Real estate news on Demand for residential properties on the rise in Thane

Building materials, Commercial Properties, Investors/ Investment proposal, IT/ITeS, Land/plots, Malls/Retail, Mumbai
Posted on Aug 23, 2012
Thane has emerged as a preferred residential destination in recent years. The main reasons for this are the rapid development in various sections of the region and the surrounding natural beauty. Sanjay Gandhi National Park, Yeoor and Parsik hills are some of the places to visit that are responsible for the scenic view the city has to offer. Earlier, an industrial hub, the area has seen a tremendous change with an increase in high-rise structures.

There has also been a great transformation with respect to the social infrastructure in Thane. Several renowned educational institutions, multi-speciality hospitals, shopping complexes and entertainment sections have come up here and the number is expected to rise too.

Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India, says, “Thanes residential property market still has a lot of genuine demand driving it. Also, the supply of projects covers a very broad spectrum of this demand, with properties ranging from 1BHK apartments to lavish luxury homes available. The long term future for property in Thane is excellent. While this area remains among the more affordable ones around Mumbai, there will be a steady rise in rates as development catches up with the planning and existing supply is absorbed by buyers.”

The city also has several schools and colleges like St John High School and Smt Sulochanadevi Singhania High School, among others. Adding to the overall social infrastructure of the city, Korum Mall has come up in the vicinity, which is relatively new. Influencing the demand for residential property in the city is the commercial growth, especially from the IT sector.

Multiple flyovers that are being built over Ghodbunder Road and the construction of SATIS (Station Area Traffic Improvement Scheme) are responsible for the improvement in infrastructure facilities. This has led to an improved quality of living in the city. Thane is well-connected to the eastern suburbs by the Eastern Express Highway and to the Western suburbs by Ghodbunder road.

With the huge growth in population, the Thane Municipal Corporation has taken steps to improve overall infrastructure. Flyovers on Ghodbunder road will reduce the overall strain on vehicular movement. With the growing real estate and infrastructure development in Thane, the city has something to offer to all the segments of the home buyers right from budget homes to mid-range homes to high-end luxury homes.

Widening and construction of roads and flyovers has made Thane more accessible, internally and externally. This kind of planned infrastructure will definitely support the increasing population and the growth of this city.

Representing a city in itself, with its own character and economic drivers including large organisations, it is also well developed. These large organisations and businesses are the drivers for the residential demand in the city. The manufacturing sector, especially along Ghodbunder Road, plays a big role in keeping the residential property sector lively.

The accelerated activity in residential property development has caused an upsurge in malls and entertainment complexes, which further influences demand. Thane is in the process of gaining equal desirability status with areas like Malad and Goregaon.

Suresh Haware, Managing Director, Haware Builders, says, “Thane has good infrastructure and is also a very well planned city. The development in the area is coming to near completion as most of the land has already been used for construction. Home buyers should take advantage of this and invest in Thane as in the next one or two years, there will not be any more homes to offer buyers. Also, residents have a lot of benefits, with hospitals, colleges, schools, markets, shopping malls all easily accessible. We have two of our projects in the area, Haware Citi, 1, 2 and 3 BHK apartments and Haware Estate, offering 1 and 2 BHK apartments.”

Thane offers a great living destination to the home seeker. A number of lakes, a growing number of malls, more and more new projects getting launched and a reasonable price bracket, has made Thane a very attractive residential location. The upcoming airport at Navi Mumbai, the extension of the Metro and mono rail network in Thane city is likely to contribute to the appreciation of property rates in future.

Growth prospects look good, as there are a number of commercial spaces coming up apart from the residential ones. The city is expected to grow further in coming years and is preferred by investors and end-users as well. Experts believe that an investment made in Thane is sure to give handsome returns in the next few years.

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