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In association with
THANE
An Emerging Megapolis
February 2018
Ajay Ashar Sachin Mirani Jitendra Mehta Manthan Mehta
President Hon. Secretary Vice-President President - Youth Wing
MCHI Management MCHI Management MCHI Management MCHI Management
Thane has become a promising city. It has The several cultural inclinations are The city of Thane is becoming a commercial I have seen Thane, the City of Lakes, evolve
been rightly observed how the city has spectacularly highlighting the vibrant culture hub. Thane’s list of amenities and from a cousin of Mumbai to a city that has
developed an all-around connectivity within. in Thane. With its associations in organizing approaching limits to the commercial developed a well profound name of its own.
The RTO office to the court, the passport office the Mega Dandiya Raas, MCHI has added hubs is making Thane an emerging name in the The cosmopolitan crowd develops any city to
to other bureaucratic centres - everything is credibility in the name of the city of Thane. This development of office-spaces. This is making become an emotion. Thane, I very well appraise it
incorporated in this city of Thane. The availability White Paper demonstrates of what the beautiful Thane, the City of Lakes, to emerge into a City of as the City of Youth. The dynamicity and vibrant
of these administrative offices with close proximity, city of Thane is being turned into. Approach. Some big MNCs like TCS has recently variety in the crowd in Thane, has established
promises comfortable and stress-free procedures built its prime workplace in the heart of Thane. the brand it carries today. The growth has been
The city comprises a large number of educational
of every significant credentials. remarkable and noteworthy.
institutes with a promise of close proximal Thane already being a big host to a large number
The building infrastructural projects in Thane are distance. The high number of vibrant cultural of offices at MIDC is not less known. With the The youthfulness and the energetic vibe that
making the city that does not compromise on hubs to expansive green cover of Yeoor hills, an several well-known corporation names attaching Thane brings on its own is due to the crowd that
ease. The Metro project, Kopri railway station, affordable price point adds to a futuristic infra and associating themselves with the name of the is not only growing in multitudes, but is accepting
widening of Pokhran road 1 and 2, and the developed culturally aesthetic city. city, is making Thane quickly move to a dignified the multicultural setting which is making the city
Mumbai-Nagpur Expressway are a few to be work culture. I acknowledge the hard-work by nurture in enthusiasm and zeal in the surrounding.
named. Thane is becoming a synonym with an Prashant and his team in presenting this White
ANAROCK’s research team, has successfully
upcoming major metropolitan with well framed Paper which portrays Thane city’s ‘walk to work’
compiled a comprehensive data from a wide range
wide roads, brightly lit up evenings, close proximity culture.
of resources for this White Paper. It is a one-stop
and quick accessibility to every important centre.
information repository not only for the buyers, but
I would like to thank Prashant for endorsing our
also for the developers, which is helping them to
viewpoints with the data that he has compiled
connect with each other on the same grounds.
through his research.
CONTENTS
A Note from
the Chairman
longer considered just as a distant cousin of Mumbai.
Thane’s real estate market has a very wholesome Thane: Physical Social
mix of office complexes, residential developments, An Overview Infrastructure Infrastructure
retail malls, hospitals and educational facilities. Development Snapshot
Simultaneously well-connected to Mumbai’s main
workplace hubs, the city also has many other 02 10 12
amenities that make living there not only bearable but
even invigorating. Thane features in the Government’s
ambitious Smart City mission, and is consequently
Anuj Puri, Chairman gearing up for the next level of growth and evolution
ANAROCK Property Consultants into a highly attractive residential destination in the
Mumbai Metropolitan Region.
India’s next level of growth depends heavily on Reputed real estate developers, global corporates and Major Initiatives Office Market Residential Market
decongesting existing metros, which tend to eventually many other businesses drive Thane’s growth, and it is to Transform the Overview Overview
begin falling apart due to the mounting pressure on eminently clear that the city enjoys the confidence of
City’s Landscape
their support infrastructure. With rising population both national and multi-national companies who are
and rapid urbanization, Indian metros are finding invested in its growth. 16 26 30
it difficult to offer their citizens a reasonably good
ANAROCK Property Consultants’ white paper ‘Thane -
quality of life. Road congestion, crowded core areas
An Emerging Megapolis’ takes a data-driven deep-dive
and deteriorating work-life balance has become the
into this city’s evolution story, current development
bane of modern city life.
