comprises just 12 per cent share. “This in itself indicates that developers are consciously trying to bridge the demand-supply gap here,” he adds.
Home-work fundas
Despite the strong transport connectivity available, a large chunk of Thanekars prefer to work closer to home. This is propelling businesses to set up shop here. “Given that office rentals are fairly cheaper in Thane than the financial capital, many offices would consider Thane a viable option. Moreover, amid altering consumer preferences where homebuyers prefer peripheral areas, going forward, we may see a few large office occupiers de-centralise and come in proximity to these residential spaces in the peripheries for their employees. After all, the trend of workspaces near homes has gained prominence post the pandemic,” mentions Thakur.
Top developers in the area diligently address market needs, focusing on factors such as affordability, amenities, and space requirements. A report by a property aggregator website states that a comprehensive approach to area development and ongoing infrastructure improvements are poised to contribute positively to this prestigious real estate market in 2024. For Thanekars, all these factors spell a winning proposition as they seal their deal on the home of their choice.
CREDAI-MCHI team highlights why Thane Property Expo 2024 is a must-visit
At present, over 100 projects spread in an area of over two crore sq ft are under construction in Thane. This has the potential to provide 20,000 houses. Though the developers are facing many obstacles, they have not resorted to halting projects as the solution to it as the demand for housing is only increasing with each passing day. While water shortage was one of the biggest problems, we, the CREDAI-MCHI Thane team has helped the government build many water tanks across the city, which has solved the water distribution problem on a big scale. We are also trying to encourage cluster development, which helps to enhance the overall living quotient.
— Jitendra Mehta, president, CREDAI-MCHI Thane
From the perspective of real estate development as growth potential for stakeholders – be it home finance or any new product or services – Thane has been a real estate development hub, which constantly keeps updating. Over the years, the expo has been creating safe and secure business opportunities for stakeholders as well as real estate developers and prospective homebuyers.
— Sandeep Maheshwari, chairman, expo committee, CREDAI-MCHI Thane
From new products and services for the ‘new-age homes’, the property expo has been the perfect platform to reach out to the target audience. The expo is truly a safe and stable business opportunity, powered by CREDAI-MCHI Thane. From a business development perspective, stakeholders in Thane’s real estate have co-scripted an exciting saga of investment and wealth creation.
— Manish Khandelwal, secretary, CREDAI-MCHI Thane
Thane has proven to be one of the promising locations to buy a house as the city provides a perfect balance of greenery and infrastructure facilities. Considering the robust infrastructure development, Thane will soon become the most convenient city to stay in, connectivity-wise as well. The expo will be a one-stop destination for all home seekers as it will provide a range of services - from buying a ready flat to booking a home in an under-construction project. Also, there will be housing finance companies, which can help them with the home loan process.
— Ayushi Ashar, member of managing committee of CREDAI-MCHI
Source: timesproperty.com
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