Infrastructure Projects Boost Thane’s Real Estate Prospects
Thane is no longer just a satellite city of Mumbai; it is a dynamic and autonomous urban centre on the brink of a major transformation. This evolution, driven by various factors and key infrastructure initiatives, redefines Thane’s real estate landscape, enhances the quality of life, and improves connectivity.
Thane’s real estate market stands out for several reasons. According to JLL India’s report, property prices in Thane have consistently increased by 7% annually over the past five years, significantly higher than the national average. This indicates the city’s growing demand for residential and commercial space. The city offers a range of accommodation options, from affordable apartments to high-rise developments, catering to various budgets. This diversity makes Thane an attractive proposition for both novice investors and first-time homebuyers.
Infrastructure Projects on the Anvil
Thane’s real estate market is expected to receive a significant boost due to several ongoing and upcoming infrastructure projects. The Metro network, particularly Metro Line 4 (Wadala-Kasarvadavali) and its extension, Metro Line 4A (Kasarvadavali-Gaimukh), is set to improve connectivity between Thane and Mumbai. The CREDAI MCHI Thane report anticipates that property values along the 32.32 km elevated corridor, which includes 30 stations, will increase by 15-20% by 2027.
Similarly, the Thane-Kalyan Waterway Project aims to establish waterways connecting Vasai and Kalyan through Thane. This project is expected to reduce travel time by 50% and provide a scenic transportation alternative. The Thane Municipal Corporation’s 2023 feasibility study underscores the potential for heightened property demand near these waterways.
The Eastern Motorway extension from Thane to Kalyan, anticipated to be completed by 2025, will reduce travel periods by half, thereby increasing Thane’s appeal to individuals employed in Kalyan and other industrial regions.
Furthermore, Thane’s participation in the Smart Cities Mission strives to transform it into a technologically advanced, sustainable city. Thane Smart City Limited’s 2022 report delineates initiatives expected to attract eco-conscious residents, including enhanced waste management, smart transport systems, and efficient governance. These initiatives are anticipated to collectively improve Thane’s quality of life, sustainability, and connectivity, rendering it an increasingly appealing destination for residents and investors.
Real Estate Outlook
As a result of these infrastructure projects, Thane’s real estate market is on the brink of significant expansion. Metro Line 4 and its extension are anticipated to improve connectivity, with a particular emphasis on micro-markets such as Ghodbunder Road, Majiwada, Kasarvadavali, and Balkum, which are expected to experience the most growth.
According to a report by CREDAI MCHI Thane, the demand for larger apartments with amenities such as swimming pools, gyms, and landscaped gardens is driven by proximity to upcoming metro stations.
In addition, the commercial market is expected to benefit from a growing population and enhanced connectivity. The Thane IT Park is expected to generate 25,000 jobs, attracting multinational corporations and start-ups seeking cost-effective alternatives to Mumbai’s central business district.
Increasing disposable income and quality of life will stimulate the demand for high-street retail spaces, multiplexes, and commercial complexes in Thane’s retail market. In anticipation of the increasing purchasing power, established entities such as Viviana Mall and Neptune Magnet anticipate substantial investment.
Nevertheless, timely completion of these projects is crucial for preserving investor confidence and realising the expected benefits.
Future initiatives, including the redevelopment of Thane Railway Station and the establishment of a logistics hub, are expected to accelerate Thane’s development further. These initiatives will enhance connectivity and boost the industrial sector.
Keeping an Eye on the Future
Due to increased infrastructure initiatives, substantial development is imminent in Thane’s real estate market. Enhanced connectivity, a burgeoning IT sector, and a focus on smart city development will make Thane an even more exciting residential and commercial destination in the times to come.