It was once a sleepy manufacturing town but is now a bustling real estate centre.
Commercial growth and the development of an area's infrastructure always go hand in hand with urbanisation. People go to developed places in search of improved quality of life and career prospects.
The previous ten years have seen consistent growth for Thane. It was once a sleepy manufacturing town but is now a bustling real estate centre. It has now become a popular residential attraction in India. Given its excellent connections to Mumbai, Thane has experienced considerable expansion.
Investors have been drawn to Thane by the availability of land, continuous upgrades to the city's municipal and transportation facilities, and comparatively affordable real estate costs. The best hospitals, schools, and retail centres are nearby.
Cluster Development Scheme, Mumbai Metro Line 4, Mumbai Metro Line 5, the Borivali-Thane underground tube, and Thane Coastal Road are a few of the infrastructure initiatives that have aided in the city's transformation into a commercial real estate hotspot.
Commercial real estate's effects
Youth and companies are drawn to it as a result of several current infrastructure projects that are enhancing the general connection between Thane and Mumbai. Thane provides high-end retail, the IT and ITES industries, office space, hotel and food services, medical facilities, data centres, and logistics parks. With approximately 12 million square feet (msf) of current commercial space and an additional 3.5 msf of future development, Thane has quickly developed into a commercial centre. By the end of CY 2023, at least 89% of the total area of 3.5 msf is anticipated to have been added. With various corporates and MNCs expanding in the area, at least 54% of office sizes sold in CY 2022 have carpet areas more than 10,000 square feet.
It has become an alternative CBD as a result of well-known national and international firms setting up shop here. The areas around Wagle Estate, Ghodbunder Road, and Thane-Belapur Road have seen a boom in business and IT/ITES growth.
The rental return grew from 5.4% to 6.3% as a result of the fascinating pattern of rising commercial rents in Thane, which rose from Rs. 72 in CY 2017 to Rs. 91 in CY 2022, a 26% increase in absolute terms. Sales velocity has increased by 47%, from 291K to 429K square feet, as a result of the growth in rental yield.
With everything accessible in only 15 minutes, Thane has developed into an all-encompassing metropolis thanks to the ongoing rise of its commercial real estate. Mumbai, Navi Mumbai, Kalyan-Bhiwandi, and Mira Road-Borivali are all connected to Thane in 30 minutes. Due to its excellent commercial, healthcare, educational, and retail facilities, Thane also has the intrinsic advantage of being the first city in India to provide a true walk-to-work culture as well as a walk-to-education, healthcare, and shopping culture.
Homebuyers have also been drawn by this urbanisation to prominent micromarkets like Thane City, Ghodbunder Road, Wagle Estate, and Thane Central. Thane City's CAGR from CY2012 to CY2022 YTD was 5.9%, with Ghodbunder Road and Thane Central attaining 6.6%, as opposed to Andheri West's CAGR of 3.9%.
Source From:- navimumbaihouses
