Units worth Rs 10000 crore await buyers around Western Express Highway
Creating self-sustaining cities is the key to reducing the burden that commutes to and fro works that are otherwise an inescapable fact of life for Mumbaikars. A large number of mega infrastructure projects, the policy thrust on smart cities by the government, the regulatory and financial incentives for high-quality projects and the drastic change in home-buyers psychology, especially the youth, have completely changed the dynamics of suburban real estate development plans and projects. Homebuyers look for a few basic amenities and facilities, but what comes after that are all icing on the cake, first and foremost is the accessibility that Thane enjoys with the financial capital of the country. The proximity to Mumbai has also meant that there are a number of spill-off effects of central and state government initiatives that get intertwined with real estate development of the region.
Thane is also known as the city of lakes. For any real estate development, water bodies become a prime attraction as they can integrate fascinatingly into the landscape even while adding a lot of natural vibrancy, glamour, colours, and a feeling of wholesomeness. The biggest attraction for homebuyers has been the ease of living. Many of the newer infrastructure projects which have become the cynosure of real estate developments in the region surrounded by the protected forest area of Sanjay Gandhi National Park. New infrastructure projects have been at the core of home-buyer interest. Thane has been second only to Dadar for having the busiest railway bridge and well-connected with neighbouring suburbs through Central and Trans-harbour line suburban railway network.
What was remarkable was MMRDA sanctioning Rs. 354- billion for the 118 Km Mumbai Metro network. This includes a 40 Km Wadala-Ghatkopar-Thane-Kasarvadavali Metro-4 corridor via Wadala, GPO and R.A. Kidwai Marg costing Rs 120- billion. What residents of Thane look forward to is the overall travelling time to Pune which would be shortened by at least 20 minutes. To give credence to the seriousness of the Smart City initiative, Thane civic body partnered with Israel’s Tel Aviv Municipality and Israeli Private technology major to replicate the civic transformation that Israel’s capital underwent using digital technologies.
The existence of a number of IT parks, large residential and commercial complexes, educational institutions, recreational hubs and medical facilities which would all be equipped with the optical fibre network on superlative online connectivity and WiFi has raised the value of real estate that much more in the recent time. If home buyers have been so diligent about buying a property in Thane, the components of their checklist before investing in the real estate projects are as follows:
Living spaces in Thane:
The most important marker for the dynamism of a real estate market is the way property buyers have responded to new projects in the region. Property buyers have been trading off the benefit of lower price in Thane for reduction in execution risks. What the home buyers can clearly notice is that the structural changes and policy reforms brought in by the central government and implemented promptly by the state state government along with the market dynamics have made Thane into a Buyer-friendly market.
What is in store for home buyers:
This city has managed to shed its image of being an industrial area which kept away home-buyers. But the biggest impetus for real estate growth in Thane has been Ghodbunder Road. Kasarvadavli, Bhayandarpada, Majiwada and Kolshet Road have become all independent hubs of self-contented residential projects which home buyers are lapping up. The natural setting of the place also lends a lot of credibility and market value to property buyers. It is estimated that micro-markets such as Vartak Nagar, Naupada and Pokhran road would witness redevelopment-led projects.
Why is Thane slated to be a leader in the pack?
Thane’s success as a smart city also hinges on the fact that it is surrounded by Parsik hills and Yeoor hills. The Sanjay Gandhi National Park in the periphery gives the city a better chance in becoming a smart city with all the natural settings that bring an esoteric value to the town. Some of the quality constructions and innovative designs have also been initiated by real estate developers in this city who have fascinating new projects. The physical infrastructure as well as the vibrant social infrastructure include all the living necessities and better lifestyle choices by way of malls, educational institutions, hospitals, hotels, parks lakes and other public utilities add to Thane’s charm, considered to be an enchanting quality of Thane. The suburban railway connectivity as well as the newly planned Metro connectivity would finally result in Thane taking a lead position in the Smart City list in India.
The properties to look out for in Thane: