The month of April saw many businesses releasing Thane real estate assets to property developers in the area.
Property firms of all sizes purchased substantial plots from established companies; Tata Housing Development Ltd. purchased seven acres, Oberoi Realty Ltd acquired 25 acres, while Lodha Developers bought 88 acres from Clariant Chemicals. The land is poised for both commercial and residential real estate developments, and according to experts, this property development boom in Thane could boast plenty of potential for real estate investors.
According to the Residential Services division at Jones Lang LaSalle India, the Thane real estate market is going into “something of an overdrive”, having already witnessed impressive growth in recent years. Expansion out to Ghodbunder Road has created a slew of jobs in the manufacturing sector, while transit connections make Thane a popular choice for commuters working in nearby areas like Navi Mumbai. As planning and construction booms in the area, NRI real estate investors would be wise to consider the opportunities this development presents.
What’s in it for investors?
From a practical perspective, a property in Thane is ideal for investors looking for a long-term buy and hold investment in a growing area.
As established markets remain expensive, many real estate investors are seeking out more affordable micro-markets in which they can receive more for their money, and Thane is certainly atop the list. Buyers can expect to pay in the region of Rs. 3000-6000/sq.ft around Godhbunder Road, while properties in East Thane are marginally more expensive at Rs. 5500-6000/sq.ft.
As some of the land purchased by developers will be used to build commercial buildings, a population influx is expected as employment opportunities strengthen migration to the area. Aside from businesses, there are a number of schools, hospitals, shopping and entertainment facilities throughout the city contributing to its popularity. While all of this currently exists, the consensus among analysts is that the development of Thane as a city has not kept pace with the property developments here, and as such, a rise in property values is expected as it catches up. For real estate investors looking for an affordable property that promises substantial appreciation over the long term, now is the time to invest in a residential unit in the so-called “City of Lakes”.
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