In the scenario where India’s economic growth is gradually moving into high gear, workspaces and homes are back in demand – and among the cities attracting the most of such attention is Thane. It truly fits in the definition of being an ‘emerging destination’, given that it has been attracting home seekers and workforce from across the spectrum – from affordable and midrange to luxury.
Real estate experts suggest that property buyers here have potentially enjoyed a 300 per cent growth in capital values of real estate in Thane, especially Ghodbunder Road, over the last few years. Economic advisors and analysts suggest an estimated 40 per cent increase of employment opportunities in the Mumbai Metropolitan Region (MMR), including Thane. Such a predicted hike in jobs would entail a major increase in the demand for housing and subsequently could generate further capital appreciation for real estate investments in Thane.
For Mumbai’s ‘sister city’, Thane has made the jump into being a city with its own identity: It offers job opportunities as well as business options; and going into the future, it might just better than Mumbai on various parameters. Thane’s development is largely co-scripted with the development centered on Ghodbunder Road, which links the Eastern Express Highway and the Western Express Highway. From education to healthcare to retail to workspaces, from IT and ITeS to BFSI segment workspaces and as a residential destination of choice within Thane, it is quickly growing micro-market.
This vital road link is being made ‘future perfect’ with the Metro Rail lines coming up in Thane – Metro 4 that will link various locations on Ghodbunder Road to South Mumbai’s GPO via Wadala on one end and to Mira Road / Bhayandar on the Western side; while the other Metro 5 line will link to Bhiwandi-Kalyan-Taloja.
Effectively, the Metro rail network will link Thane’s Ghodbunder Road to all major cities within the Mumbai Metropolitan Region (MMR), as also provide a link to the existing suburban railways. This transport connectivity is what will make Thane, especially the micro-market along Ghodbunder Road, truly an emerging real estate hub. The Central Railway has proposed an underground rail corridor linking Mumbai CSMT with Thane; this too will add to the ‘future perfect’ connectivity for this emerging destination.
Water-based transport connectivity linking Thane to Vasai on the western side and Kalyan on the eastern side will also be based along jetties which will be located Ghodbunder Road. Projects such as metro corridors, development of flyovers, creek bridges and improving its overall infrastructure and connectivity will boost demand for real estate in Thane, giving this emerging destination further momentum in terms of its growth and attracting new investments.
To enhance linkages with Mumbai’s western corridor, the TMC has already proposed to have one underground tunnel from Ghodbunder to Borivali to cut travel time between Thane and Mumbai’s western suburbs. All of these infrastructure projects will certainly redefine the dynamics of Real Estate in Thane and propel its growth exponentially, ensuring its status as an ‘emerging city’.
Present-day Thane, especially locations along Ghodbunder Road, tops the chart for end users as well as investors as it boasts of widespread roads and highways providing seamless connectivity. Investing in any property is about investing in the right property at the right location for the correct price. Keeping these parameters in mind investing in Thane, particularly in Ghodbunder Road is most ideal, given that the real estate market has shown a significant growth not only as a result of infrastructural developments but also in terms of ROI for investors. For home seekers, it remains the destination of choice – truly, an emerging destination.