The transition from being an option on the shortlist of home seekers to becoming their first choice makes Thane a role model for cities that are still in the process of evolving. The city has become a growth magnet adding a dash of panache to this section of the Mumbai Metropolitan Region, providing much-needed impetus with well-planned, holistic development. Even the locations in its vicinity have benefitted, often branding themselves as ‘New Thane’ or ‘Thane adjacent’ to convey similar growth prospects. Let’s get insights on the aspects that make the city of lakes a magnet for home seekers from some of the leading developers who have contributed to Thane’s growth.
Jitendra Mehta, President, CREDAI-MCHI Thane
As real estate developers, we are ‘builders of the nation’ but it is not just about square feet of constructed space. What real estate in cities like Thane offer is a lifestyle; something that goes beyond the floor space area of the home you buy. In keeping with this, Thane is a culturally rich city, it offers a lifestyle few cities can match. For instance, Raas Rang Thane, a Navratri celebration organised by CREDAI-MCHI Thane from September 26 to October 5, 2022 brings the city’s families together. It reflects upon creating joint community linkages, which in turn, offer citizens the lifestyle that is uniquely Thane.
This year, we expect to see revival in festive aspects related to real estate, so all the goodies and freebies as also sweeteners which create the perfect sentiment to power home buying are expected to make a come-back. It will be the ideal scenario, with the festive season driving sentiment which in turn should result in high number of sales.
Thane is fast evolving into a multiple-real estate segment destination; from the obvious segmentation of residential and commercial, Thane’s real estate also offers high-end retail, IT and ITeS spaces, work spaces, hospitality and F&B, healthcare spaces as also sunrise segments like data centers and logistics. Thane is a real estate destination which offers practically anything and everything in real estate.
The success story is scripted by infrastructure growth and it is an on-going success story. We see upcoming infrastructure projects like the tunnel linking Thane and Borivali, the Metro lines, the water transport linkages as also other on-going projects taking Thane to a different level. It not only enhances economic growth of the city but also provides a lifestyle which reflects safety and comfort. It is good, is on way to becoming better and in the near future, will become the ‘best’.
Housing in Thane has many segments and this is something which proves we are a mature real estate market. Thane offers affordable, mid segment and luxury homes; and this reflects upon the city’s real estate development offering something for every budget segment of home seekers.
It is a stable real estate market; we have not seen sudden price movements, be they upwards or otherwise. The growth rate is largely steady, and delivery schedules hardly, if ever, go haywire. It supports both segments – the end user and the investor, offering the ideal housing product to suit their individual requirements.
My advice to home seekers as we enter the festive season is to search for the right home, but don’t delay the decision – the right time to make your dream home into a reality is this festive season, in Thane.
Deepak Goradia, Chairman and Managing Director, Dosti Realty
Kush Mazmudar
Thane offers a cosmopolitan culture and the possibility of holistic expansion. It has various developments be it residential, retail, commercial and IT Parks creating a well-balanced real estate destination. The city offers numerous prestigious schools, prominent hospitals, malls, gigantic multiplexes, and family-friendly weekend retreats. Thane is truly a real estate investment location in the Mumbai Metropolitan Region due to its value-based facilities and infrastructural development.
Residents enjoy a perfect work-life balance as Thane's modern real estate developments enjoy impressive amenities and social facilities. What works to its advantage is that Thane offers enough acreage for future expansion in comparison to the constraint of space in Mumbai. While Thane is self-contained it is also well-connected with convenient access to all parts of the city via the Rail Network, Eastern Freeway, and Eastern Express Highway.
Thane as a location has witnessed significant development across sectors be it residential, commercial, retail, social infrastructure, hospitality, etc over the past years. Its beautiful hilly landscapes coupled with the planning and development taking place has contributed to the city making its way into the Smart City list.
Thane’s great connectivity to Central Mumbai, Western Suburbs, South Mumbai, and other parts of the city demonstrates ceaseless growth becoming one of the preferred investment-friendly real estate destinations in the Mumbai Metropolitan Region. Thane is already well connected to various parts of the city via the train network and the Eastern Freeway and Eastern Express Highway.
This has also given rise to renowned national as well as international companies that have set up their base here transforming it into an alternate CBD. Wagle Estate, Ghodbunder Road, and Thane-Belapur Road have become the focal point of commercial and IT / ITeS developments.
With the gamut of ongoing/proposed infrastructure like the proposed 6-lane tunnel connecting Borivali and Thane, Metro Line 4 (Wadala- Ghatkopar- Thane), Metro Line 5 (Thane- Bhiwandi- Kalyan), Thane Waterways Transport System, Extension of Eastern Freeway to Thane, Balkum to Gaimukh Coastal Road, Thane Internal Metro, etc, the progress and evolution in Thane’s property domain is being complemented by swift infrastructure expansion.
Ayushi Ashar, Director, Ashar Group
3 Legged Pundit
Many factors make Thane an ideal destination. Today, Thane has emerged as one of the best real estate markets for all who want to enjoy the intimacy of a city lifestyle without facing the chaotic daily commute. This could be elucidated from the demand-supply ratio, which shows that housing sales outstripped launches by 18% over the last four years for Thane city.
However, what separates Thane from all other markets is the appreciation value that it brings to the buyers. The city witnessed an average price rise of 5.1% in CY'19 – CY'22 YTD when the whole nation was under Covid-19. Moreover, from a lifestyle perspective, Thane is the best match for people who want a city life that offers the best connectivity with the most exemplary scheme of recreational spaces in the lap of nature.
The upcoming infrastructure projects in Thane city are up to the tune of ₹2.0+ lakh crore, which will change the city's physical infrastructure. Plenty of flyovers and arterial roads will help the city to reduce congestion, while the three upcoming metro lines will seamlessly connect Thane with other locations in Mumbai.
Metro Line-4 will join Kasarvadavali and Wadala, while Metro Line 5 will connect Kapurbawdi with Bhiwandi and Kalyan. Metro Line 10 will connect Gaimukh Reti Bundar with Shivaji Chowk in Mira Road.
Besides, the much-awaited Thane-Borivali underground tunnel will connect Thane's Tikuji Ni Wadi with Borivali at the western expressway. The Kopri Bridge widening will further improve connectivity between Mumbai and Thane via Eastern Expressway, on the other hand; the proposed Thane coastal road will decongest the route from Bhiwandi and Kalwa going towards Ghodbunder Road via Balkum.
In a nutshell, Thane will emerge as an all-inclusive smart city where everything will be accessible in just 15 minutes. In terms of connectivity, it will connect Mumbai, Navi-Mumbai, Kalyan-Bhiwandi and Miraroad-Borivali in 30 minutes. Moreover, Thane has the natural advantage of becoming the first city in India to offer a genuine walk-to-work culture and walk to education, healthcare and shopping as Thane has the best quality commercial, healthcare, educational and retail infrastructure.
As a responsible brand, Ashar Group has been at the forefront of change in Thane across various segments. For example, we gave Thane its first and most significant IT Park with a daily footfall of over 20,000 people. In addition, we were the first to introduce an International School in Thane – Billabong High.
Further, we are ingrained in the social fabric of our core markets and added a 110-bed charitable hospital in Thane in 2019. Mahavir Jain Hospital has vaccinated over 50,000 individuals and provided top-class care for 20,000+ in-patients. With TMC, Tata Memorial and JITO, we are also launching a 700-bed Super Specialty Tata Cancer Hospital in Thane, benefiting all of MMR.
