Thane, which was once meant for affordable living of working class, is now emerging as one of the top luxury destinations in Mumbai. The developments in and around the Thane’s property market is on a fast forward mode along with the growth both, horizontally and vertically. The fact is that, Thane is changing and it is changing fast. It seems the Thane region is all set to give competition to the other luxury locations of Mumbai due to its ticket size and green surroundings. Already many of the leading developers have planned their luxury projects in Thane. They believe this is the time to change the ‘affordable’ perception which has more appreciation potential than the saturated luxury markets of Mumbai. As a result, the NRIs, HNIs and other big-ticket investors are closely monitoring the developments in this pocket. Analysts tracking the market in this part of the world are not surprised either. They believe these emerging locations offer more space to developers to innovate than the established locations. Thane has, anytime, more potential for appreciation than the traditional pockets of luxury across Mumbai.
There has been a radical change in Thane, with improved infrastructure and multiple luxury projects taking place in the city. For example, in July last year when one of the developers announced the opening of the second phase of their mall, the analysts and critics were wondering whether it makes sense for a 13- acre plot spread over an area of one million sq ft to be fully operational in Thane. However, the fact that inauguration of the mall had witnessed the opening of more than 60 brands including Shoppers Stop, Marks & Spencer, Lifestyle, Pantaloons, Home Centre, Splash and many more for the first time in Thane, made it a case study for serious researchers of the property market.
Within a year now, some of the other experienced players in the retail format are flocking to Thane, with a number of malls in the pipeline. Property analysts are wondering though whether there is a method in the madness.
Analysts maintain big ticket retail entry is just an indication of the emerging luxury quotient of Thane. The fact that the corporate sector is also increasingly making Thane its choice indicates that the demand for luxury housing will only increase in the region. This, in effect, will revitalise the economy of Thane. Luxury projects do have a market in Thane and it is only the initial phase of development. Quality retail and office spaces, added to the fact that the multi-national companies are also entering Thane, indicate that the luxury quotient of the region is set to grow. Soon, Thane promises to make its presence felt as one of the top luxury destinations of India.
Source: The Times of India