status and the various Government initiatives that
The development of new satellite cities and towns will significantly revamp it in the coming years. The
can and does considerably reduce the pressure on the report maps the real estate developments, physical
metros and developed cities. Creating self-sustaining infrastructure growth and social infrastructure
2017 Residential Key Residential Outlook
cities is the key to reducing the burden of gruelling availability that make Thane one of the most resilient
daily commutes to and from work that are otherwise markets in the MMR. It highlights the plethora of
Real Estate Recap Destinations:
inescapable fact of life for residents of a city like opportunities that Thane provides, and serves as Top Hotspots
Mumbai. a guide to businesses as well as home buyers who
34 38 52
Thane, known as the city of lakes, has rapidly recognize Thane’s unique value proposition.
emerged as a vibrant self-sufficient city and is no You can look forward to an insightful read!
THANE – An Emerging Megapolis | February 2018 1
Thane:
An Overview
Introduction
Thane, known as the city of lakes, is the district
headquarter and one of the prominent city in the
Mumbai Metropolitan Region (MMR). The city
possesses an impressive background of enriched
cultural heritage with chronicles of historical
importance, dating long back to about 2,000 years.
The city is strategically located at the head of Thane
creek and surrounded by Parsik hills and Yeour
hills. Flanked by Sanjay Gandhi National Park on
one side, the city also boasts a presence of around
35 lakes encapsulating a total area of about 40
hectares. With a massive population of around 1.84
mn1, Thane is spread over 128 sq.km. and is the
16th most populous city in India.
During the last few years, Thane has grown rapidly
and emerged as a key hotspot for residential and
commercial developments. There is a gradual shift
in city’s fabric as well - once an industrial hub has
now become the city of high rise buildings - thanks
to its strategic location, easy accessibility, excellent
infrastructure, relatively lower real estate prices and
continuous initiatives to upgrade the lifestyle of its
residents. The city is gradually emerging as a self-
sustaining key megapolis of Mumbai.
1
Census 2011
2 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 3
Evolution
Timeline
200 BC to 1800 1950 to 2000
Pre-British Era Post-Independence - Industrialisation Era
200 BC to 1300 AD - Rule of Satavahanas,Shilahara and 1962 - Establishment of MIDC:the first industrial estate
Bimb dynasties 1962-65 - Setting up of Raymond, Modella, Voltas, Kores,
1300 AD to 1774 AD - Mohammedan, Portuguese and Colourchem, Roche, Nocil, PIL and other companies
Maratha rule 1982 - Establishment of Thane Municipal Corporation
1774 AD - The British conquered Thane city 2000 - Received 'Clean City Award'
1800 to 1950 2000 to 2017
British Era Post 2000 - Era of Real Estate influx
1803 AD - First district court was established 2004 - Trans-harbour rail line connecting Vashi opened for public
1853 AD - First rail train, from Bori Bunder (now CST) to Thane 2008 - Work on several flyovers commenced
1863 AD - Thane Municipal Council formed 2009 - Panvel & Nerul connected to Thane through rail route
2007 - 2017 - Massive infusion of residential supply - more than
1881 AD - Pokhran lake built
90,000 units
1881 AD - The first census took place, population: 14,456
2016 - Included into the Smart city mission
2017 - TCS opens Olympus Centre - largest in MMR
4 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 5
CITY
QUICK FACTS
Administration - ULB
Area
Thane Municipal
128.23 sq. km
Corporation
No. of Lakes
Prabhag Samities (Wards) Average Literacy
35 spread across
9 89.4%
40 Hectares
Population Density Decadal Population Growth
1.84 million 14,360 51.25%
(Census 2011) persons / sq. km. (2001-2011)
Slum Population Green Cover
0.98 million (Census 32.11 sq.km. (appx.
2011) 25%)
6 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 7
Population Growth Decadal Population Growth (in mn) Economic Factors City Land Use Development Plan
Between 1971 and 2011, As per TMC, the city employs around 1.8 lakh people As per Thane Municipal Corporation Development
1971 0.26
Thane’s population increased and constitutes approx. 25% of overall Thane district’s Plan (2003), valid for 20 years since inception, the
1981 0.48
about 7 times. urban employment.3 city was divided into 11 planning sectors.
1991 0.80
The city’s population is expected The city contributes around 20% of the overall district’s As per the plan, an area of around 26.65 sq.km. is
to be around 2.8 mn by 2021, 2001 1.36 GDP.4 meant for residential developments.
3.5 mn by 2031 and 4 mn by 2011 1.82 Tertiary sector has the maximum share and has grown Industrial zone constituted around 12.54 sq.km.
