COVID-19 Second Wave: Thane Continues To Be The Preferred Real Estate Destination Despite Pandemic Restrictions
Thane has emerged as one of the most preferred real estate destinations in the country. The district has slowly emerged from the shadows of Mumbai, creating its own identity, and is self-sustained with a mix of commercial, residential, and retail developments with enhanced social infrastructure. The city did well despite restrictions during the second wave of the COVID-19 pandemic. According to a report by MagicBricks Prop Index April-June quarter (Q2 2021), the recovery of demand for residential real estate has been faster in Thane due to its superior infrastructure and seamless connectivity along with consolidation in property prices.
Thane is emerging as one of the best alternatives for people who want to enjoy a luxurious lifestyle in proximity of Mumbai city. Another report by CREDAI-MCHI mentions that the value of properties registered in Thane in December 2020 was 78% higher than November 2020 and 181% more than September 2020, underscoring the sequential rise after the stamp duty cut. 30% more units were sold in January 2021, raising the average value of the property sold by 1.1%. Price correction, Government reforms and lucrative offers from developers resulted in higher demand for apartments in Thane region.
The residential segment has shown an indomitable spirit and resilience against the pandemic since last year. Prolonged work-from-home (WFH) policies saw a rise in demand for larger spaces, as homebuyers were looking to upgrade for the need of an extra room to suit the requirement of home-office, as per the Magicbricks PropIndex report. Even today, homebuyers are looking at areas which are pollution-free, environment-friendly with pleasant surroundings, connectivity, and excellent social infrastructure. Many first-time homebuyers prefer to invest in Thane as it offers the best social ecosystem with prominent schools, colleges, hospitals, entertainment zones and malls to enrich the quality of living.
The steady flow of investments and transaction volumes in Thane is owing to its excellent connectivity to Navi Mumbai along with the Eastern and Western Suburbs of Mumbai via Ghodbunder Road. Besides, the Central Harbour Rail Line, Thane-Panvel Rail Line and Central Railways connect Thane to Mumbai's railway network. Future connectivity plans include the proposed metro rail that would connect Thane to Wadala via LBS marg. With the metro, the travel time between Thane and Wadala is expected to reduce considerably. Other infrastructural developments on the cards include construction of the Thane-Diva Road, metro project to Kalyan, Thane – Borivali tunnel and parallel roads from Thane to Kalyan along the metro line.
Thane, with its improved infrastructure and connectivity, is becoming an attractive and a preferred destination for investments in real estate. The location has witnessed significant capital appreciation over the past decade. The growth potential for Thane is enormous and investing in the region will serve as an ultimate address for home buyers. Piramal Vaikunth, a project by Piramal Realty, is an integrated township situated in Balkum, Thane, offering optimally designed homes with seamless connectivity. The residential project is strategically located in proximity to the main city and provides state-of-the-art amenities. Piramal Vaikunth attracts people from various professional backgrounds, becoming a melting pot of culture.
Source - mumbailive.com
