Since 2016, Thane West has led in property sales. What gives it a boost?
The landlocked suburbs of Mumbai, such as Thane, Kalyan-Dombivli, Vasai Virar, and Navi Mumbai, continue to see growth in their residential markets. However, Thane West has distinguished itself as the most vibrant micro market, beating not just Mumbai localities but also the other top 8 cities in terms of asset sales since 2016.
Mumbai and its metropolitan area (MMR) have become the top asset market among India’s top 8 cities during the past ten years. In contrast to the overcrowding in high-density areas of the Mumbai district, residential development has exploded in outlying areas like Thane, Kalyan-Dombivli, Vasai-Virar, and Navi Mumbai. On the other side, Thane West has recently attracted a large number of developers and homebuyers.
Thane West has established itself as the top micro-market, with the highest assets income over the past seven years, not just in MMR but also above the previous top 8 towns. The closeness to Mumbai is one of the most important factors influencing the residential expansion in this area.
The area is about 20 kilometers from the international airport and well-connected to Mumbai’s western and key suburbs by roads and railroads. It is also close to the Kalyan-Dombivli-Bhiwandi belt’s commercial and warehouse district, which runs parallel to the Mumbai-Agra National Highway. Additionally, the continued construction of Metro Lines 4 and 5 will improve Thane’s connectivity to the suburbs nearby.
The town has also achieved progress in terms of enhancing its physical and social infrastructure, particularly through the Smart City Project. In reality, Thane West is a part of Thane Smart City’s Area-Based Development initiative. Ongoing projects to improve the area’s habitability focus on smart streets, waterfront and lakefront enhancement, reconstruction of the station place, sanitation, and e-governance, among other things.
In recent years, Thane West has seen significant retail improvement, much like an infrastructural improvement. With the advent of Grade-A malls, busy streets, and entertainment and recreation facilities, it has now established itself as a major retail hub in Mumbai’s metropolitan area. All of those factors have increased the town’s liveability, which has led to it being placed eleventh out of 111 towns on the Ease of Living Index. Because Thane West offers a combination of habitability and lower prices than Mumbai’s suburbs, it has had strong residential growth and is now one of the top micro markets in the nation.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
