Is Thane the Best Bet for Sky Villas in Mumbai suburbs ?
Since the year 2016 real estate in Mumbai and more particularly Thane, has been finding its footing and has started surging ahead, albeit very conservatively. According to a recent Colliers Residential Property Research and Forecast Report, the first quarter saw a moderate influx of new launches in India as a whole, out of which 34 per cent of the launches were concentrated in Mumbai-Thane itself. Capital values have also remained stable and there was a surge in demand which cleared inventory and made room for new launches.
One of the key beneficiaries of this trend has been Thane. Various areas of Thane like Majiwada, Pokharan Road and Ghodbunder Road have been successful in attracting a large chunk of buyers from other peripheral locations of Mumbai. Various reports on real estate indicate that the demand in the Thane realty market grew by 47 per cent. Such is its demand now that prominent realty players like Godrej, Piramal, Wadhwa are initiating large-scale investments targeting the middle and upper-middle segment of buyers.
Western lifestyle influences and the desire for bigger houses has triggered the demand for Sky Villas. Belonging to the luxury residential segment, Sky Villas combine the benefits of penthouses and villas along with additional benefits of luxury amenities and community living. These multi-level apartments command a price of Rs 5 crores upwards in the Mumbai Metropolitan Region (MMR). In fact, Sky Villas as a segment have recovered at a much faster rate from the slowdown and are only expected to maintain a high growth trajectory. Thane, for example, has become a prime target for such developments. The factors in its favour include:
Excellent Transport and Connectivity:
Thane’s all around connectivity plays a major role in it being an ideal.It is accessible from a network of roadways, such as Ghodbunder, JVLR, SCLR, Eastern Freeway, NH-8, Mumbai-Nashik Highway and Thane-Belapur.This is one of the important parameters influencing a decision for real estate investment in any area. Thane fits the bill admirably in this. It has good rail and road transport, good roads and highways for easy mobility and it is only 36 km from the Chhatrapati Shivaji International Airport Mumbai.
Thane has very good rail connectivity, not only to Mumbai city but to other parts of the state through the Central and Trans Harbour Line Suburban railway network. Every few minutes there is a fast train arriving or leaving Thane; it is one of the busiest suburban rail stations in the state of Maharashtra.
Slew of Infra Projects:
In times to come, with new Infrastructure in pipeline, the connectivity between Thane & Mumbai is going to further enhanced. An elevated freeway has been proposed on Ghodbunder Road (GB) that passes through Thane & connects the Eastern & Western Expressway.
An 11 KM tunnel, worth INR 3,000 Crores has been proposed to connect Thane with Borivali that will reduce the travel time from 120 minutes to just 10 minutes & enhance the connectivity of Thane to the Western Suburbs in Mumbai.
Work is in progress for the Metro Line 4 in Mumbai also called the Wadala-Ghatkopar-Teen Hath Naka (Thane) – Kasarwadavli. It will cover a distance of 32 KMs & is expected to have a daily ridership of around 1.2 million by 2031.
Upcoming Commercial Hubs:
As an accelerating metropolis, Thane offers some of the tremendous employment opportunities with upcoming IT & Business Parks. Once an industrial hub, now it is rapidly transforming into an IT/ ITeS hub & is counted amongst the Central Business Districts (CBD) in the Mumbai Metropolitan Region, drawing parallel with BKC & Western Suburbs.
The office rentals are also very economical in Thane with just one sixth when compared to BKC & less than half when compared to the Western Suburbs.
Abundance of Open Spaces and Greenery:
As compared to Mumbai Thane has abundance of wide open developable land, lots of greenery and natural water bodies which all add up to make it environment very clean, unpolluted and enriched life. All these make for the visibility of breathtaking and picturesque vistas from your sky villas, one of the primary reasons why people world over desire to live in sky villas.
The cost of property is much lower in Thane as compared to Mumbai city, hence financially it becomes a more viable option, as you get bigger and more luxurious spaces within affordable costs.
The emergence of new micro markets, such as the Walk Thane, is also contributing to this trend. These markets not only offer economical prices but also provide increased status through access to new business parks, shopping malls, education centers, and more. For those looking for a luxurious living experience, the 2 BHK flats in Ghodbunder Road Thane offer a great opportunity to enjoy the benefits of this booming market.
High Price Appreciation:
Thane has demonstrated a significant price appreciation in the recent times on the back of larger demands. As seen in the image, amongst some of the significant residential markets, spread across the MMR, Thane has demonstrated a Q-o-Q price appreciation in tune of around, 0.65%, that is higher than most of the markets in MMR.
Shopping & Entertainment:
Thane has several popular hang outs, malls, eateries and cinema halls. The Ghodbunder Road area is a hot spot for malls and entertainment. Korum mall is a popular hangout with an INOX theatre. Viviana Mall in Majiwada is another popular one with a multiplex. These malls and other exclusive shopping areas also feature food courts offering a multi-cuisine eating experience. There are many fine dining and gourmet restaurants in Thane.Some of the star hotels in Thane are the Fortune Park Lake City (4star), Ratna Palace Residency (3star), Alka Residency (2star), besides the Ginger Group (a Taj hotels brand).
Hence the concept of sky villas in Thane is a much more attractive and viable proposition for end-users and investors alike.