For working-class home buyers in Mumbai, there aren’t too many options left in terms of affordable residential destinations. As we all know, the term ‘affordable’ is a relative one when it comes to home buying in India’s financial capital. Property rates in Thane are certainly a lot higher now than before, but it still ranks prominently among home buyers who are looking for something affordable in Mumbai’s Eastern suburbs.
According to the Residential Services division at Jones Lang LaSalle India, living there still makes a lot of practical sense. Thane, which was the terminus for India’s first-ever passenger train, is admirably connected to the neighbouring suburbs thanks to the Central Railway’s suburban railway network. The four railway stations within the Thane city limits – Thane Station, Kalwa, Mumbra and Diva – handle a massive number of commuters who travel for work every day. Thanks to the Thane-Vashi/Nerul and Thane-Panvel local train line, Thane is also an important railway link to Navi Mumbai. Needless to say, connectivity is a vital driver of property demand and growth in Mumbai and its suburbs.
Thane is well-developed, and represents a city in itself – a city with its own character and economic drivers, including large businesses that drive the demand for residential properties. The manufacturing sector, especially along Godhbunder Road, plays a big role in keeping the residential property sector lively. Also, the accelerated activity in residential property development has caused an upsurge in malls and entertainment complexes, which further influence demand.
Generally speaking, Thane is in the process of gaining equal desirability status with areas like Malad and Goregaon. The story there has changed a lot from the days when it was known for friendly property rates and bargains. As of today, the property market there is going into something of an overdrive in Thane, with the upward movement of property prices happening faster than in the rest of the suburbs. This is because Thane’s real estate sector had seen a fair amount of correction during the property market downturn, leading to a spate of purchases among bargain hunters. Developers responded quickly to the demand by launching more projects.
However, the speculation component of the current demand is not very significant. The fact is, Thane’s residential property market still has a lot of genuine demand driving it. Also, the supply of projects covers a very broad spectrum of this demand, with properties ranging from 1BHK apartments to lavish luxury homes available.
The developer representation in Thane is impressive. National brands like Hiranadani, Acme, Lodha, Keystone, Sheth, Kalptaru, Dosti and Runwal – names that built their current strength in Mumbai – are very active in Thane. There are also projects by local developers like Puranik, Cosmos, and Vijay Developers.
The long-term future for property in Thane is excellent. While this area remains among the more affordable ones around Mumbai, there will be a steady rise in rates as development catches up with the planning and existing supply is absorbed by buyers.
Residential Rates In Thane:
Kolshet Road – Rs. 4000-4500/sq.ft
Godhbunder Road – Rs. 3000-6000/sq.ft
Kopri (Thane East) – Rs. 5500-6000/sq.ft.
Thane (W) – Rs. 4500-5000/sq.ft.
The author, Mohammed Aslam is COO – Residential Services, Jones Lang LaSalle India