20412. 2021* 2.85 from 49% to 59%, between 1993-94 to 2003-04. There are 804 reserved sites for various other public
The city’s share of overall MMR’s 2031* 3.50 purposes, covering an area of 12.67 sq.km.
population is rapidly growing
2041* 4.16
while the Greater Mumbai’s share
Note: * - estimates
has steadily declined during the Land Use Development Plan
last 5 decades. % Share of Population in MMR - Greater Mumbai vs Thane City Administration
Constituted in 1982, Thane Municipal Corporation is 28% Forest Area
77% 74% 68% the governing Urban Local Body (ULB). 25% Green Zone Area
62% 55%
TMC is responsible for planning, regulation, control and 21% Residential Zone
coordination of urban growth in the city. 10% Under Reservation
3% 4% 6% 7% 8%
The city is divided into 9 administrative wards; Kopri, 10% Industrial Zone
Naupada, Uthalsar, Kalwa, Mumbra, Vartak Nagar, 06% Road
1971 1981 1991 2001 2011 Chitalsar, Manpada, Wagle estate and Railadevi.
Greater Mumbai Thane
Sectoral contribution (%)
80
60
40
20
0
2
Thane Municipal Corporation
1993-94 1998-99 2003-04
- Smart City Mission
3
TMC - City Development plan
4
TMC - City Development plan Primary Secondary Tertiary
8 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 9
Ul
ha
sR
ive
r
Physical N
9 23
Infrastructure lla
ge
Kalh
Vi 21
Development an
er V
m
Ka 4
illag
e
6
Thane possesses a well-developed physical infrastructure that connects the city to
16
various parts of Mumbai. Numerous flyovers and arterial roads connect the internal Part of
Sanjay Gandhi 3
areas of the city to other locations of Mumbai. Excellent connectivity via the central
National Park
11
dar
and harbour line of the suburban rail has also been an added advantage of the city.
19
ayan Bh
8
Mira
1
18 5 160 M
Ka
lya
NH e un
Brihan Mu Villag ici n D
Municipal
mbai Anjur Diva pa om
Corporatio 17 l b
n 2 Lim Corp iva
Limits 10 its ora li
tio
n
7
20
14
15
13
NH 48
22
12
umbai
Navi M
oration
al Corp
1 Majiwada-Kapurbawdi Flyover 13 Mumbai Kausa Bypass Municip
Limits
2 Nitin-Cadbury Flyover 14 Thane Belapur Road
3 Manpada Flyover 15 Kalyan Shilphata Road
4 Wagbil Flyover 16 Kolsher Road
5 Majiwada Flyover 17 Old Pune Road
6 Patlipada Flyover 18 Pokhran Road
7 Eastern Express Highway 19 Upvan Lake Road
8 Mumbai Agra National Highway 20 Wadala Thane Metro Corridor (Proposed)
9 Ghodbunder Road 21 Thane-Kasarvadi Metro Corridor (Proposed)
10 Lal Bahadur Shastri Marg 22 Manpada-Belapur Metro Corridor (Proposed)
11 Agra Road 23 Kasarvadi-Mira Bhayandar Metro Corridor (Proposed)
12 Mumbai Pune National Highway
10 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 11
Social Educational Institutions
Infrastructure
Snapshot
Thane possesses excellent social infrastructure with a presence of numerous educational N
Schools
institutions, malls, amusement parks and hospitals. The city has evolved rapidly as a self- 1
ge Colleges & Universities
Kalh
sustaining destination and today’s Thanekar does not feel the need to step out of the city and lla 2
Vi
an
er V
come to Mumbai for anything, barring commuting to workplaces, if need be. m 3
Ka
illag
4
e
Part of
Sanjay Gandhi
15
National Park 5
10
r
nda
aya Bh
6 7
Mira
Ka
ge lya
iva Villa n
Mu Dom
Brihan Mu 8 9 Anjur D Co
mbai rpo nic bi
Municipal 11 rat ipal vali
ion
Corporatio Lim
n Limits 12 its
13
14
umbai
Navi M
al
Municip its
ti Lim
o n
1 New Horizon Scholar School 9 Rustomjee Cambridge International School Corpora
2 Hiranandani Foundation School 10 School of Law, University of Mumbai
3 Podar International School 11 R.J. Thakur College
4 Universal High School 12 ICFAI University
5 D.A.V. Public New Generation School 13 Sikkim Manipal University
6 C.P. Goenka International School 14 Swayam Siddhi College of Management
and Research
7 Lodha World School
15 University of Mumbai Sub-campus
8 Sulochanadevi Singhania School
12 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 13
Retail Malls and Amusement Parks Major Hospitals
1
N N
1 Retail Malls Hospitals
2
ge ge
Kalh
Kalh
lla lla
Vi Amusement Parks Vi
an 10 an
er V
er V
3
m m
Ka Ka
illag
illag
4
e
e
11
Part of Part of
Sanjay Gandhi Sanjay Gandhi
3
National Park National Park
5
