Thane Emerges As A Hotspot For Affordable Luxury Housing In The MMR
August 30th, 2024
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Demand for lifestyle projects is transforming the real estate scenario of Thane and beyond, thus drawing attention from both, developers and homebuyers alike
Thane, a flourishing city in the Mumbai Metropolitan Region (MMR), is targetted by several prospective homebuyers and there are many reasons for the same. Some prominent reasons are the rapid growth of available inventory, ample green space, and upcoming infrastructure projects. Amidst all this, real estate experts share that the demand for affordable luxury residential projects that offer premium amenities and a better living experience at a not-so-high price is specifically high. These kinds of projects are being built to cater to homebuyers in the middle-income group who are seeking an upgrade in their living standards.
Shedding light on the same, Deepak Nair, head (marketing) of a real estate company says, “The rising demand for premium lifestyle projects in Thane highlights the city’s evolving real estate landscape. The focus of developers has always been on understanding consumer needs to meticulously craft homes that exceed expectations through innovative design, functional efficiency, and modern amenities tailored to all age groups.”
The data also indicates that the demand is high, and developers are also increasing their inventory to fuel the same.
Rajkumar Singh, senior director, of residential sales (Mumbai), Anarock Group shares, “As per Anarock Research, as many as 52,900 units have been launched in the city between 2019 and 2023, with maximum supply being launched in the last two years alone. Interestingly, nearly 63,870 units have been sold here in the same period.”
As per a recent report by real estate data and analytics firm PropEquity, Thane was among the top cities in terms of quarterly sales with 26,702 units sold in Q1 CY’24. The markets covered in the report included Thane, Pune, Hyderabad, Bengaluru, Mumbai, Navi Mumbai, Chennai, Kolkata and Delhi NCR. As per data released recently, the sales of residential properties in Thane may rise by nine per cent to 25,041 units in April-June from 22,956 units in the year-ago period.
Another aspect that can be attributed to this growth in demand for lifestyle projects is its proximity to Mumbai and the outskirts of MMR.
The connectivity is also expected to improve by leaps and bounds due to the upcoming Metro lines in and around Thane. Strategic location, well-developed infrastructure and comparatively lower prices are making Thane a lucrative option for prospective buyers.
Industry experts anticipate that Thane, benefiting from a favourable trend in the real estate sector, will persist in drawing substantial investments and sustaining its upward momentum in the foreseeable future. The increasing inclination towards lifestyle projects shows evolving homebuyer preferences and highlights Thane’s potential as a real estate hotspot for those seeking a premium yet affordable lifestyle.
Highlighting the significance of Thane’s real estate growth, Rajan Bandelkar, vice chairman, NAREDCO concludes, “Thane’s real estate market has undergone a remarkable transformation in recent years. The increasing demand for lifestyle projects underscores the city's appeal as a residential hub that offers a perfect balance of modern living and affordability. We will continue to support this growth by fostering a conducive environment for developers, ensuring that homebuyers have access to high-quality housing.”
Source: timesproperty.com
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