In the last few years, the Mumbai neighbourhood of Thane has flourished and how! Gone are the days when Thane was considered the last option for home-buyers who could afford homes on a tiny budget. Today, Thane is regarded as one of the most happening parts of the city of dreams with some of the best infrastructure and amenities. This phenomenon has not escaped the rich of Mumbai who are investing in several under construction projects in Thane, whether it is in the residential or commercial space. Here’s why this mini-city has been receiving a lot of attention lately.
The vast land bank: There was a time when Thane mainly consisted of factories and industrial estates. The smoke-emitting industries kept investors at bay because there didn’t seem any scope for a return on investment. But with the factories shutting down and the industries ceasing operations, developers like Lodha Group, T Bhimjyani Realty and Piramal Realty took over the land, began new construction in Thane and converted it into expansive residential and commercial complexes. With factories paving way for new projects, the availability of this vast land with potential became evident.
Employment opportunities: Thane is one of those prime areas of Mumbai, which is coming up with several offices. Many companies prefer to have a base in Thane because they have to pay considerably low rents for bigger spaces which can accommodate several employees. This also makes it easier for the locals to find employment opportunities in this area. Tata Consultancy Services is a great example of a multinational corporation which has leased 2 million square feet area in Thane, opening doors for employment. Besides several IT companies are also moving to Thane making it the Silicon Valley of Mumbai.
Good prospects for growth: Land availability, great connectivity due to metro projects and state of the art infrastructure, together have raised an interest among local and NRI investors. In fact NRI investment in real estate in Thane is at an all-time high. Areas like Ghodbunder Road, Kasarvadali, Majiwada etc., boast of the best schools and health care facilities. They are also known for their commercial projects like shopping malls and multiplexes.
Great properties at lower rates: Despite the boom in Thane with its fantastic growth prospects and superior quality of infrastructure, Thane continues to remain much more affordable when compared to other posh localities of Mumbai like Colaba, Nepean Sea Road, Juhu or Bandra. It is one of the few Mumbai localities which boast of everything from fantastic green cover and lakes to top-notch educational and health care facilities, where you can purchase spacious, affordable homes.
All these factors make investing in Thane a very smart decision. Both locals and NRIs must give a serious thought to investing in a project or a property in Thane as the area holds great prospects for development. NRIs can find more information about the same on the NRI corner of the website of the builder.