dar
r
6
nda
yan
4 5
aya
ha
Bh
ira B
6
Mira
Ka 7 Ka
M
7 ge lya ge lya
iva Villa nD iva Villa n
Mu Dom
Brihan Mu Anjur D Co Mun omb Brihan Mu 8 10 Anjur D Co
mbai rpo i i mbai rpo nic bi
Municipal
8 rat cipal vali Municipal 9 rat ipal vali
ion ion
Corporatio Lim Corporatio 14 12 Lim
n Limits its n Limits its
9 11
15
2
13
umbai umbai
Navi M Navi M
al al
Municip its Municip its
ti Lim
o n ti Lim
o n
Corpora 1 Dhanwantri Multi-Speciality Hospital 9 Kaushalya Medical Foundation Trust Hospital Corpora
1 Big Shopping Centre 7 Viviana Mall 2 Vedant Hospital 10 Sapphire Hospital
2 R Mall-LBS Marg 8 Korum Mall 3 Currae Hospital 11 Mumbra Municipality Hospital
3 R Mall-Ghodbunder Road 9 Eternity Mall 4 Hiranandani Hospital 12 Chhatrapati Shivaji Maharaj Hospital
4 Wonder Mall 10 Suraj Water Park 5 Highland Super Speciality Hospital 13 Aarogyam Multi-Speciality Hospital
5 High Street Mall 11 Tikuji-Ni-Wadi 6 Bethany Hospital 14 Panandikar Hospital
6 Lakecity Mall 7 Jupiter Hospital 15 Thane Health Care Hospital
8 Lifeline Hospital
14 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 15PAN City Initiatives
Major Initiatives
Some of the iconic projects under the Thane’s Smart City
Mission include
to Transform the Metro rail from Teen Haath Naka to
Kasarvadavali sanctioned under phase
City’s Landscape II of Mumbai metro
TCS has set up its largest office in
Thane with a capacity of 30,000
employees spanning an area of 3
Smart City Mission million sq.ft (completed project)
Education hub - Proposed allotment of
113 Ha plot to reputed institutes for
The Smart City Mission was launched in 2015
setting up campuses that impart higher
by the Ministry of Urban Development (MoUD). education such as information and
A total of 100 cities have been shortlisted under communication technology (ICT)
this initiative. The selection of smart cities has
been conducted in two stages. The first stage
of the City Challenge Competition encompassed Tata Cancer Hospital & Shankar
scoring of cities based on existing service levels Netralaya - land being allotted to two
(25 points), institutional systems and capacities medical institutions of repute
(15 points), self-financing (30 points) and past
track record (30 points). The second stage
included evaluation of smart city plans on the
Elders’ paradise & working women’s
credibility of implementation (improvement in
hostel - state-of-the-art old age home
operational efficiency over the last three years
and working women’s hostel
from 2015) along with city vision and strategy.
A Special Purpose Vehicle (SPV) established
will plan, appraise, approve, release funds
and implement, manage, operate, monitor and Central park (35 acres) & Northern
evaluate the project. Thane has been shortlisted park (22 acres)
out of the 63 cities that had participated in the
ambitious “Smart City Mission” in the third batch
- September 2016. In May 2017, Thane civic
body partnered with Israel’s Tel Aviv Municipality Multi-level car parking - More than
and Israeli private technology major to replicate 4,000 parking spaces in a single
the civic transformation that Israel’s capital facility
underwent using digital technologies.
16 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 17Projects under Thane City Centre Rejuvenation Projects under Pan City Development
While retaining the mixed use
development and building on the
natural wealth of the area, through
09 created open spaces and pedestrian
02
16 focus, the proposal aims at tackling
07 17
Improved service delivery Ensuring safety, security Digi Thane System - Intelligent Transport
04 issues of traffic congestion, lack of
11 02
activity open spaces and inadequate of the water supply and digital connectivity combination of latest System to have GPS
09 20 19
07 services levels. The issues in the system by adopting smart through enhanced CCTV technology with advanced enabled real time tracking
area are representative of those
05 encountered throughout the city and
solutions leading to 24x7 surveillance and free operational procedures mechanism
09 19 thus pave a path for resolving such water supply public Wi-Fi
problems on a larger scale.
