Will The Arrival Of New Thane Change The Game Around Mumbai Realty?

The Thane Municipal Corporation’s (TMC) proposal to develop Kharbao as the New Thane was approved on November 19. The project is aimed at expanding the existing Thane city on the other side of the Thane Creek along the Ghodbunder Road. As per the proposal, the village of Kharbao, a railway station on the Bhiwandi-Vasai Road route, along with Paygaon, Shillotar, Malodi and Nagale villages will be developed in to a 100-sq-km city.

The city, a brainchild of the TMC’s commissioner Sanjeev Jaiswal, will be built on the lines of Navi Mumbai in collaboration with the Mumbai Metropolitan Development Authority (MMRDA). The two authorities together will form a special purpose vehicle for the planning and execution of residential, commercial and industrial developments. Once completed, New Thane will be an alternate to accommodate the ever-rising population of the Maximum City Mumbai and its suburbs. The aim is to construct a self-reliant township that is designed from scratch and can act as a parallel city to Thane.

Taking first steps

To make Kharbao a city of interest for those planning to live here, connectivity is among the key aspects that need to be addressed. A few steps have already been taken in this direction.

Along with the self-sufficient twin city, a proposed 126km-long multi-modal corridor from Virar to Alibaug will be constructed. This project is expected to further boost connectivity to the newly planned city as it will be connected to the National Highway (NH)-8, the Bhiwandi bypass, the NH-3, the NH-4 and the NH-4B, the Mumbai-Pune Expressway,  the NH-17, etc. This corridor will have multiple modes, such as, buses, BRT, Metro rail, cars and non-motorised track.

Also, to make the multi-modal corridor easier to access for the residents of Kharbao and neighbouring localities, plans are to construct a 40-metre-wide road between Ovala and Kharbao. This move is expected to ease traffic woes on the Ghodbunder Road and also bring closer the other side of the creek with Thane.

Thoughtful town planning

Planning a city that is aimed at serving the ever-growing population, new ways of town planning that ensures a safe environment for the dwellers is important. Talking about security in the city, Security Consultant and Founder of Fortify Omar S. Pathare says, “The town planners should follow the maxim 'don’t built it on, built it in'. Security should be built at the early stages of town planning so as to give out a person clear visibility, easy mobility and harmonious environment.” He suggests following three Ns – natural surveillance, natural access and natural territorial reinforcement. While natural surveillance would mean greater visibility in open spaces, natural access would help create clear distinction between public and private space and natural territorial reinforcement will promote sense of ownership among the property occupants.

Real estate in Kharbao

How will this move impact the under-developed property market in Kharbao and the developed market of Thane?

Property market in Kharbao, at present, is dominated by local developers and some planned projects of established developers. The village, which has only a limited number of new properties, witnesses stagnant property prices. Being a distant locality in the suburbs, Kharbao does not have many projects to boast. The property prices, according to Housing.com data, have not even witnessed a one per cent growth in past five years. However, the new plan might boost these numbers in future once ample infrastructure is set up and new residential and commercial projects emerge.

Real estate in Thane

The planned city of New Thane once constructed will be a direct competition to one of the most flourishing suburbs of Mumbai, Thane. This locality has been the hub for affordable housing with over 1,100 projects here – 769 are ready to move in while 304 are under construction. Looking at the graph of property prices, PropTiger data reveals that there has been over 20 per cent rise in property prices in the past 67 months. At present, the property prices in Thane stand at Rs 10,346 per square foot. However, according to PropTiger.com’s Chief Investment Officer Ankur Dhawan, once New Thane takes shape, a plan that could take years, the property prices in Thane might take a hit.