Is It The Right Time To Buy An Apartment In Thane?
By Gaurav Sawhney, Chief Operating Office, Piramal Realty
Thane, formerly Thana, lies at the mouth of the Thana River and head of the Ulhas estuary, northeast of Central Mumbai. The city is primarily a residential suburb of Mumbai which has gained immense popularity over the years as many IT companies are opening their offices like TCS, which has persuaded working professionals to consider properties in thane as a residential option.
Moreover, the region is also becoming a preferred location for many first-time homebuyers to buy an apartment in thane due to the growing connectivity between Thane and MMR. Many developers are coming up with new developments for real estate investments in Mumbai which offer premium lifestyles and social amenities such as clubhouses, swimming pools, and recreation centers, all within reach. With its superior connectivity and upcoming infrastructural development residents will now be able to buy an apartment in Thane which is connected more than ever with the central city:
Connectivity Is Fueling Thane’s Popularity As A Residential Destination
- Thane – Borivali tunnel: Maharashtra State Road Development Corporation (MSRDC) recently announced an underpass tunnel which will connect Thane and Borivali. It is a 10 km long road with two tunnels of three lanes which will be 15 meters wide. Currently, it takes nearly two to three hours by road to travel between Thane and Borivali. Once completed, the almost 21 km stretch will take only 15 minutes to cover the distance. The tunnel will be constructed under the Sanjay Gandhi National Park and connect with the western expressway at Borivali.
- Katai- Airoli freeway: The freeway from Katai Naka to Airoli is being constructed by the Mumbai Metropolitan Region Development Authority (MMRDA) which is set to complete its first phase by September 2021. Upon completion, this freeway will decongest the heavy traffic on Shilphata road, and it will cut travel time between Katai Naka to Airoli by 30 minutes. It will benefit commuters coming from Mumbai and heading towards Kalyan, Ambernath and Badlapur. The junction free route from Katai Naka to Airoli will be 12.3 km once the project is completed.
- Thane Metro: With the upcoming 29-km circular Metro route that will operate within Thane, commuting from Thane will be easier. It will have 22 stations and will be connected to line 4 (Wadala-Thane- Kasarvadavali) and line 5 (Thane-Bhiwandi-Kalyan) of the Mumbai Metro. These two lines will connect the suburb to central Mumbai, thus making consumers reach the main city within the shortest possible time.
- Thane – Worli Ferry: To decongest Mumbai roads and bring down the travel time between key areas of the city, the Maharashtra Government has planned to start inland water transport that would connect areas across Mumbai Metropolitan Region (MMR). In Phase-I of this project, the ferries would ply between Kalyan, Thane and Vasai through the Vasai creek. There are 11 planned stoppages in the route which includes Vasai, Mira Bhayander, Ghodbunder Village, Dombivli and Kalyan, to name a few. Phase-II of the proposed project will have two routes, Thane to Mumbai and Thane to Navi Mumbai. The Thane-Mumbai route would have ten stops, including, Thane, Kalwa, Airoli, Vashi, Elephanta, the Gateway of India, amongst others. This infrastructural development will make the commute a pleasant and breezy ride.
- Bullet Train: The National High-Speed Rail Corp Ltd (NHSRCL), has implemented a 508-km long Mumbai-Ahmedabad Bullet train project. The high-speed train would cover the distance of over 500 km between the two cities in less than three hours, from the present seven hour journey. The train will achieve a maximum speed of 320 km/hr. Passengers would reach from Bandra Kurla Complex to Thane within just 10 minutes and from Bandra Kurla Complex to Virar in Palghar district within 24 minutes.
Thane is a prime spot for residential real estate investment in Mumbai as it is away from the crowded city of Mumbai, offering spacious home amidst the greenery of nature. With these infrastructural developments, it will further solve the traffic issues and reduce travel time for commuters making it the right time for investment. The current pandemic era has impacted the real estate market, which has seen developers adapting to new alternatives and designs to accommodate new realities, such as the Work from Home concept.
Many potential homebuyers are now considering to buying an apartment or shifting base to areas such as Balkum in Thane to experience premium living with world-class amenities. Piramal Vaikunth, a project by Piramal Realty, is situated in the heart of Thane, and the residents here will have access to all these infrastructural developments, making the residential property an attractive investment.