13 15 09
17 09 14
12
03 18 02 09
18
09 10 11
17
Projects under Area Based Development (ABD)
Area for retrofitting 1000 acres
Area for cluster redevelopment 70 acres
09 09
Population of retrofitting 1.6 lakhs 09 Implementation of Waterfront development Renovation of gardens and Soft mobility:
Population of cluster 0.8 lakhs 09 Multimodal Transportation and lakefront development stadium; expansion Rent-a-cycle concept,
02
Facility and ITMS in city centre of crematorium walkways & FOBs
N
01 IT Hub Wagle Estate
07 (Intelligence Transport
09 Management System) to
decongest the traffic
02 Sewerage Network 06
03 Proposed Underground Parking
09
08
04 Proposed TCS Campus
05 Proposed IT SEZ 13 Pedestrian Improvement Decentralised solid LED street lighting Smart on-street and off- Urban restrooms
waste management and street multi-level parking
06 New Suburban Railway Station 14 Elevated B.R.T.S. Line upgradation of sewerage
02
and drainage networks
07 Nallah Works 15 Railway Station Interchange
09
08 Metro Station 16 Ulhas Waterfront
01
09 Decentralised Waste 17 Urban Restrooms
Processing Site
10 Recycling at STP 18 Cycle Renting Stands
Redevelopment Zone Cluster redevelopment 1 MW Solar rooftop at New suburban railway
11 Solar Roofing 19 Upgradation of Garden Kopri STP station between Thane
& Mulund
12 Lake Rejuvenation 20 Expansion of Crematorium
Image source: Smart City Thane
18 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 19Budget allocation for area-based development projects is given below.
Sr. No. Project Funding Cost (INR Crore)
1 Cluster Redevelopment Private Financing 4,000
Budget Allocation 2 Waterfront Smart City Mission 225
A budget of INR 6,630 crore has been proposed by Thane under the smart city project and Atal Mission for Rejuvenation 3 Masunda and Hariyali Lakefront Development Smart City Mission 10
and Urban Transformation (AMRUT) mission, of which INR 4,375 Crore is being funded by the civic body. In November 4 Multi-Modal Facility at Thane Railway Station and ITMS Smart City Mission 305
2017, around INR 700 Crore has been approved for the Thane Smart City Project for development of various infrastructure 5 Commercial Development on Multi-Modal Facility Central Railways 100
facilities, including a new railway station between Thane and Mulund. 6 Teen Haath Naka Junction Improvement Smart City Mission 120
Budget allocation for Pan City development projects is given below. 7 New Proposed Railway Station Central Railways 500
8 Commercial Development on TOD basis at proposed station Private Financing 200
Sr. No. Project Funding Cost (INR Crore)
9 Allied Infrastructure for New Proposed Railway Station Smart City Mission 150
1 Water audit and management of water supply system Smart City Mission 25
10 Decentralized Solid Waste Processing Smart City Mission 20
2 Water kiosks Private Financing 10
11 Urban Restrooms and community toilets Smart City Mission 5
3 Laying new water supply network and capacity augmentation AMRUT 445
12 Pedestrian Improvements (in area, near station and along market) AMRUT 25
4 Regularizing illegal connections, leak detection and reduction, AMRUT 245
reducing treatment losses, rehabilitation of damaged pipelines and 13 Solar roofing at Kopri STP and Stadium Private Financing 15
service improvement management contract 14 Sewerage network AMRUT 25
5 Energy audit as per ESCO Model5 TMC Funds 10 15 Nalla Projects AMRUT 50
6 AMR (Automatic meter reading) Meters and AMR compatible Private Financing 75 16 Water network AMRUT 35
magnetic class B meters 17 Smart On-street Parking Smart City Mission 10
7 Implementation, billing and recovery contract (per year) TMC Funds 45 18 Smart Multi-level parking at Gaondevi AMRUT 30
8 Integration of SLB with E-Gov Suite and Application Smart City Mission 5 19 Basement parking Private Financing 15
9 Safety and Security - City-wide Wi-Fi and CCTV Private Financing 40 20 LED Street lighting Private Financing 25
Total 900 21 Garden Retrofitting AMRUT 10
5
A model where an Energy Services Company (ESCO) achieves energy savings at a property or portfolio of properties as a service. This model 22 Stadium Expansion AMRUT 50
guarantees savings for a set period of time in exchange for payment from the energy cost savings. 23 Crematorium Expansion Smart City Mission 5
Total 5,930
Progress
