How Has Thane's Real Estate Evolved Over the Past Decade?

Thane was once looked down upon as the real estate market for people belonging to the middle- and low-income groups. However, it has today emerged as a top property destination for people seeking a world-class living experience. Thanks to the exponential boom in Thane's real estate market over the past decade, it has turned from a small rural town located on the outskirts of Mumbai into a constantly evolving city. 

The narrow streets and the low-rise residential properties of Thane have been replaced by sprawling flyovers, wide streets, and high-rise residential complexes. With a wide choice of property options for both personal use and investment purposes, Thane has become a preferred property hub near Mumbai. Areas like Ghodbunder Road and Dighe are some of the most popular localities for real estate investment in Thane. Here are a few reasons that make Thane a realty hotspot:

Thane is a part of the Mumbai Metropolitan Region (MMR) and has much to offer as a city to people interested in real estate investment.

Some reasons that have been responsible for the explosive growth in the real estate market of Thane include the following. 

Proximity To Mumbai City

As mentioned before, Thane is located on the edge of Mumbai City, and this contributed significantly to attracting major players in real estate development to the region. After 2010, people gradually started migrating to the suburb from the central and extended central suburbs of Mumbai in search of a better life. This, in turn, resulted in the development of better connectivity options to help reduce the travel time of commuters. With the building of better roads and transportation infrastructure, Thane came into the spotlight and experienced major growth in the real estate sector. 

Clean And Healthy Environment

Despite being located quite close to Mumbai City, Thane is known for its relatively cleaner and greener environment. The suburb is also known as "The City of Lakes", thanks to the 33 lakes scattered across the region. The pollution-free environment and the pleasant surroundings appeal to investors seeking a property option that offers the hope of healthy living. Moreover, the region is home to famous natural landmarks such as Kanheri Caves, Upvan Lake, Sanjay Gandhi National Park, Talao Pali, Upvan Lake, Panchpakhadi, and Parsik Hill offered the promise of refreshing retreats for the residents within just a short distance. 

Affordable Pricing Of Properties

Thane's real estate growth was achieved through baby steps, and affordability was one of the key reasons for attracting developers and investors to the region. Thane is primarily divided into eastern and western sections, and the rental and capital value of property in both these areas has changed significantly over the past decade. Despite that, the price trends are relatively affordable compared to the various localities in Mumbai. The average price per square foot for properties available for sale in localities like Ambernath, Dighe, Kalwa, Vasai East, and Kopargaon stand at around ₹ 4,552.36, ₹13,761.69, ₹14,966.53, ₹ 6,825.42, and ₹ 8,245.4 respectively.

Great Infrastructure Development

The infrastructure development in Thane has increased the liveability index in the region by a huge margin. Over the past decade, several new malls and shopping centres have become operational in the region. Additionally, various leading retail and restaurant brands have opened branches in various parts of the city. The presence of numerous renowned hospitals, educational institutions, and recreational have further helped in enhancing the popularity of Thane as a major real estate hub. Furthermore, the city is also attracting people due to the significant growth in the number of employment avenues and IT parks in the region over the past several years. 

Excellent Return On Investment

Investing in property in Thane comes with the assurance of great returns, given the huge appreciation in property prices being witnessed in the region. A majority of projects being developed in the region are residential complexes and boast various luxury features and amenities offered at a reasonable price. Areas like Dighe, Ghodbbunder Road, Patlipada, Hiranandani Estates, Panch Pakhdi, and Manpada are preferred choices for investment to get the highest returns. Moreover, people can choose from residential properties having 1, 2, 3, and 4 BHK configurations to match their needs. 

Conclusion 

Thane checks on all the aspects that make it a great place for property investment. Moreover, the city is still developing and evolving, which makes it just the right choice for investors from different backgrounds.