Thane's Real Estate Thrives: Record Development Charges Reflect Growth, Connectivity & Consistency, Says CREDAI-MCHI President

The fiscal 2023-24 has seen the Thane Municipal Corporation (TMC) post a record amount of development charges recovered during (Rs 8,444.36 crore). This reflects growth and consistency of Thane's real estate market, said Jitendra Mehta, the president of CREDAI-MCHI, Thane (the real estate industry's apex body).

Mehta said that this underscores the positive growth of Thane's real estate. "New launches are getting sold.Our members report that there has been no major unsold inventory problem in Thane for years now. Thane has consistently shown positive trends, and the development charges recorded by the TMC reinforce the growth trend in this real estate hub," he said.The new fiscal started with the announcement about the ready reckoner rate remaining constant. Mehta said this will help ensure that the sentiment in Thane's real estate remains positive.

"The home buyer will get a positive out-look as a result, since the ready reckoner rate keeps the cost of buying a home at the same level as in the previous one," he said.

Key infrastructure needed for a city to grow is connectivity and Thane has some of the best existing connectivity, he said. It began with wide roads with flyovers – connectivity which made driving between Mumbai to Thane a breeze.

This road connectivity now includes Kopri bridge widening; the tunnel through National Parkwhich will bring Borivali closer to Thane; the coastal road, extension of Freeway from Chembur to Thane, water transport and Metro lines. Thane is also a short drive away from the existing airport (CSMIA) as also the upcoming new airport in Navi Mumbai.

Mehta said that Thane offers the right mix of education, health, social, religious, cultural, sports and recreational facilities, making it the ideal location for dream homes to become a reality. "The 'new age home buyer' wants homes which are in sync with their needs and aspirations; Thane offers such home seekers the perfect homes to meet their requirements," he said.