Real Estate In Thane – The City Of Tomorrow
Over the last 20 years, real estate prices in Mumbai have increased manifold. Corporate performance and corporate salaries have been unable to keep pace with increasing values for homes. With prices soaring, in many cases to unaffordable levels, it was natural for people to seek more affordable options close to the city. In such a situation, Thane with its abundance of open spaces and improving connectivity to the city became a suitable option for many.
While several factors contributed to the growth of Thane as a real estate destination, chief among them were affordability and the availability of better living spaces than are typically available in the city of Mumbai. Large complexes with state of the art amenities starting dotting the district providing buyers with large green spaces, sporting facilities and entertainment options. Just as people started to make Thane their home, large corporate houses followed suit. Lower rental outflow and the easy availability of talent made the decision to move out of the city very easy. Large IT companies, Industrial houses and BPO’s moved here with the lure of larger spaces easy expansion.
Over time, infrastructural developments also made Thane easier to access. While there is still a lot to be done, easy connectivity to areas like Ghodbunder Road, Pokhran Road and Kolshet Road meant that development in Thane started to expand in all directions thereby providing more options to the increasingly discerning homebuyer. What started as a district best known for its proximity to Mumbai, had started to become self-sufficient.
Another advantage that Thane inadvertently gained with time was the cosmopolitan nature of its residents. While still maintaining is local flavour, people from all geographies have moved here and added to the cities already vibrant social fabric. Further, as a result of being a newly developed city, its fair to say that urban planning in Thane is better compared to many cities in our state and country.
With the continuous widening of roads, building of bridges and expansion of rail lines through the metro and otherwise, Thane is still growing rapidly and continues to remain a preferred destination from homebuyers. With connectivity to Mumbai and other parts of the state getting increasingly convenient, I foresee further growth in volumes in Thane’s real estate market. As per a recent report by The Economic Times, Ghodbunder Road and Pokhran Road in Thane, were among the top 10 destinations to invest for residential real estate in India. Further, a recent study by International Property Consultant, Knight Frank listed Thane among the top 20 cities in the world to live in.
Its amazing how the quiet industrial and agricultural suburb of Mumbai has now become a pulsating city boasting of an envious quality life. Matching Mumbai in terms of modern infrastructure, residential and commercial complexes, entertainment options and more, Thane also boasts of beautiful lakes, gardens and valleys for residents looking for a taste of nature, close to their homes. It is no surprise that Thane has risen to these heights and I envisage further growth over the next 3-5 years.