Considering Thane West? Pick From Properties Starting At Rs 30 Lakh
For homebuyers looking for affordable apartments in Mumbai, Thane is emerging as the investment destination. The locality is giving them an alternate avenue for investment at price points that are way affordable than most places in Mumbai. Over 800 projects are available for sale in Thane West.
Property availability
Property in Thane West start at as low as Rs 30 lakh for a 1BHK apartment and can go up to Rs 10 crore for a 5BHK unit. As per data with PropTiger.com, prices have already climbed by six per cent in the last six months which means that the demand is slowly reviving and sale-purchase is defining market dynamics yet again.
Over 120 projects are under construction while over 600 projects are ready for possession or in the resale market in Thane West. One of the reasons that makes Thane West marketable is the fact that prices have steadily moved up overtime, despite the slump. For example, prices on an average stood at Rs 8,750 per sq ft in April 2013. By April 2017, values have surged and stand at Rs 9,350 per sq ft. The climb is not steep but certainly worth a notice.
Talk of the town
Chief Minister Devendra Fadnavis has given a nod for cluster development in Thane with a Floor Space Index of four. Over 3.5 lakh residents were in a lurch in the absence of a redevelopment framework previously. After a decade-long gap, there seems to be some respite.The Thane Municipal Transport (TMT) has added a new service that will connect the city with Dombivli West. The new service kickstarted from March 1 and will ply from Chendani Koliwada to Dombivli West. TMT has said that they would take corrective action if demand along this route is less.To better services meted out to commuters, over 200 railway stations would now boast free wi-fi services, one of it being the Thane railway station.Sunteck Realty, premium housing developer firm in Mumbai is said to foyer into affordable housing with an investment of Rs 1000 crore over the next two years. Thane, Kalyan and Navi Mumbai would be the beneficiaries.Mumbra, Kalwa, Uthalsar, Naupada, Kopri, Wagle Estate, Raila Devi, Vartak Nagar and two wide stretches of Manpada and Majiwada road have been shortlisted to be developed along international road infrastructure standards.With a flurry of luxury projects in Thane region, stakeholders and home buyers are not averse to the idea of sky villas in the region. However, the demand may take the time to pick up given that the thrust is on affordable now.The ambitious bullet train project between Mumbai-Ahmedabad touching Thane to Bandra Kurla Complex (BKC) t is expected to reduce commute time from 1 hour to merely 10 minutes (Thane-BKC) has been a dream project for the PM Modi government. Although localities along the route are already established, it does add to the charm of the local real estate market.What are rentals like in Thane West? Read here