An overview of Thane Real Estate Market since 2000

A decade back, Thane was a sleepy suburb with not much real estate developments and amenities were basic. Before 2000, it was mostly considered as a place for the low and middle income group. The residential projects mainly consisted of small houses and 2 or 3 BHKs at affordable rates. Mumbai was less crowded back then and the more prestigious projects were built in the city. People with generous income preferred to live in Mumbai where as Thane was mostly left for the less affluent crowd.

The amenities in Thane were substandard too and not many commercial and entertainment facilities were available. However, as time flew the City of Mumbai become very crowded and living space became a scarcity.

Development of Thane Real Estate:

With the increasing population in the city, the people started migrating from Mumbai central to its suburbs, one of which was Thane. From 2000 to 2005, the real estate in Thane showed small developments and some developers started showing interest in the locality. At the same time, the Mumbai real estate was completely saturated and many started looking at Thane to set up their home. With this influx of people the general amenities in the locality also started developing and improving.

Developers started showing increased interest in the suburb and many excellent projects were started by prestigious builders. What was earlier a place most inhabited by low and middle income groups, now the area started attracting more affluent individuals. The area was earlier dominated by buildings no more than seven stories high, now many multi storied apartments dominate the place. Individual villa projects were also introduced here.

Present situation:

Thane is well connected to other parts of the city which makes it easily accessible to people working in neighbouring suburbs. There are four railway stations within Thane city - Thane station, Kalwa, Mumbra, and Diva.

Thane has developed into a fully fledged city in itself, with its own character and economic drivers including large businesses that drive the demand for residential properties. The manufacturing sector especially around Godhbunder Road plays a big role in keeping the residential property sector lively. As the residential activity is increasing, has caused an upsurge in malls and entertainment complexes, which in turn influences more demand in real estate. Thane real estate had gone through a large amount of correction during the property market downturn which has led to increased sales among the bargain hunters.

However, the speculation of the current demand cannot be truly relied on. Most of Thane’s residential property market is till driven by a lot of genuine demand. The projects cover a large spectrum of demand from affordable 1 BHKs to luxurious penthouses.

Thane is in the process of gaining equal desirability status with more affluent areas like Malad and Goregaon.

Gsv Naresh is a real estate blogger who blogs about India's realty market and also gives advice on buying residential projects and flats in India.For More Information about Real estate Visit CommonFloor.