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Wednesday, February 26, 2014

Thane Real Estate Market Update..

by Mr. Joy Sanyal, Jones Lang LaSalle India

Over the last decade, Thane has grown from a small suburban town on the outskirts of Mumbai to a large self-sustaining metropolis. It has graduated from a town with narrow alleys and lanes to a city with sprawling flyovers, uninterrupted highways and wide roads - from low-rise organic residential developments to integrated townships and high-rise towers by reputed developers, from high street mom-and-pop retail to large plush malls, and from piecemeal low-grade small offices to an established Information Technology destination.

With the improvement of infrastructure, newer areas like Ghodbunder Road and Kapurwadi started becoming attractive by the middle of the last decade. With increased population in the core city and the corresponding increased pricing of real estate, Ghodbunder Road started attracting more and more home buyers due to the affordability of the location.

With the pricing going up between 2010 and 2012 for all locations, Ghodbunder Road still remained a preferred destination for price-sensitive home seekers due to its comparatively lower rates when viewed against core Thane city, Mulund and other areas.

Today, with many malls, hotels, eateries and other amenities in being place, Ghodbunder Road is seen as offering more amenities, a better lifestyle and infrastructure than other location.

Majhiwada, an established area, is considered the most premium location in Thane. There are many boutique projects coming up in this location, and apartments are being sold at a price between INR 2 Crore to Rs. 4 Crore. Locations like Teen Haath Naka, Pokhran Road No 2, etc. are commanding premiums over the newer locations.

However, the newer locations are also catching up fast and the prices in those areas are appreciating rapidly. These newer locations offer more options to investors, and are attractive to a majority of middle income home buyers due to more amenities, more open areas and better infrastructure.

Meanwhile, Kalyan is emerging as an attractive location for end users and investors alike. Today, Thane has become a premium location and housing there cannot be categorised as affordable anymore. Hence, a growing section of society is looking for newer further locations with comparatively lower prices.

Further, public authorities such as MMRDA and the civic authorities have taken up major infrastructure work in and around Kalyan, along with the preparation of the development plan for those locations. This is attracting more investors towards the Kalyan-Dombivli region. Developers are looking positively at the present and future potential of this market.

As a trend, more and more developers are being inclined towards sizable, but not too large, affordable housing projects. This is creating the right kind of supply in the peri-urban locations (outskirts) such as Shahpur, Badlapur, Khalapur, Khopoli, Neral, Karjat, Boisar, Palghar, etc.

Price Rs. / sq.ft.
Ghodbunder Road
Teen Haath Naka
Pokhran Road No 2

About the author..
Mr. Joy Sanyal is National Director (Strategic Development Initiatives) at  Jones Lang LaSalle India

For Media Contact
 Arun Chitnis
Head – Corporate Communications & Media Relations
Jones Lang LaSalle India 
Level 6, Amar Avinash Corporate Plaza
Bund Garden Road,
Pune 411001.
Tel: (020) 30930441 Fax: (020) 40196101
+91 9657129999
Twitter: JLLIndia_Realty


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