Mumbai is the financial capital of India which is why the rush of people coming in to find jobs in the city is too high. Despite housing options being available, most people cannot afford to buy them because of the exorbitant rates. A lot of people are moving out to the outskirts, including the Thane district. There are roughly 30 projects under construction in Thane that would fit into different price ranges.
The price of these properties starts from Rs 10 lakhs only and roughly 93 percent of the apartments available are in the multi-storeyed form followed by builder floor and residential houses. Of the areas in Thane, Thane West, Badlapur and Ghodbunder Road are most popular and many residential projects are coming up in the area. Those who find it difficult to afford property in Mumbai prefer to opt for Thane as there is ample of open space and also the apartments are large and spacious and affordable. Currently, there are many units available in Thane, which are ready to be possessed. Most of the flats are styled in the 2BHK design followed by 1 BHK flat in Thane. The high cost of maintenance has deterred builders from constructing spacious and large units.
Nonetheless, the 2BHK apartments which are available are of the size 800 to 1000 sq. ft. and they cost around Rs 25 lakhs. The units which are under construction can be bought for a cheaper amount of Rs 21 lakhs. Likewise, 1BHK flat in Thane which is ready to be possessed can be bought for Rs 15 lakhs. These apartments are 500 sq. ft. in carpet area. You can buy under construction 1BHK flat in Thane for Rs 9 lakhs or so in Thane. Manpada, Majiwada and Ghodbunder Road in the area are some of the localities with the premium properties available at Rs 1 crore or more. The flats which are under construction can be possessed in the coming two years.
The clientele of such apartments include those people who need to work in central Mumbai because connectivity with the area is well established. Those who need to commute Thane from Mumbai are also moving to this area because of affordable properties.
Why is the focus shifting to Thane?
The improved transportation facilities and developed infrastructure is making builders and homebuyers turn to Thane. Large land banks are available in this area and demand is being generated by people in Mumbai who cannot afford properties in the city. Connectivity to Navi Mumbai and Mumbai is very good from Thane through railway and road network. The Thane Municipal Transport or TMT operates buses along with BEST and share autos are available in the interior areas which makes Thane a lucrative option for residents.
Recently the chief minister of Maharashtra has shown interest in extending the lines of the Mumbai Metro Railway till Thane which has made house buyers, developers and agents quite positive about the prospects of Thane. Aside from this, many localities in Thane have well-developed physical and social infrastructure including colleges, schools, hospitals, police stations and shopping complexes. The prices are comparatively affordable and the Monorail and Metro projects proposed, localities in Thane are coming up as promising destinations for real estate for mid income investors and buyers.
Those thinking of investing in Thane should consider the Ghodbunder Road or GB Road for the purpose of investment. Pokhran Road, Ghodbunder Road and Kolshet Road along with VasantVihar are the most popular areas in Thane as there has been the highest capital appreciation here. In the past two years, all these localities have gained almost 30 percent to 32 percent, according to various surveys. The Western and Eastern Express Highways are connected by the Ghodbunder Road and this area has caught the fancy of most developers for its connectivity to both sides of the city. In the sphere of 2BHK apartments, the development in Ghodbunder Road has been fast paced. The apartment that cost Rs 60 lakhs in 2012 is now worth Rs 85 lakhs.
Similarly, in VasantVihar and Pokhran Road, the prices of property have gone up by Rs 30 lakhs almost in 2 years. These 2BHK flats are now priced at Rs 1 crore to Rs 1.2 crores. Apartments in Kolshet Road have also seen an increase in prices. The flats which used to cost Rs 65 lakhs now cost Rs 1 crore or so. The main factor for development of residential areas in the city is the affordable property although availability of large lands for development is another reason why builders are turning to Thane.
The demand is concentrated on the middle income house buyers because of their closeness to Navi Mumbai and Mumbai and availability of land parcels has made Thane a popular destination to builders. Both premium and affordable residential projects are coming up along GB Road and the localities nearby. Most of the projects under construction are supposed to be delivered in the upcoming three years.
Another cause of the increasing property values in the area is the proposal to connect the localities via Mumbai Mono Rail. The area already enjoys good connectivity via railways and roads along with other public transport such as shared autos and buses, the proposal for connection with Mumbai Monorail in the near future is impacting consumer sentiments quite positively. Developers of Pokhran and Ghodbunder Roads are focusing on delivering properties within Rs 1 to 2 crores while on KolshetRoad, the range is being kept at Rs 55 lakhs to Rs 1 crore. Most of the apartments being supplied are what was demanded by buyers in the first place. Those who have to travel to Ambarnath and Dombivli are also contemplating purchase of properties here.
