Eying Thane's Majiwada-Kasarvadavali? The Prospects Look Bright
Looking for a property in a location with potential? It may be a tough task if you are looking for such options in Mumbai, which is counted among the costliest property markets in the world. However, this does not mean there is a dearth of affordable options in the Maximum City. The Majiwada to Kasarvadavali stretch at Thane is one such option.
What makes it a good bet?
Connectivity is the key factor behind Thane's increasing popularity among homebuyers. Commuters from Thane to Mumbai and Navi Mumbai do not mind the distance thanks to the suburban rail connectivity. Plus, flyovers, the last of which was completed in 2016, have ensured smoother commute. The Ghodbunder Road connects Thane to Eastern Express Highway and the Western Express Highway, too.
This six-km region is well connected to strategic locations such as Ghodbunder Road, Wagle Estate, Airoli, which are within 15 kilometres. Even Vashi, the Bandra-Kurla Complex, Lower Parel and Nariman Point are easily accessible.
The existing infrastructure is likely to improve further. In the times to come, the airport at Ulwe would serve residents and settlers from this destination. Estimated to be implemented between 2017 and 2023, the Mumbai Metro's Line 4 is expected to cover Thane, too. It was initially meant to be the Wadala-Ghatkopar-Thane-Kasarvadavali Metro Line but reportedly may extend to cover the entire Ghodbunder stretch up till Gaimukh.
Also making way is the 10-km Thane-Borivali tunnel, which is expected to bring down the commute time between the two regions to just 10 minutes, from the current one hour.
Price and growth prospects
Prior to the popularity of the Majiwada-Kasarvadavali stretch, the Eastern Express Highway and its vicinity had matured with prices hovering around Rs 8,000 per sq ft on an average. With jobs coming in, average values shot up, going as high as Rs 12,000 per sqft. New investments in the region could ring in similar prospects for Majiwada-Kasarvadavali.
Depending on the kind of project it has, properties along this area would be in the range of Rs 7,500- 9,500 per sq ft. As it stands today, at Thane West, the average budget you would need to reserve for a 1BHK unit is Rs 58 lakh while a 2BHK will demand for Rs 1 crore. Still bigger configurations such as a 3BHK would call for Rs 1.58 crore while a 4BHK unit would be priced at over Rs 3 crore. With the Metro coming, the affordability meter may get tweaked with real estate commanding a higher price for the suitably placed locality.
What's more? A leading research shows that Thane is among the top 20 cities where the rich are looking to invest.