Thane Shares Mumbai’s Property Burden
Property in Thane it seems has alleviated a great deal of the pressure from real estate in Mumbai. The city of Thane provides a substitute to property in Mumbai and many of those who may have bought a residence in Mumbai, today can opt to purchase a home in Thane instead. Thane is becoming popular due to its open spaces and because it is a modern and well-planned locality.
A recent plan, the metro 4 project, which was approved, will connect Thane with Wadala via the LBS road and eastern express highway. The new project will cost in excess of 14,500 crores and will increase the demand for property in Thane. Currently, only those who are unable to buy apartments in Mumbai purchase property in Thane, thus Thane helps meets the excess demand which Mumbai cannot supply. Many of those who buy property in Thane are middle-income households who cannot buy property in Mumbai proper. Property in Thane is available at much lower price points than property in Mumbai. Nearly seventy-five percent of the property in Thane is priced lower than 11,000 rupees per square foot.
How Thane Stands Out
Thane is different from other tier one cities because the residential micro markets are distributed across hilly and forested regions in Thane. Furthermore as one moves away from Mumbai the price of property drops, the most valuable part of the real estate in Thane is located on its border with Mumbai rather than at the center of Thane. Recently, a great deal of the property in Thane has been built for a more exclusive buyer and is not necessarily meant for the affordable segment of homebuyers.
Many builders in Thane are among the premium builders in the Mumbai region and have built lavish developments with befitting amenities in their developments. Such projects are priced beyond the budget of the average homebuyer. Among the amenities offered are lush open air sky gardens which can also be used as fitness centers. Such new projects in Thane also have meeting places that consist of the combination of two floors at an intermediate level in the building. Such meeting places are termed sky communities. There are also additional features such as swimming pools, yoga centers, and multi-purpose courts. Since the price of property in Thane is low the demand for property in Thane has remained constant. The price of property in Thane has risen marginally this quarter. Such upmarket developments have a large number of the luxury flats in Thane.
The Walk to Work Concept
Another factor which has made property in Thane attractive is the walk to work concept which encourages people to live close to their workplace so that they enjoy a better work-life balance. The assumption behind the concept is that too many people are far too driven to work and don’t tend to other aspects of their lives which are equally important as work. Living close to one’s offices provides more free time which can be devoted to managing other parts of one’s life. Many large companies have established offices in Thane which works well among those eager to pursue a better work-life balance as they have a short ride to and from work. Hence apartments in Thane hold the promise of providing a better work like balance.