Therefore, if you are thinking of buying an apartment in Mumbai but are unable to find affordable properties, then you could move out to Thane. The improved connectivity via roads and railways would be of much help. Moreover, once the Metro and Mono Rail proposed begin plying, the area would experience exponential increase in rental and capital values.
The price of these properties starts from Rs 10 lakhs only and roughly 93 percent of the apartments available are in the multi-storeyed form followed by builder floor and residential houses. Of the areas in Thane, Thane West, Badlapur and Ghodbunder Road are most popular and many residential projects are coming up in the area. Those who find it difficult to afford property in Mumbai prefer to opt for Thane as there is ample of open space and also the apartments are large and spacious and affordable. Currently, there are many units available in Thane, which are ready to be possessed. Most of the flats are styled in the 2BHK design followed by 1 BHK flat in Thane. The high cost of maintenance has deterred builders from constructing spacious and large units.
Nonetheless, the 2BHK apartments which are available are of the size 800 to 1000 sq. ft. and they cost around Rs 25 lakhs. The units which are under construction can be bought for a cheaper amount of Rs 21 lakhs. Likewise, 1BHK flat in Thane which is ready to be possessed can be bought for Rs 15 lakhs. These apartments are 500 sq. ft. in carpet area. You can buy under construction 1BHK flat in Thane for Rs 9 lakhs or so in Thane. Manpada, Majiwada and Ghodbunder Road in the area are some of the localities with the premium properties available at Rs 1 crore or more. The flats which are under construction can be possessed in the coming two years.
The clientele of such apartments include those people who need to work in central Mumbai because connectivity with the area is well established. Those who need to commute Thane from Mumbai are also moving to this area because of affordable properties.
Why is the focus shifting to Thane?
The improved transportation facilities and developed infrastructure is making builders and homebuyers turn to Thane. Large land banks are available in this area and demand is being generated by people in Mumbai who cannot afford properties in the city. Connectivity to Navi Mumbai and Mumbai is very good from Thane through railway and road network. The Thane Municipal Transport or TMT operates buses along with BEST and share autos are available in the interior areas which makes Thane a lucrative option for residents.
Recently the chief minister of Maharashtra has shown interest in extending the lines of the Mumbai Metro Railway till Thane which has made house buyers, developers and agents quite positive about the prospects of Thane. Aside from this, many localities in Thane have well-developed physical and social infrastructure including colleges, schools, hospitals, police stations and shopping complexes. The prices are comparatively affordable and the Monorail and Metro projects proposed, localities in Thane are coming up as promising destinations for real estate for mid income investors and buyers.
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Similarly, in VasantVihar and Pokhran Road, the prices of property have gone up by Rs 30 lakhs almost in 2 years. These 2BHK flats are now priced at Rs 1 crore to Rs 1.2 crores. Apartments in Kolshet Road have also seen an increase in prices. The flats which used to cost Rs 65 lakhs now cost Rs 1 crore or so. The main factor for development of residential areas in the city is the affordable property although availability of large lands for development is another reason why builders are turning to Thane.
The demand is concentrated on the middle income house buyers because of their closeness to Navi Mumbai and Mumbai and availability of land parcels has made Thane a popular destination to builders. Both premium and affordable residential projects are coming up along GB Road and the localities nearby. Most of the projects under construction are supposed to be delivered in the upcoming three years.
Another cause of the increasing property values in the area is the proposal to connect the localities via Mumbai Mono Rail. The area already enjoys good connectivity via railways and roads along with other public transport such as shared autos and buses, the proposal for connection with Mumbai Monorail in the near future is impacting consumer sentiments quite positively. Developers of Pokhran and Ghodbunder Roads are focusing on delivering properties within Rs 1 to 2 crores while on KolshetRoad, the range is being kept at Rs 55 lakhs to Rs 1 crore. Most of the apartments being supplied are what was demanded by buyers in the first place. Those who have to travel to Ambarnath and Dombivli are also contemplating purchase of properties here.
Therefore, if you are thinking of buying an apartment in Mumbai but are unable to find affordable properties, then you could move out to Thane. The improved connectivity via roads and railways would be of much help. Moreover, once the Metro and Mono Rail proposed begin plying, the area would experience exponential increase in rental and capital values.
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