By Girish Shah, Executive
Director-Residential Sales, Knight Frank India
Over the last few years, Thane is seen gaining popularity for its
quality residential developments on the back of its improving physical infrastructure
and social amenities. Ghodbunder
Road has developed as an arterial road connecting the Eastern and Western
Express Highways. Residential
properties in localities such as Naupada, Panchpakhadi, along the Eastern
Express Highway (EEH) and Pokhran Road No. 2 are sought after and command
relatively higher prices than the rest of the market.
With several commercial hubs in Mumbai like Nariman
Point, Lower Parel and BKC hitting their saturation points, Thane is being
considered as a viable option as many IT /ITes companies are opening up their offices there. This has persuaded
working professionals too to consider this vicinity as a residential option.
The region is also becoming a location of choice for
many first-time home buyers as the capital values are much lower than Mumbai,
with apartments available in the range of Rs.6,000 to Rs. 10,000 per sqft (Source: Knight Frank Research) in Ghodbunder and about Rs.14,000 to Rs. 18,000 per sqft (Source: Knight Frank Research) in Naupada. The location has witnessed
more than 9,800 unit launches in year 2018 acrossprojects by noted real estate
players likeKalpataru, Hiranandani, and Wadhwa. Offering premium lifestyles,
the new developments are equipped with social amenities such as club house,
swimming pools, healthcare and recreation, all within reach.
Thane boosts of connectivity to Navi Mumbai, the Eastern and
Western Suburbs of Mumbai via Ghodbunder Road, NH 8, Mumbai-Nashik Highway and Thane-Belapur Road. The future connectivity plans of Thane
include the proposed Wadala-Ghatkopar-Thane-Kasarvadavali metro rail which is
expected to reduce the travel time between Thane and Wadala by half. Other infrastructural developments on
cards include construction of the Thane-Diva Road, the flyover at Bhiwandi bypass, metro-3 project to Kalyan and Mira-Bhayandar areas and parallel roads
from Thane to Kalyan along the metro line. Different areas of Thane have
seen a price correction of about 7% to 10% in the last one year, making the price point
of home asset purchase lucrative for the home buyers.
Another major attraction in this area is an upcoming 20-acre Grand Central Park which is expected to be one of the
largest in India. This could act as a major factor
that could instigate appreciation of property prices especially in the region
around it, a trend that has been observed worldwide. As per Knight Frank’sThe Wealth Report – Insight Series 2019,
homes adjacent to London’s
Regent’s Park and New York’s Central Park both see an uplift of almost a
third in the value compared with their neighbours.Central Park and Regent’s Park came out on top for the highest
premiums, commanding 29% more
for park-facing properties.
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