How is Thane’s real estate growth shaping MMR’s property landscape?

November 2nd, 2023

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In the sprawling landscape of the Mumbai Metropolitan Region (MMR) real estate, Thane shines as a promising residential hub. Known for its noteworthy transformation and the remarkable progress it has made over the years, Thane has become an attractive destination for homebuyers. The city is also an appealing choice for investors as it has the potential to reshape the real estate market.

Thane, nestled in the north-east of Mumbai, is not just a suburban extension of the city, but also a vibrant urban hub. Thane’s evolution from a distant suburb to a thriving urban center is remarkable. As Mumbai’s real estate began to face space constraints, the city started expanding towards its periphery, and Thane was quick to seize this opportunity. Today, this suburban location is a well-planned and well-connected city. Moreover, it also offers a relatively cleaner and healthier environment as compared to Mumbai. Recently, the city bagged the third position at the national-level clean air competition organized by the Department of Environment, Forests and Climate Change, Government of India. Thane’s verdant landscapes play a vital role in elevating the city’s quality of life.

Social Infrastructure

The city also leaves a notable mark on both the social and leisure fronts. It features renowned shopping destinations like Viviana Mall and Korum Mall, top-notch medical facilities, such as Jupiter Hospital and Lakecity Hospital, and quality educational institutions like Rustomjee Cambridge International School, Hiranandani Foundation School, and Lodha World School. Additionally, it offers diverse weekend activities, including relaxation near Upvan Lake and exploring Yeoor Hills, trekking and cycling through the Sanjay Gandhi National Park for adventure seekers, making it a compelling hub for leisure and entertainment.

Improved Connectivity

Thane’s rise to prominence is linked to its improved connectivity with a well-established transportation network. Key infrastructure, such as the expansion of Kopri Bridge to eight lanes, a 10.2 km underground tunnel linking Thane to Borivali, the 4.4 km Ghodbunder elevated corridor, the Thane-Wadala and Thane-Bhiwandi-Kalyan metro lines, have significantly reduced travel time and improved residents’ quality of life, cementing Thane’s status as a thriving city. Furthermore, the neighboring regions of Thane, such as Airoli and Navi Mumbai have become thriving IT hubs, driven by rapid commercial growth. The 126 km-long Virar-Alibaug Multi-Modal Corridor is also boosting job opportunities in Thane, Bhiwandi, Kalyan, Dombivali, Panvel, Taloja, and Virar.

A complete destination for buyers and investors

One of the most striking aspects of Thane is its diverse range of offerings. From luxurious residential complexes to thriving commercial hubs like the Wagle Estate, the city has it all. Infrastructure development has been remarkable, alongside a surge in residential and commercial projects. While residential properties are available across pricing segments, the city’s commercial real estate is thriving, attracting numerous businesses and startups. Additionally, it boasts world-class amenities, lush green spaces, and excellent connectivity, making it an attractive destination for both living and working.

For those looking for houses within large townships or gated communities, it offers a unique experience, immersed in a close-knit environment that prioritizes safety and convenience. These developments also include modern amenities, open space, and proximity to nature. To enhance convenience, developers have introduced retail outlets and pharmacies and enhanced safety and security measures to ensure a hassle-free and comfortable lifestyle for all.

Value for Money

Thane offers exceptional value in real estate, with top builders and developments pricing at around 15,000 – 17,000 per square feet (psf), making it a compelling, cost-effective yet high-quality living destination choice for those seeking top-tier properties. The city’s remarkable progress, driven by its improved connectivity, diverse property options, and commitment towards nature and sustainability, positions Thane as an appealing choice for homebuyers, as well as investors. As the city continues to evolve, it’s poised to redefine Mumbai’s real estate market and shine as a symbol of progress.

Overall, Thane’s real estate market offers a diverse spectrum of options, accommodating a wide range of aspirants — young professionals, first-time buyers, families, and investors. Its emphasis on gated communities distinguishes it from Mumbai’s predominantly standalone buildings, prioritizing safety, and quality of life. Thane is not just a city; it’s a thriving, vibrant, and promising urban hub ready to shape the future of real estate in the region.