The Evolution Of Thane’s Residential Real Estate Over The Last 5 Year

Civilization in Thane has been growing exponentially for the last many years. A vigorous transfiguration has been witnessed on the ground of real estate as there are many upcoming residential projects in Thane. Thane has been known as a place to grab a lot of attention due to its ethnicity which it produces and also has been known as ‘The city of lakes’ as it consists of 33 lakes overall. Residential projects in Thane have a whole different popularity as it Not only comprises some of the best residential colonies in Mumbai but also has several commercial complexes coming up in the vicinity. Extensive development of real estate, over the years, has made Thane one of the most sought-after regions for residential and commercial investments.

Once considered to be a far industrial neighbor of Mumbai, Thane has rapidly emerged as a vibrant self-sufficient city bursting out with premium residential and commercial developments. This city holds a very high and famous position when compared to other cities in the Mumbai Metropolitan Region (MMR). Consisting of a humongous population of 19 lakhs, this city becomes the 15th most populated city in India. Residential projects in Thane have seen new heights over the last 5 years. There has been an extensive amount of demand for the residential aspect of the city more than the industrial one.

5 to 10 years before, Thane was considered as a real estate market for people belonging to low and middle-income groups. Mumbai had some affordable vacant spots back then for those looking for a first home. However, after 2010, people migrated from Mumbai`s central and extended central suburbs to Thane in search of a better life. Thane`s growth story took baby steps with some real estate developers showing interest.

It is from the last 5 years that Thane has witnessed massive real estate demand from the increasing population. Mumbai`s affordable real estate market was saturated and people started looking at Thane as their dream home destination. Thane`s seamless connectivity to Mumbai helped the cause.

Thane started emerging as a preferred destination for living. People belonging to the middle and upper-middle class started to flock here. Thane witnessed growth in the number of residential towers that provided facilities and amenities that were once exclusive to South Mumbai`s realty market.

Thane`s real estate portfolio advanced from the ground plus seven-floor buildings to multi-story towers and townships offering luxurious facilities and amenities. Thane`s pollution-free environment, pleasant surroundings with greenery, better roads, and connectivity helped the city to achieve the spotlight and receive massive appreciation from its residents.

The average rental and capital values of both sides in Thane have shown critical changes over the years. For instance, the average capital values in Thane (West) range between Rs 9,200 per sq ft and Rs 11,300 per sq ft, while the same in Thane (East) are between Rs 10,500 per sq ft and Rs 12,700 per sq ft and the average rental values for a 2 BHK housing unit varies from Rs 19,000 per month to Rs 22,800 per month in Thane (West) while the range is between Rs 23,500 per month and Rs 27,400 per month in Thane (East) for a housing unit with a similar configuration.

Residential Projects in Thane constitute nearly 96 percent of all the housing units available for sale. Independent villas in Thane are scarce. A remarkable 42 percent of the residential units in Thane are 2 BHK configurations, which is followed by 3 BHK units at around 20 percent, and a minute number of 4 BHK and 5 BHK configurations. The unsold housing stock in Thane grew by nearly 30 percent from 27,000 units in July-Sep 2020 to 30,000 units in Oct-Dec 2020.

Currently, for a 1BHK, the price range in Thane is between Rs 50 lakh and Rs 75 lakhs and in due course of time, the price range will hit the fan due to the connectivity which this city has to Navi Mumbai as well as to the Eastern and Western via Ghodbunder Road, JVLR, SCLR, Eastern Freeway, NH 8, Mumbai-Nashik Highway and the Thane-Belapur Road. Besides road connections, the railway connections are also going strong with the Central Harbour Rail Line, Thane-Panvel Rail Line, and Central Railways helping in the increase of attention.

Future connectivity plans include the proposed metro rail that would run along the Ghodbunder Road with more than 10 halts within Thane itself. With the metro, the travel time between Thane and Wadala is expected to be reduced by half. Other infrastructural developments on the cards include construction of the Thane-Diva Road, the flyover at Bhiwandi bypass, metro-3 project to Kalyan and Mira - Bhayander areas, and parallel roads from Thane to Kalyan along the metro line.

All this will have a major impact on the upcoming residential projects in thane. Thane is being converted to a residential hub where people have been enormously satisfied with the availability of various amenities and facilities provided by this city.

One more of the main factors which have been attracting people and making them buy residential property in Thane is the opening of ample job opportunities over the last 5 years.

Residents of Thane have been completely satisfied with their choice of location, as it provides everything an individual needs to survive and beyond that. Many upcoming residential projects in Thane have been put on to develop by some of the big names in the real estate industry. Developers by now have understood that Thane is the ideal spot to display their big projects.

The increase in admiring or adoring the residential side in Thane has made many more developers make Thane their next prime location for their big projects.

Upcoming residential projects in Thane have turned thousands of heads of realtors and customers towards this massive city, and those new residential projects in thane have become successful in attracting a wide amount of growth in terms of population and terms of diverse amenities. Thane is the one location that has seen a phenomenal rate of return on investment. Almost all the areas in Thane have seen a huge appreciation in real estate prices, some by 30% in just the past two years. With improving infrastructure, greater connectivity, increase in job opportunities, the demand for homes in Thane is only going to rise, pushing the prices up even higher.