Properties in Thane- Buying Vs Renting

Over the last few years, demand for real estate properties in Thane has grown significantly. This in turn has influenced the rate of commercial work spaces and houses in the city. According to a price analysis of residential properties conducted across 11 cities in the last five years, Thane and Navi Mumbai have recorded the highest percentage of increase in residential realty market in the nation.

With the prices of apartments having surged by nearly 85%, it is becoming increasingly difficult for potential buyers to find a house within their budget. Hence a vast majority of the people are resorting to renting a house.

Renting Apartments in Thane is an Ideal Choice

According to property consultants, more and more people are opting to stay on rent rather than buy a flat. This trend is catching on fast as it works out to be a more financially viable alternative. For instance, purchasing a 2 BHK apartment costing Rs. 1.2 crore in the area of Balkum would mean paying Rs. 90,000 as EMI. However renting the same property is much more economical as the monthly rent would amount to merely Rs. 20,000, inclusive of maintenance and society charges. This would result in huge savings of up to Rs. 20,000 a month.

Another reason people prefer renting as compared to buying is that 30-35% of Thane’s population has transferable jobs, which means renting an apartment will continue to be the preferred choice. Also, many of the houses in the city have been bought by people who already own a real estate in Mumbai or in the suburbs.

Improved Rail and Road Connectivity in Thane

A vast majority of people living in Mumbai are relocating to Thane. This is particularly true in the case of those who are working in areas along the central line. Renting an apartment in the city works out to be a practical decision as the Central Railway’s suburban railway network makes travelling to the suburbs very easy.

A huge number of commuters travel to work every day via Thane station and three other railway stations located in the city- Mumbra, Kalwa and Diva. The Thane-Panvel local and the Thane-Vashi/Nerul train line help to connect the city to Navi Mumbai. The possibility that Mumbai Metro services may be extended till Thane has only further added to the growing popularity of real estate in the MMR region.

Renting a flat here is particularly an ideal alternative for people who have to travel to work in Powai. Due to the improved connectivity via the Jogeshwari-Vikhroli link road, commuting has become very convenient. Apart from this, Thane is also well linked to the cosmopolitan city of Mumbai and Pune via the Eastern Express Highway and the Mumbai Pune Expressway respectively.

Efficient public bus transport services such as Brihanmumbai Electric Supply and Transport (BEST), Mira Bhayander Municipal Transport (MBMT), Navi Mumbai Municipal Transport (NMMT), State Transport (ST) corporations and Thane Municipal Transport (TMT) has further fuelled the surge in demand for rental properties from local Mumbaikars.

Simon Boylan is an avid blogger who likes to write articles related to residential and commercial properties in Mumbai.