Thane, a city in Maharashtra, India, has witnessed rapid development over the past few years. With its strategic location, excellent connectivity, and favourable business environment, Thane has become a preferred destination for homebuyers and investors. The city has risen as a hub of real estate activity in recent years, and the upward trend is expected to continue.
Thane is an up-and-coming destination in the Mumbai Metropolitan Region and a preferred real estate hub. Thane provides its residents with an affordable lifestyle and required amenities at value-oriented rates and is becoming infrastructurally superior to its neighbouring areas. These key differentiation points are what sets Thane apart from the rest, highlighting its potential.
Reasons why Thane can become a real estate hub by 2025.
1. Strategic Location
Thane is strategically located between Mumbai and Pune, two of the biggest cities in India. It is well connected to Mumbai, the financial capital of India, via the Eastern Express Highway and the Mumbai Suburban Railway. The city is also well connected to other parts of Maharashtra, such as Pune, Nashik, and Aurangabad. Thane's strategic location makes it an ideal destination for businesses and homebuyers.
2. Excellent existing connectivity
Thane enjoys next-level connectivity to the Western and Eastern Mumbai Suburbs along with Navi Mumbai via Ghodbunder Road, SCLR, JVLR, NH 8, Eastern Freeway, and Thane-Belapur Road. Besides, Mumbai-Nashik Highway, Central Harbour Rail Line, Central Railways and Thane-Panvel Rail Line connect the area to Mumbai's railway network. The city also has a robust public transport system, including buses and auto-rickshaws.
3. Future Connectivity plans
To enhance Thane's connectivity, the suggested metro rail is expected to run along Ghodbunder Road with over ten halts within Thane itself. The metro is expected to reduce travel time between Wadala and Thane by 50%. Other infrastructural progressions in the works include the construction of the flyover at Bhiwandi bypass, the Thane-Diva Road, the metro-3 project to Mira-Bhayander areas and Kalyan and parallel roads from Thane to Kalyan alongside the metro rail line.
Both the MMRDA and MSRDC are undertaking several important projects that are expected to have a significant impact, such as the Borivali to Sanjay Gandhi National Park (SGNP) tunnel, which is likely to revolutionize commuting times and reduce the time taken to travel between Borivali and Thane to just 10-15 minutes.
The MMRDA is also planning a coastal road that will enable trucks coming from Gujarat to bypass Thane City, thus reducing traffic congestion. The upcoming Metro Line 4 and the proposed Mumbai-Nagpur Expressway will further improve Thane's connectivity. Furthermore, the Thane-Nagpur Samruddhi road's second phase is currently under construction, which is expected to ease traffic from Mumbai to Nashik and reduce traffic in Thane, Bhiwandi, Dombivali, Kalyan, and other areas.
4. Thane's Rich Heritage: Past Trends and promising future Projections*
According to reliable data, Thane has emerged as a thriving real estate hub, in addition to being an industrial town.
- From 2012 to 2017, Thane contributed almost 65% of the city's total property supply.
- Real estate experts note that property buyers in Thane have benefited from a remarkable 300% growth in the past five years.
- Economists and analysts predict a potential 40% increase in job opportunities within the Mumbai Metropolitan Region, which includes Thane.
- This increase in job opportunities is likely to drive up the demand for housing, which could result in further appreciation of real estate investments in Thane.
- In the year 2021, Thane accounted for 18% of the total supply of residential projects launched in the Mumbai Metropolitan Region.
- Additionally, out of the 70,000 housing units launched in Thane in the last five years, 53% have already been sold.
These figures demonstrate that Thane has successfully established itself as a promising real estate investment destination, making it a viable option for property investors.
5. Growing Infrastructure
Thane's is no longer a distant cousin of Mumbai. The infrastructure has been growing rapidly over the past few years, giving Thane its own exclusive place in the world of real estate. The potential for spatial expansion gives the region a competitive edge over other brutally congested and space-constrained regions of Mumbai, making it an excellent option for investment. The city has several malls, multiplexes, and entertainment centers. It also has several reputed schools, colleges, and hospitals. Thane has a well-established industrial sector, with several large industries and IT parks. The city also has a vibrant startup ecosystem, with several startups operating in the city. Thane's growing infrastructure makes it an attractive destination for businesses and homebuyers.
6. Affordable Housing and flats in Thane
Thane offers affordable housing options compared to neighbouring cities like Mumbai and Pune. The city has a wide range of housing options, from budget-friendly apartments to luxurious villas. Thane's affordable housing options make it an ideal destination for first-time homebuyers and middle-income families. Thane is much more affordable, with prices ranging from Rs 10,000-12,000 per square foot. The best part is that you can find affordable flats in Thane starting from Rs 35 lakh, while premium properties range from Rs 1-5 crore.
7. Pro-Business Environment
Thane has a pro-business environment, which has attracted several businesses to the city. The city has several incentives for businesses, such as tax exemptions and subsidies. The city's government is also working towards creating a favourable business environment by simplifying the approval processes and providing the necessary infrastructure. Thane's pro-business environment makes it an ideal destination for startups and large corporations.
8. Greenery and Open Spaces
Thane is known for its greenery and open spaces. The city has several parks and gardens, such as the Sanjay Gandhi National Park, the Yeoor Hills, and the Ovalekar Wadi Butterfly Park. Thane also has several lakes and creeks, such as the Upvan Lake and the Thane Creek, which add to the city's natural beauty. Thane's greenery and open spaces make it an ideal destination for people looking to escape the hustle and bustle of city life.
Conclusion
Thane has all the ingredients to evolve into a real estate hub by 2025. The city's proximity to Mumbai, coupled with its affordable housing options and growing infrastructure, has made it an alluring destination for residential real estate investors. Thane's growth trajectory is likely to continue in the future, with several large-scale projects in the pipeline, and the city is poised to become a major real estate hub in India.
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