Not Just The Richie-Rich, Thane Preferred Destination For Affordable Homebuyers, Too

Not just appropriate for homebuyers those who love luxury, Thane's real estate market is serving those looking for affordable properties, too. Thane is home to over 800 projects in various stages of construction with prices starting at Rs 28 lakh and going as high as Rs 10 crore. Compared to the markets in Mumbai, the price range is appealing to property purchasers across segments. BN Gupta, Founder, Dhanlaxmi Builder and Developers exclusively spoke to PropGuide. Here is what Thane holds for prospective home buyers:

Location prospective

Thane, as a residential market, has evolved phenomenally over the last few years. This has prompted people from the city to shift to Thane, in search of homes that are competitively priced, coupled with good amenities, more open spaces and greenery. Much of its popularity is also owing to the continuous improvement in infrastructure. The factors that fuel the demand for affordable housing in Thane are the construction of new roads and flyovers, excellent connectivity by rail and road to other locations of Mumbai, the emergence of new business hubs, new land bank, etc. Thane has large tracts of land for residential and infrastructure development and this has boosted the city's growth.

Besides, Thane has witnessed the boom time in construction at Ghodbunder and the 'mall culture' taking off. This has made this a location of interest for homebuyers, leading to sizeable development.

Fate of affordable housing

Will the affordable housing segment be able to fulfill its promises and change the fate of the real estate sector in Thane? With a slew of reforms and push from the government, affordable housing — so far the poor second cousin of real estate — is emerging as the preferred segment. There was always a demand for affordable housing, however, the supply was less but now the scenario is different with government favouring this segment by providing tax benefits under Prime Minister's Awas Yojana (PMAY).

People belonging to economically weaker sections, low-income groups and middle-income groups with incomes up to Rs 18 lakh per year have been made eligible for central assistance up to Rs 2.35 lakh per each beneficiary. It is also favouring the builders as they can now complete the projects in 5 years giving them enough time.

Central assistance under PMAY, tax concessions, and interest rate cut by banks will make housing more affordable. A slew of these recently announced reforms and initiatives targeted at the segment are going to bring in better deals for buyers, and RERA is expected to act as an important growth driver of 'Housing for All'.

The infrastructural growth has significantly contributed to the development of Thane. Being centrally located, the area will see faster price appreciation than any other suburb. Social amenities are well-developed as the place offers good schools, colleges and malls. So, with all the facilities and amenities required to lead a healthy and luxurious life, Thane will remain a highly sought-after place in suburb of Mumbai and if you too are looking out to buy a home, you should consider Thane.

Check out properties under Rs 80 lakh.

Here's why Thane is doing the rounds now:

• A joint venture of Tata Realty and Infrastructure Ltd (TRIL) and Standard Chartered Private Equity has acquired a 47.5-acre plot at the Thane-Belapur industrial area close to Mumbai for Rs 325 crore, say reports. 6.50 million sq ft of Grade A offices will surface herein, boosting employment and real estate prospects in and around the area.

• Thane is going digital and DigiThane, an app ensures that citizens are connected to administrators and local enterprises. The app would be released in August 2017 and citizens would be able to pay taxes, track progress on projects, and receive customized updates on deals, discounts, and social engagements besides raising civic issues that they feel need attention.

• Wary of water scarcity? The Thane Municipal Corporation may soon come out with a desalination plant that could convert 20 million litres of brackish water into water healthy for consumption. This could be a saving grace for drought-hit areas such as Diva and Kalwa.

• The Bombay High Court is also going heavy on constructions with no proper water supply system. Hence, Thane and Pune Municipal Corporation have been restrained from issuing fresh commencement certificates in Ghodbunder, Baner and Balewadi areas.

• Thane may soon get its own eco-tourism hubs with a budget of Rs 3.68 crore in two places - Malshej's Thitbi region and Naneghat's Vaishkhare area. Although the impetus has been sustainability, this would also help Thane's image among domestic tourists and thereby more scope for the hospitality industry and commercial real estate to grow.

Also Read: Considering Thane West? Pick From Properties Starting At Rs 30 Lakh