Thane, one of the suburbs in Mumbai is becoming one of the investment destinations in Mumbai by offering an affordable home to the home- buyers. Due to high values in the city, most of them cannot afford to invest in residential property in Mumbai. In such case, Thane is offering an economical relief by offering low rate homes when compared to those in the main city. Thane is offering affordable homes to mid-range buyers in the area range between Rs 6,000-10,000 per sq ft. Spread over an area of 147 sq km, Thane is connected to Mumbai through important roads such as the Ghodbunder Road and the Eastern and Western Expressways. It has excellent rail connectivity through the Thane-Vashi/Nerul and Thane-Panvel local train line. It is also connected to the neighbouring suburbs through the Central Railway’s suburban railway network. The supply of projects in the vicinity covers a broad spectrum of demand, with properties ranging from 1-BHK apartments to luxurious 4-BHK units.
According to Om Ahuja, CEO-Residential Services, Jones Lang LaSalle (JLL) India, “For the mid-range home buyers, there aren’t many affordable options within city limits. Though the rates of residential property in Thane have gone up in the past year by 10-15 per cent, it is still within reach of the common man. Thane is riding a wave of residential and commercial success. A steady rise in property prices have been witnessed in the past few years. New development has been planned and existing absorbed”. He further states, “Living in Thane makes a lot of practical sense. The four railway stations within the city limits – Thane, Kalwa, Mumbra, and Diva, handle a large number of commuters who travel to work every day.”
Thane also witnessed a visible makeover with retail and commercial establishments being developed in the area. The demand for residential property is spilling over to the periphery of Thane, in areas such as Ghodbunder Road, Kolshet Road, Pokhran Road, Manpada, Majiwada, Thane east and Ghodbunder Road. The demand for residential property is increasing as large businesses and manufacturing units are being set up along the road. Thane is inching towards becoming a self-sufficient city. With infrastructure and new connectivity, prices are likely to rise in the area and this spells good news for end-users and investors alike.