Thane: A lucrative market for HNIs & NRIs
Authored by Maulik Sheth, Director, Ashwin Sheth Group
Thane has grown as a prominent real estate destination in Mumbai Metropolitan Region (MMR). While several factors have contributed to its evolution, chief among them are the low cost of housing units and better living spaces with all necessary amenities. Thane is one of the cities that have developed exponentially. Due to Thane’s connectivity with Navi Mumbai, central as well as western suburbs, people are moving to this city.
Over the years, the dynamics of real estate in Thane has witnessed tremendous change. With the evolving market and people looking for luxury housing at a relatively lesser cost, Thane has turned out to be a lucrative destination for Mumbaikars as well as for HNIs and NRIs. Secondly, the population in Mumbai has always moved northwards in Mumbai. Hence, the need to create Mumbai Metropolitan Region. This has resulted in people getting homes on ownership as well as on rent for an affordable price.
On the other hand, the developers have also reciprocated to meet such a demand by catering to the HNIs and NRIs section of home seekers. These HNIs expect the property to match their standard of living and they not only purchase an apartment for self-occupation but also to invest in a premium home. Hence they opt for top-notch properties, having multiple amenities, ample open area and much more.
Latest report by Anarock Property Consultants on the Mumbai Metropolitan Region (MMR) market states that though the new project launches remained subdued or rather declined by 14% during Q2 2019, but “Peripheral central suburbs recorded the highest new launch addition with a 38% share of MMR, followed by Thane at 19% and Navi Mumbai with 16%.” The same report adds on to highlight that despite the challenging environment for real estate, including in MMR in Q2 2019, majority of sales were in the peripheral central suburbs accounting for 32% of MMR, of which 15% along was in Thane.
Further, in a study done by Knight Frank, Thane has been listed among the top 20 cities in the world to live. These numbers prove why Thane is a destination for those looking at a premium and luxury apartments and will remain one for years to come.
A few years ago, the areas of Vasant Vihar, Pokhran Road, Hiranandani Estate and Brahmanand were where premium residential projects were developed. In case of Ashwin Sheth Group, the projects of Avalon and Sheth Zuri are strategically placed right on the Eastern Express Highway.
To cater to the luxury segment especially, Ashwin Sheth Group has tied up with celebrity designer Sussanne Khan for their lobby areas and Club House. Location combined with such a feature is adding value to the project and making it stand apart from the competition.
Secondly, Viviana Mall that houses multiple global brands is adjoining to Ashwin Sheth Group’s projects in Thane. This is an added advantage for those who are looking for shopping-cum-entertainment experience without having to commute even for half an hour.
In areas towards Kalyan and beyond as well as along the Thane-Belapur Road, there are multiple commercial and industrial areas. Earlier, the promoters and owners owning industries and businesses on these stretches of the MMR preferred commuting from Mumbai for their family’s convenience. This has now changed with such families prefer being closer to their businesses due to the rapid development that Thane has witnessed.
It is incredible to see how the quiet industrial and agricultural suburb of Mumbai has now transitioned into a vivacious city boasting of an envious quality life. Matching Mumbai’s modern infrastructure, commercial growth and residential expansion, entertainment options and more, Thane also boasts of lakes, gardens and valleys for residents looking for a taste of nature, close to their homes. It is no surprise that Thane has emerged to these heights and we envisage further growth over the next 3-5 years to come.