Thane: An Emerging Real Estate Hub

The city of Mumbai, bursting at the seams, has only two options – to build vertically or expand horizontally towards New Mumbai and the region of Thane. Real estate in Thane was developed to take some of the pressure away from South Bombay and, over time, rose to become one of the most prominent parts of the Mumbai Metropolitan Region (MMR). 

Thane, the city of lakes, possesses an impressive background of rich cultural heritage and strategic location. Surrounded by Yeour Hills and Parsik Hills, this 128 sq. km. area is bordered by Sanjay Gandhi National Park on one side and encapsulates 40 hectares of land area. Through the last few years, Thane has rapidly grown and emerged as a coveted hotspot for real estate developments. Homeowners actively seek homes here owing to their strategic location, excellent infrastructure, easy accessibility, relatively lower real estate rates and the city’s ongoing initiatives to upgrade their residents’ lifestyles. Thane is gradually emerging as a self-sustaining real estate hub, which is why people are flocking to this part of town. 

Here are a few reasons why people are so heavily interested in property in Thane: 

Physical Infrastructure Development 

Real estate in Thane is becoming increasingly sought after by homeowners because the area’s well-developed infrastructure and strategic location connect the city to multiple parts of Mumbai. Thane is an integral part of MMR, with numerous arterial roads, flyovers and excellent connectivity via the local harbours and central line. It offers Eastern Freeway connectivity to South Mumbai, easy access to Navi Mumbai through Eastern and Western Suburban Railways, connectivity via Ghodbunder Road, Thane-Belapur Road, NH-8 and the Mumbai-Nashik Highway and Thane-Belapur Road. The upcoming metro project is further set to see Thane experience exponential growth.

Social Infrastructure Snapshot 

Thane enjoys brilliant social infrastructure because of the presence of various educational institutions, amusement parks, malls, clubs, fine dining restaurants and hospitals. Thane has evolved rapidly as a self-sustaining real estate destination, and homeowners in this area do not feel the need to keep flocking to Mumbai to fulfil their needs, except for getting to their place of work. 

Commercial Growth Centre 

As the focal point of the MMR region and enjoying excellent connectivity, there has been a growing demand for commercial real estate in parallel to the demand for residential real estate in Thane. Thane offers flourishing jobs and business opportunities and is developing into the next work destination resulting in high demand for office space. As part of Thane’s smart city vision, TCS set up its largest office in this area spanning 3 million sq. feet with a capacity of 30,000 employees. A swelling number of businesses, especially Media, IT and other knowledge-led businesses, are setting up base in Thane. 

The Exponential Growth of Residential Property in Thane 

Grade A developers have partaken in the development of Thane and added a new and abundant supply of residential units. The key reason for Thane’s real estate market appreciation is the cost-effectiveness of capital value compared to Mumbai. Additionally, Thane is a self-contained locality that is well connected to other areas and offers an influx of social and commercial infrastructure, making residential space here all the more attractive for buyers. 

Statistics that support Thane’s as an emerging real estate hub

• As per CBRE, the first quarter of 2022 and Thane submarkets and Eastern Suburban witnessed a combined share of 46% in new launches in that quarter. 
• As part of Thane’s smart city vision, the metro route from Teen Haath Naka to Kasarvadavali was sanctioned under phase II of the Mumbai metro. 
• 113 hectares of land have been proposed to be allotted to reputed institutes to set up campuses imparting higher education to promote Thane as an education hub
• Land has been allotted to two renowned medical centres, namely, Tata Cancer Hospital & Shankar Netralaya. 
• A state-of-the-art assisted living facility and working women’s hostel are being built, making it a paradise for that demographic.
• In 2018, the average price per sq. ft. was around Rs. 10, 000 which rose to Rs. 12,500 in 2022, deeming it a lucrative go-to destination for real estate. 

Whether a 2 BHK flat in Thane or a stand-alone row house, property in Thane is characterised by open spaces, world-class amenities and a high quality of living. The vibrant region boasts planned infrastructure, civic facilities, amenities and workspaces that are easily accessible, making it an unbeatable proposition. For some homeowners, the reason to move here could be an affordable home that provides a luxurious lifestyle, a blend of a cosmopolitan crowd, access to multiple fine dining restaurants and malls, large green spaces, the tranquillity or the ease of just being here. Thane has something to offer to everyone.

No matter your reason for picking Thane as your home address, we at Blox ensure that your buying experience is as great as the home you plan to move into. By integrating technology into our buying process and keeping you at the centre of all our operations, we make your transition from smart search to smart buying in the smart city very seamless.