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Gathering steam for long-term gains

February 2017 | Back to all Real Estate Articles

Ghodbunder Road, Kapurbawdi, Majiwada and Pokhran Road-II in Thane are witnessing change in realty scenario, as per Cushman & Wakefield Riding high on various infrastructure projects and development of new residential projects, areas of Thane will register good growth, states Cushman & Wakefield.

Thane, the satellite city of Mumbai, has witnessed considerable real estate development in recent years.Developers have been buying industrial land over the years, to offer organized real estate solutions, points out Cushman & Wakefield report, an international property consultancy .

The areas of Thane has an edge over their counterparts as they are equipped with good commercial, residential and social infrastructure along with excellent connectivity to the rest of Mumbai, Thane and its about 20-km long stretch of Ghodbunder Road are redefining the realty scene.

The story of the destination development of Thane would be incomplete without the mention of Ghodbunder Road. Commonly referred to as the GB Road, this property market runs entirely through state highway 42 and connects to the Eastern Express Highway (EEH), becoming National Highway-3 (NH3).

A location ideal for business growth

Thane's Wagle Industrial Estate extends a residential cum working environment for any business that's dynamic as the complex remains in proximity to various facilities such as residential areas, schools, hospitals and shopping malls, which are within 2km radius.

With the boundaries of Thane extending to new locations, Ghodbunder Road highlights the growth of the real estate market in Thane. Popular residential areas along and off Ghodbunder Road include Kasarvadavli, Patlipada, Waghbil, Kapurbawdi, Pokhran Road-II, and Manpada.

The natural beauty of the location is quite stupendous. It is surrounded by towering Yeoor hills on one side and with a creek view on the other. Today, Ghodbunder Road has transformed into a property hotspot where the appreciation has been phenomenal in the last few years, point out realty experts.

The development of Thane, as a property hotspot, actually changed the urban landscape in this part of the world and Ghodbunder Road turned out to be prominent location of Thane. The urban profile and livability index of this location has dramatically changed over the last few years. Residential projects, retail options, a cosmopolitan crowd and lifestyle options, have truly transformed this stretch of Thane.

Ghodbunder Road is growing faster than any other location in and around Thane because it consists of a good mix of developments like residential townships, commercial buildings, educational institutes, shopping and restaurants, among others.

This Livability report, including any assessment, are exclusively conducted by international property consultants Cushman & Wakefield The stretch of Ghodbunder Road is the property market that has helped shape Thane as a premier residential market. This location defies the conventional wisdom of a property market that claims that picturesque locations are meant for luxury housing only.

Thane is today the most preferred stretch as it provides good connectivity to the Mumbai Metropolitan Region (MMR). This area also provides a scenic view and is thus preferred by the uppermiddle-class segment and now is also getting the interest level of high-end customers due to its scenic view.

Thane is increasingly scaling up in the value pyramid of property and some of the developers have recently launched affordable as well as high-end apartments. What is proving to be a boon for the location is that the infrastructure and connectivity of Ghodbunder Road has upgraded from time-to-time to keep pace with the real estate development.

Thane is well-connected to the central suburbs through the Central railway line. Additionally, it is well-connected to Navi Mumbai through the Transharbour line. The road accessibility from Mumbai to Thane has been augmented by the Eastern Express Highway, while the Ghodbunder Road connects the cluster to the Western suburbs through Dahisar.

Key infrastructure initiatives impact

The upcoming Metro line-4 project connecting Thane to Wadala will significantly reduce travel time for residents, while easing congestion on the Eastern Express Highway. Employment Nodes: Established in the 1960s, Wagle Industrial Estate in Thane is a major employment center comprising several manufacturing units and commercial offices.

In the last decade, the Thane-Belapur Road has also witnessed the development of several large office parks, with several IT-BPM companies setting up offices in this stretch. Besides, the Wagle Industrial Estate boosts of a state-of-the-art infrastructure complete with all kinds of basic facilities and necessary amenities.There is abundant space, power and water supply. The internal roads are clean, broad and wellmaintained. It remains a value for money option.

Organized retail

Thane has several shopping malls and a few traditional high streets in this cluster. Ram Maruti Road and Gokhale Road are popular high street shopping destinations for residents.

Organised housing scenario

Major real estate developers like Rustomjee, Seth Group, Rajesh LifeSpaces and Tata Housing have forayed here over the last few years, providing a wide range of residential projects right from affordable housing to premium townships.

The area's residential activity has directly benefitted from Thane-Belapur Road developing as a promising commercial hub for IT-BPM sector. The average price points in this cluster predominantly range between Rs 7,000 and Rs 12,000 per sq.ft.

School education

The cluster boasts of a wide range of schools across different boards, with SSC schools accounting for the maximum share,followed by CBSE and ICSE schools.

Higher education

The cluster has limited presence of colleges that offer courses in the discipline of arts, commerce, science, management, among others. Healthcare infrastructure

Thane has sufficient hospitals providing quality healthcare facilities, ranging from super-specialty hospitals to local clinics. Some of the notable names in this cluster are Jupiter Hospital, Kaushalya Hospital and Bethany Hospital.

Social infrastructure

While the cluster has sufficient local grocery stores, pharmacies, banks and ATMs, supermarkets and entertainment centres have not yet penetrated into the cluster deeply. Therefore, the overall social infrastructure has a wide scope to improve in this cluster.

Liveability in the cluster favourable

Over the years, Thane has evolved into an attractive location outside the Brihanmumbai Municipal Corporation (BMC) limits, with improved connectivity especially for people employed either in Thane or anywhere on the Central Line (including the CBD).

Increasing attractiveness owing to several large-scale developments by established developers has led to an increase in prices. While the higher price points has deter redsome enduse buyers in the affordable and mid-segmentsto enter in this cluster, the cluster holds promise, if the prices remain stable.

 

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Source: magicbricks.com

 

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