February 10, 2018

Good connectivity, affordability and a well-developed social infrastructure are contributing towards Thane’s growth, believe our experts. And in order to tap its growth story, head to ‘CREDAIMCHI Property 2018 - Thane’ this weekend

Thane is among the few cities in the state, which has seen rapid development in the past ten years. In fact, today, it is one of the fastest growing areas as well. But what are the factors contributing to the growth of Thane? Let’s demystify the growth story of Thane…

RESIDENTIAL AND COMMERCIAL HUB :

“The allocation of Rs 50 lakh crore towards infrastructure is a welcome move. Good infrastructure is the foremost requirement if we expect any kind of foreign investments. Railways have remained the backbone of transportation and their adjoining properties offer tremendous potential for development.”

“The property prices in Thane have still not hit the roof, which works in favour of buyers like us. Also, connectivity has improved to a large extent; hence, travelling to and fro from the main city is no longer a gruesome task. And with many key projects in the pipeline, Thane is only poised for a better future,” says Gayatri Sahu, a pathologist.

Ghodbunder Road particularly has risen in popularity among home-buyers and with both, developers and authorities showing keen interest in developing the area further, experts believe it will soon emerge as a realty hotspot. “Thane is still an affordable destination; hence, people do not shy away from parking their money here. Besides, with many IT parks and corporate offices setting up their base here, the employment opportunities have only increased manifold,” mentions Sanjay Shetye, a resident of Thane.

INFRA GETS AN EDGE:

According to Samantak Das, chief economist and national director (research), Knight Frank India, some of the key projects are: The Metro 4 Project; Three flyovers on the Thane-Belapur Road and a subway at Mahape (which will ease congestion for more than 30,000 vehicles); The Y-shaped flyover at Meenatai Thackeray chowk (one of the longest flyover spanning 1,250 m). It will ease traffic at the Lal Bahadur Shastri Road.

Sanjeev Jaiswal, municipal commissioner, Thane says, “The civic body’s ‘Vision 2031’ focuses on building strong infrastructure and capacity-building in line with the smart city mission. We also aim to make the city open defecation-free.”

OFFICE MARKET:

• Total completed office stock: 7 million sq ft (msf);
• Net absorption: 2017 - 0.9 msf 2016 - 0.5 msf
• The market saw a rise of close to 80 per cent in absorption since 2016;
• Vacancy came down to approximately 15 per cent in 2017 as compared to 23 per cent in 2016;
• Rental value: Rs 62.2 /sf (1.4 per cent higher than 2016)

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Source: epaper.timesgroup.com