Previously known as an industrial hub, Thane has moulded itself into investors go to destination for making a real estate investment. Before 2000, Thane was considered as an investment option for investors belonging to the middle and low-income group.
During that time, Mumbai too had vacant spots that were affordable for those looking to buy their first home. However, during the later years, people started migrating from Mumbai’s central and extended central locations to Thane. Post-2000, the growth of Thane’s real estate story took baby steps with some renowned real estate developers in Mumbai showing interest. This trend was observed till late 2004-2005. However, Thane’s real estate witnessed massive demand resulting from increasing population post 2004-2005.
The affordable section of Mumbai’s real estate market was saturated and Thane became dream home destination for investors and home buyers. All this was supported by Thane’s seamless connectivity to Mumbai. That’s when Thane emerged as a preferred destination for modern home buyers. Home seekers belonging to the middle and upper middle class began to flock in Thane.
This cousin city of Mumbai witnessed growth in a number of residential towers that provided residents with amenities and facilities that were once just exclusively available only to the South Mumbai’s realty market. The portfolio of Thane’s real estate advanced from ground plus seven floors buildings to multi-storey towers offering all the modern amenities and luxurious facilities. City’s pleasant surroundings, pollution free environment and greenery all around, broad and better roads, and seamless connectivity helped Thane come in limelight.
Below Mentioned are Factors Driving Investors to Thane City:
1) Abundant Land Availability
Availability of abundant land is one of the major factors that spur growth in Thane’s real estate market. The real estate builders in Mumbai have converted the vast tracts of industrial estates land and defunct factories available in Thane into vast residential complexes that are well-facilitated with all the modern amenities.
2) Good Growth Prospects
Seamless connectivity, availability of land, upcoming metro and promising employment opportunities ensure that the residents would enjoy benefits of growth prospects. The prices of property in Thane have witnessed an increase of 6.7% in the past 50 months.
3) Employment Opportunities
Thane is a free district in Maharashtra providing a way to small, medium manufacturing enterprises, Chemical Zone, IT sector and port based activity. Now, with coming up of TCS in Hiranandani’s Thane project by leasing 2 million sq ft, Thane will surely offer more job opportunities to its residents.
Areas such as Ghodbunder Road, Kasarvadavali and Majiwada boast all the modern amenities and have upcoming residential projects in Thane by many prominent real estate developers.