February 2017 | Back to all Real Estate Articles
Why real estate? Why Thane? Why now? Potential home-buyers have been extremely skeptical lately and have (wrongly so) chosen to postpone their home-buying decision. We got leading Thane developers for a very exclusive `Times Property Roundtable' to help you decide...
ASHAR: The buyers of today are well-educated, well-informed and well aware of their needs .They knows when they want to take the plunge and what kind of house they intend to live in.
PAREKH: The key pointers that figure on the checklist of every home-buyer today are easy commute from work to home, budget, presence of a social and physical infrastructure and last but not the least, the social fabric of the area.
MIRANI: Now is the ideal time for homebuyers to take the plunge as the home loan rates are at their lowest in the last three years, standing at 8.5 per cent. Besides, the property rates across MMR and Mumbai have not fallen much in the last four five years and will not correct any further as well; therefore, serious buyers will get the best deals, if they seal the deal now.
Developers vs The Government
KHETWANI: The three major ideas, which need to be addressed immediately by the government are: single window clearance, subsidy for material required during construction and reduced Ready Reckoner (RR) rates and other premiums.
ASHAR: The government has consistently increased the prices of premiums and taxes, which in turn have led to a price hike. Hence, until there is no consistent policy w.r.t taxation, the market will suffer.
MIRANI: Cut down on red tapism as it hinders with the pace of the growth. Besides, it's important that the government gives us clarity on the Goods and Services Tax (GST) as well, since the realty players are the biggest contributors to its revenue via taxes and premiums.
GALA: Water distribution in Thane and across the MMR is quite uneven, especially during summers. Hence, the government needs to focus on providing a solution because even the historians have predicted that the World War III could be an outcome of water scarcity.
PAREKH: There is a trust deficit between the developers and homebuyers due to a delay in delivery of projects and constant conflict on whether or not the buyer is buying the house at the correct price. And because of these reasons, the market has been sluggish in nature. But the fact of the matter is that the developers do not delay the delivery on purpose; it is due to constant changes in governmental policies and delay from their end, which push us towards delaying the project.
ASHAR: Thane has had an organic and a balanced growth over the last couple of decades. Known as a sleepy town earlier, this city has risen phenomenally on the realty map and shown how planned development can work wonders for an area.
PAREKH: Predominantly occupied by Maharashtrians in the early 70s and 80s, today Thane is a cosmopolitan area buzzing with a good human resource capital. To add to it, the housing development of Thane is divided into three categories ¬ MIG, LIG and HIG, which is not prevalent in any part of the suburbs. And Thane is also at an advantage today because it has managed to maintain a price that is lower than western and central suburbs.
GALA: Thane has, in the last five-seven years, emerged as an affordable destination for middle-class and upper-middle class home-buyers. And reasons such as a growing infrastructural framework; worldclass educational institutes setting their campuses here; low pollution levels than the MMR and an increasing presence of commercial and retail avenues, which have led to employment-generation are key to the growth story of Thane.
MIRANI: Key infrastructural projects that will further drive the growth of the city are: the Metro project; Elevated Ghodbunder Road; Thane-Borivali Tunnel; Anand Nagar to Gaymukh Bypass; a railway station at Ghodbunder Road; Airoli-Katai Naka Elevated Road; a garden planned on the lines of Times Square among others. Besides, a plethora of lifestyle projects on offer, open and green spaces, low pollution levels and strong connectivity to other parts of the city make Thane an ideal destination for home-buyers.
ASHAR: A RTO office, a court and passport office ¬ Thane has it all, which makes living far easier as compared to the western suburbs or other parts of the city. Thane's growth is a case study indeed.