Left Menu
Development News Edition

Thane most preferred location for developers, sees 36 pc rise in home launches

Thane has emerged as the most preferred micromarket for real estate developers in the Mumbai Metropolitan Region (MMR), registering a 36 per cent year-on-year rise in new residential launches to 5,800 housing units in the July to December period last year (H2 2019).


Thane most preferred location for developers, sees 36 pc rise in home launches
The park is expected to be one of the largest in India. Image Credit: ANI

Thane has emerged as the most preferred micromarket for real estate developers in the Mumbai Metropolitan Region (MMR), registering a 36 per cent year-on-year rise in new residential launches to 5,800 housing units in the July to December period last year (H2 2019). According to Knight Frank's latest India real estate H2 2019 report, many mega launches by some of the biggest and reputed developers of Mumbai led to the region gaining prominence in MMR.

While home prices in an area like Ghodbunder Road in Thane stood in the range of Rs 6,000 to 10,000 per sq ft, prices in Naupadaranged ranged between Rs 14,000 to 18,000 per sq ft. One of the major attractions in this area is an upcoming 20-acre Grand Central Park which is expected to be one of the largest in India. This could act as a major factor that could instigate appreciation of property prices especially in the region around it -- a trend that has been observed worldwide.

As per Knight Frank's The Wealth Report -- Insight Series 2019, homes adjacent to London's Regent's Park and New York's Central Park saw an uplift of almost a third in the value compared with their neighbours. Central Park and Regent's Park came out on top for the highest premiums, commanding 29 per cent more for park-facing properties. "Thane has seen focused investment from companies from across industries, which has led to increased commercial activities in the region," said Girish Shah, Executive Director for residential sales at Knight Frank India.

This rise in commercial demand has resulted in a heightened level of interest from real estate developers, leading to a healthy rise in project launches and aiding in the holistic and sustainable growth of Thane. "Going forward, new infrastructure projects will enhance connectivity further enhancing Thane's desirability as a favourable home-buying destination," he said in a statement. According to a spokesperson from Kalpataru, one of the major developers in the region, the availability of large land parcels have given developers the opportunity to create world-class integrated mixed-use townships combining residential and commercial facilities, retail and lifestyle spaces, and best-in-class amenities, promoting holistic living and enabling walk to work.

"Thane is on the cusp of an unimaginable connectivity transformation which will reinforce its central location and appreciate property prices and rentals," said the spokesperson. The number of homes launched in the MMR region declined by 6 per cent year-on-year to 35,988 units in H2 2019 while the number of homes sold fell by 14 per cent to 27,212 units. Affordable houses continued to dominate launches with 61 per cent of the new launches coming in the sub-Rs 75 lakh category. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....

Videos

Latest News

UK consumers hit by post-Brexit customs: retailers

London, Feb 17 AFP British consumers will face higher prices and limited ranges of goods in the event of a return to customs controls after the Brexit transition period, an industry body warned Monday. The British Retail Consortium BRC issu...

Harsh Vardhan meets quarantined Indians evacuated from coronavirus-hit Wuhan

Union Health Minister Harsh Vardhan on Monday met the Indians evacuated from the coronavirus-hit Chinese city of Wuhan at an ITBP quarantine facility here, as the first batch of nearly 200 of them left for their respective homes. Vardhan in...

Lack of understanding of financial products hindering MSME

The lack of basic understanding of financial products and services is hindering the progressof MSMEs, a senior RBI official has said. Micro, small and medium enterprises play a significantrole in economic development, in terms of their cont...

C''garh: Naxals raid road work site, torch trucks, machinery

Trucks and construction machinery engaged in road work in Chhattisgarhs Balrampurwere set ablaze by Naxals on Monday morning, police said. Around a dozen armed Maoists raided the constructionsite near Bandarchua village under Samri police s...

Give Feedback