Thane- The Ideal Market for Home Buyers in MMR
Updated: Jul 2, 2019
Limited space, crumbling infrastructure and sky rocketing prices has meant that Mumbai has very few locations that are able to meet the requirements of modern middle-class home buyers. In a bustling environment like this, Thane is one location which provides an affordable retreat to those looking for a home in the maximum city. Being a recently developed region, Thane is well planned with all modern infrastructure to cater to a convenient lifestyle, thus making it a suitable choice for new age salaried class. With world class malls, quality housing development and sound connectivity, Thane’s transition to a legitimate, vibrant city has been rapid.
Much in line with its present-day buoyancy, Thane also boasts of rich history with links to Greek scholars and Portuguese empire. Thane’s current name is said to be derived from Sthan or Sthanaka, the capital of the Shilahara kings of Konkan. Thane was believed to be an active trade zone and drew its economic might from what is believed to be a well-developed port. The earliest evidence of Thane appears in the works of the Greek geographer, Ptolemy, who, in his writings (135-150 AD) refers to a place called Chersonesus, which, according to researchers, is the area around Thane creek. The Portuguese came to Thane around 1530 and ruled for over 200 years until 1739. Thane was then known as Cacabe de Tana.
Post-independence, Thane steadily grew into being a prominent industrial town in the 60's and 70's. In the 90's, Thane witnessed rapid growth in pace of construction and housing with population increasing rapidly and is now viewed as a prime suburb of India’s commercial capital.
Selecting the right location with good infrastructure and connectivity is crucial for any home buyer, more so in Mumbai than any other urban centre in India. Habitants of Mumbai Metropolitan region (MMR) give most priority to connectivity before investing in a house. Thane already enjoys superb road connectivity to Suburbs of Mumbai through Ghodbunder Road, Eastern Freeway, NH 8, JVLR, SCLR, Mumbai-Nashik Highway and the Thane-Belapur Road. It also has good rail connectivity as Central Railways connect Thane to Mumbai's railway network via the Central Harbour Rail Line and Thane-Panvel Rail Line. Future infrastructural developments like the proposed metro rail that would run along the Ghodbunder Road will further improve the connectivity. Once the metro is ready, travel time between Thane and Wadala is expected to reduce by half. Other planned infrastructure projects include 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.
Thane is blessed with a green ecosystem that is low on air, water and noise pollution. With its excellent social infrastructure, Thane has become a preferred residential destination. World class schools like Vasant Vihar School, Lodha World School and many others provide a holistic education system. State of the art healthcare destinations like Hiranandani Hospital and Horizon Hospital, are reputed for their effective and reasonable medi-care. Varied residential options, a cosmopolitan crowd and lifestyle options, have truly transformed the social infrastructure of Thane.
Flanked by multiple water bodies, large open areas and presence of several shopping centres, Thane allows its habitats the opportunity to enjoy a high quality life in a serene, green environment. With 35 water bodies, Thane is called the ‘city of lakes’ the most famous of them being the Masunda and the Upvan. The Sanjay Gandhi National Park, a protected area, surrounds its western side and mangroves spread over 3.59 Sq. km make for some stunning views. The vast TMC garden and Olawekar Wadi Butterfly Garden provide a relief from the hustle of daily lives. Thane also offers scenic views of the beautiful Ulhas River and Yoor Hill.
Alongside its scenic beauty, Thane is also home to some of MMR’s most prominent entertainment and shopping destinations. Eternity, Korum, R-Mall and the Viviana Mall are some of the many entertainment hubs. Moreover, Amusement Parks such as Tikuji-ni wadi and Suraj Water Park, are only a short drive from the city. For those seeking a more urbane setting, the city’s many clubs (The Blue Roof, Ovala, Golden Swan, Pokhran, United-21) and star rated (4&5) hotels ensure that there are plenty of avenues to keep you and your family entertained during the weekends.
Thane district contributes significantly to Maharashtra’s economy with its share expected to increase in the future. Surrounded by prominent business hubs like Airoli and Powai, Thane is strategically located in a high growth economic zone. Given Thane’s proximity to Mumbai’s business districts and gradual improvement in livability index, it is expected that this will lead to corporate and businesses to set up their offices in Thane to establish walk to work concept. Several IT parks, commercial hubs and malls have recently opened in Thane and this trend is set to continue leading to growth in employment opportunities and hence an increase in demand for homes as well.
Thane is counts among-st the most stable realty markets in the country. Rental Yield in Thane is increasing at the rate of 5% Y-o-Y (H1, 2017). The health of a market can also be judged from what is termed as QTS where a lower QTS indicates a healthier market. QTS is the number of quarters required to exhaust the existing unsold inventory in the market. The existing unsold inventory is divided by the average sales velocity of the preceding eight quarters to arrive at the QTS number for that quarter. According to Knight Frank, the QTS for Thane was the lowest among all the micro markets in MMR for the period Jan – June 2017.
On the back of its many advantages, Thane has emerged as one of the finest and most stable real estate market in MMR (or perhaps India). Its proximity to prime areas of Mumbai, connectivity to rest of MMR, well developed social infrastructure and scenic beauty position it as a very attractive residential destination. This along with its relatively affordable property prices make Thane the ideal micro-market for young home buyers in Mumbai.