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Metro-4A, education hub are the most important projects for city: MCHI-Thane president Jitendra Mehta

Oct 25, 2022

Jitendra Mehta, Managing Director of JVM Spaces, in an exclusive interview, shared that Thane is going to be the most sought-after place to live in the near future and more.

Thane is going to become one of the most sought-after liveable places because of the amenities the city can offer, opines Maharashtra Chamber of Housing Industry (MCHI) Thane president Jitendra Mehta.

Mehta, managing director of JVM spaces, in an exclusive interview with FPJ, he shared his views about Thane city.

What is the future of Thane city and what can we expect from home buyers? Is it becoming the most sought-after place to live?

Thane is centrally located with connectivity to Ahmedabad, Pune and Nashik. The MMRDA and MSRDC are both undertaking some very important projects.

The tunnel from Borivali to Sanjay Gandhi National Park (SGNP) Thane will be a game changer, reducing the Borivali-Thane commute time to 10-15 minutes.

The property rates at Borivali are Rs15,000- 18,000per square foot while in Thane they are Rs 10,000- 12,000 per square foot, making it a lot more affordable.

Also, the upcoming Thane Metro line will provide very good connectivity to Kalyan, Bhiwandi and Mira-Road. However, the most important project being developed is the educational hub at the Kalyan SEZ.

All world-class schools and leading universities will have their institutions in the Kalyan SEZ which is part of Thane.

The MMRDA has planned a coastal road whereby trucks coming from Gujarat to Mumbai will not travel through Thane City, thereby reducing traffic congestion.

The Thane-Nagpur Samruddhi road second phase is under construction which will again ease the traffic from Mumbai to Nashik and in turn, ease traffic in Thane, Bhiwandi, Dombivali, Kalyan, etc.

So in all aspects, Thane is becoming a hub. The best part is that you can get a house starting at Rs 35 lakh while premium properties cost between Rs1-5 crore.

Regarding potholes on roads, has the builder / developer community approached the CM or other ministers to resolve the issue?

The issue in Thane is the passing of roads which was done by the MMRDA. Chief Minister Eknath Shinde has understood this problem and he has issued a circular putting the municipal corporation in charge of road maintenance work. So the biggest problem has been resolved.

The urban development board will now undertake road works. Mr Shinde has also given an order to the Thane Collector and municipal commissioner to make concretise roads so the pothole problems will be resolved.

What initiatives is MCHI-THANE undertaking?

MCHI has always been at the forefront whenever the need arises. A thousand-bed Covid hospital was constructed in just 22 days using funds provided by CREDAI-MCHI.

The beautification of various roads and chowks and the Ghanekar Auditorium in Thane has been done by members who have undertaken the work against the constructed Transferable Development Rights (TDR) as the municipality does not have funds.

The Wadvali police station too has been constructed by MCHI members. The city is getting good infrastructure and the civic body is not investing any money while the developers get TDR so it is good for everyone. Thane has a new civic commissioner and collector.

What is the builder community expecting from the two IAS officers?

The most important work for the collector is to acquire the Metro car shed area required for Metro-4A (Wadala to Gaumukh in Thane). Only after that is done can services on the line begin.

Metro-4A is important as it will reduce the burden on LBS Road which connects Mulund to Ghatkopar. The TMC commissioner needs to complete the proposed coastal road to ease traffic on Ghodbunder Road. These are both major challenges but both Collector Ashok Shingare and TMC commissioner Abhijit Bangar are experienced and will not disappoint Thanekars.

During Dussehra, MCHI-THANE sold 500 units and achieved a turnover of Rs 600 crore. What are the expectations for Diwali?

People are very happy because after two and half years festivals are being celebrated enthusiastically. With a good festive mood we see increased interestfrom the citizens looking to buy homes. There is a possibility of increased interest rates butitis still under control.

Housing loan interest rates have gone from 6.5% to 7.5% and may touch 8%, but people are still purchasing. Data shows that 85% of the production of Thane is sold in the same year which is a good sign. The best thing about Thane is that very few projects are stuck, unlike Mumbai.

We are trying to restart all these projects and complete them so money invested by developers or home buyers is realised.

Is the Covid impact still around taking its toll?

The Covid impact was over for developers one and a half years back when the Maharashtra government, under then urban development minister Eknath Shinde, reduced the premium to 50% which was till December 31, 2021.

They also reduced the stamp duty to half (2% in Mumbai and 3% in Thane and the Mumbai Metropolitan Region), giving a boost to the real estate sector. The boom in real estate created gave impetus to the 256 related industries and all other players.

How many units in Thane do you think will be sold by 2025? What does the future hold?

We expect more than 10,000 units in Thane will get possession by 2025. In the coming two to three years all the roads will be in good condition and also be widened like the Pokhran 1 and Pokhran 2 roads where potholes can't be seen and also the internal roads are in good condition. Also, the majority of Marathi films and serials are shot in Thane, giving the city another boost.

What are your expectations from RERA regarding justice?

The Real Estate Regulatory Authority (RERA) is a very good move by the government. While it exists in most states MahaRERA is very stringent and good. We refer to it as the bridge between developers and flat purchasers. Real estate was the biggest industry but there were no regulations before 2016. It was introduced so that home buyers do not get cheated and lose their money.

We have only one expectation from RERA and that is once the commencement certificate is given work should not be stopped. At the moment any government department can send a circular to stop the work. While it is binding to developers it should also be binding to various government departments.

What are your expectations from the CM who hails from Thane?

The CM will definitely look into infrastructure development in Thane City and across the district as well. He is a man who has worked at the grass root level so there is no need to inform him of the difficulties faced by us because he understands them and has been coming up with detailed strategies. Also, water transport services will commence in Thane in some time so his ideas will be helpful in the development of the region.

Will there be a water transport service useful for the citizens?

A water transport service has been proposed and it will help developers a lot. Connectivity is the key. Around 30 years ago it would take 8-10 hours to reach from Thane to Pune, but now it takes just two hours. Getting to Goa, Nagpur and Nashik is so easy.

When are the Saket and Mankoli bridges expected to be completed?

The governmenthas released the budget for infrastructure which is set at more than Rs 700 crore. Whatever projects are stuck will restart soon and will change the dynamics within two years.The current CM takes the decision on the ground and not while being seated in an air conditioned cabin so in two years there will definitely be a change.

As the MCHI-Thane president, what's your message to the people for Diwali?

I on behalf of MCHI-Thane, I wish all the citizens of India, particularly in Thane, a very Happy Diwali. MCHI is concerned about development and we always try to promote Thane. We have prepared numerous audio-visual presentations on Thane's development and promote the city in Dubai and Saudi Arabia.

Around 15 years ago Thane was seen as a village. If you were living in Thane it was difficult to marry someone from outside. However, the scenario has changed as Thane has developed considerably. Now people are happy with the development, with grounds and ample greenery

Source: www.freepressjournal.in