From a population of just 800,000 in 1991 to a nudging population of close to 2 million in 2011, the city has surely grown. And most of this growth has been due to the influx of new residents in recently constructed housing complexes. According to Jones Lang LaSalle India, “For the working class in Mumbai, Thane offers the perfect option in terms of affordable residential housing. Thane’s residential property market has a lot of genuine demand driving it. “The supply of projects covers a broad spectrum of this demand, with properties ranging from 1BHK apartments to lavish luxury homes.”
Having shrugged off its laidback label, the city now echoes with the buzz of building activity and business, be it high-end residential accommodation, multiplexes, shopping malls, auditoriums or art galleries.
The single greatest reason for Thane’s residential growth has been the availability of large tracts of land vacated by large industries which would ordinarily have been a matter for concern, except that the transition has been fairly gentle and extended over a long period of time.
Today Thane is well-developed, and represents a city in itself – a city with its own character and economic drivers, including large businesses that drive the demand for residential properties. The manufacturing sector, especially along Godhbunder Road, plays a big role in keeping the residential property sector lively. Also, the accelerated activity in residential property development has caused an upsurge in malls and entertainment complexes, which further influence demand.
Major IT corporations such as Godrej, TCS and Aplab are situated in Thane. There are many IT parks coming up in the city of Thane. Many software companies are setting up shop as it is an industrialized city and has many transport options available. In addition, there is a huge talent pool available for IT and IT related companies in Thane.
Chemical and Pharmaceutical companies such as GlaxoSmithkline also are located in Thane. The government allows 100% FDI investment in the drugs and chemical industry via the automatic route. In addition, there are also many textile organizations and small scale organizations in Thane which offer good prospects.
The retail industry is also a potential investment option. Many retail chains have opened in Thane. There is a huge customer base in Thane for branded and foreign products, and services.
It is this “Evolution” of Thane City that MCHI-THANE has tried to capture with the overarching “EVOLVING THANE” logo which will now be a constant and visible symbol of its futuristic vision for Thane City.
According to JLL India, Thane is in the process of gaining equal desirability status with areas like Malad and Goregaon. Just like these popular western suburbs of Mumbai, Thane enjoys close proximity & connectivity to CBDs like BKC & Navi Mumbai, 20 minuites drive from Andheri & Powai thus making it a location which facilitates multiple connectivity to major commercial, entertainment & retail hubs of the city.
Thane predominantly has a Maharashtrian culture but because of the huge residential boom, the city has witnessed a large number of immigrants from the neighboring city of Mumbai as well as from other pockets of state and country. The face of the city is nowadays becoming increasingly cosmopolitan. Beside Marathi, sizable populations of North Indians, South Indians, Bengalis, Sindhis, Gujaratis, Marwari and other people from different regions live in Thane, mainly because of its proximity to Mumbai.
There is a definite movement of significant population to Thane as it now offers bigger layouts that provide more open spaces which have become an attraction for many home buyers who desire to reside in this centrally located Mumbai suburb.
Rustomjee’s Urbania, located in the heart of Thane City, right on the Eastern Express Highway and 10 minutes from the station, is one such project that has a self-sufficient township with modern living spaces, its own international school, commercial complex, retail and entertainment centres, sports clubs and much more.
As Mr. Percy S Chowdhry, Director from Rustomjee sums the changing dynamics of this city “Our customers are quintessentially working parents between the age of 28-40 years into IT, ITES firms like Capgemini, Accenture, self-entrepreneurs & businessmen who are looking for a home that offers them and their children a whole new life. A destination that has a perfect blend of a self-sufficient township with modern living spaces that provides a sense of comfort, security and convenience. Most of our customers who choose to come on board with us usually are from Andheri, Powai & Navi Mumbai. Most importantly they prefer us over our competitors for the thoughtful amenities; construction quality & impeccable customer service, keeping in mind the well-being of every age-group”.
It is these townships like Rustomjee Urbania that make Thane a new-desirable destination and gives urban living in this evolving city a whole new definition.