Given below are the details of a few ongoing projects/projects under planning stages:
The new railway station A consultant has been Funds have been Detailed project report for
proposed to come up appointed for the Teen released for creek waterfront development
between Thane and Hath Naka traffic area development and and design for multi-
Mulund, has been improvement programme lake beautification modal facility project is in
approved programmes progress
20 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 21Cluster Redevelopment Plan Facts and Figures:
X
Thane cluster redevelopment is a plan proposed by TMC to transform the socio-economic fabric
of the ‘Thanekars’ by completely redeveloping the old city and congested Kalwa and Mumbra
townships. The structuring of the final plan is still in process. Post-execution, this plan will
lead to a massive improvement of physical and social infrastructure in Thane. Under this plan,
the redevelopment will be focussed on a group of buildings instead of redeveloping individual 14,14,822 3,500 9.80 lakhs 1,31,939 2,24,687
buildings. sq. mt. Dilapidated Slum Population Unauthorised Slums in Thane
Occupied by illegal Structures in Thane which comprises buildings
constructions 252 slum clusters
Need for Cluster Redevelopment in Thane
01 Massive migration & industrialisation
since 1960
02 Absence of stringent construction
laws in the initial periods
Need for Cluster
Redevelopment in
Thane
03 Increasing demand for affordable
housing
04 Rising number of slums & increasing
population
05 Load on current infrastructure
development
22 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 23Features of Thane cluster redevelopment plan Proposed clusters for Redevelopment
Thane Municipal Corporation (TMC) Minimum area for cluster
will develop 8 test clusters development - 4,000 sq. mt.
N Proposed cluster
redevelopment localities
ge
Kalh
lla
Vi
an
er V
m
Ka
illag
The project will get 4 FSI, depending
Slums dwellers will get homes of
e
on the width of the road next to the
269 sq.ft each
project Part of
Sanjay Gandhi
National Park
dar
yan ha
ira B
People residing in dilapidated Ka
M
ge lya
buildings will get homes of
3 iva Villa n
Mu Dom
Brihan Mu Anjur D Co
mbai 4 rpo nic bi
323 sq.ft each Municipal rat ipal vali
ion
Corporatio Lim
n Limits 2 5 its
1
6
7
8
umbai
Navi M
al
1 Kisan Nagar 1 Municip its
ti Lim
o n
Corpora
2 Kisan Nagar 2
3 Rabodi
4 Manisha Nagar
5 Bombay Colony
6 Anand Koliwada
7 Shankar Mandir
8 Kausa Qabrastan
24 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 25Office Market
Overview
Thane’s decade-long transformation has led to the city’s change from an industrial town to Wagle estate and Ghodbunder road currently have several Thane currently possesses Grade A office inventory of
a buzzing real estate hotspot. Wagle estate, the first industrial estate of Maharashtra, has business complexes with a presence of both domestic and around 5 msf and an additional 7 lakh sq.ft is in the
now paved way for several business parks and office complexes. Many industries relocated global occupiers. While Mumbai houses offices of several pipeline. Recently, TCS inaugurated its largest office
from Thane to other MIDCs primarily due to increasing land and labour cost amidst massive multinational companies (MNCs), government bodies, space in Mumbai - TCS Olympus centre - in Hiranandani
urbanization and rising demand for real estate developments. Industrial plants of reputed banks and financial institutions, Thane hosts offices business park, that can house up to 30,000 employees.
companies such as Raymond Ltd., Piramal Healthcare, Hindalco and many more shut down of small-scale industries, pharmaceutical companies, Thane has been attracting large occupiers and will
and paved way for real estate developments. manufacturing units, IT-ITeS companies and BPOs. continue to do so due to competitive rentals as compared
to other business districts of MMR, amidst constantly
Ghodbunder road, once known as a far-flung area of
improving infrastructure.
Thane, is now becoming the prime real estate hotspot in
the entire MMR, due to the availability of large land bank In Q2 2016, the vacancy rate recorded a whopping
for new developments and presence of excellent physical jump to 21% from 7% in Q1 2016, mainly due to
and social infrastructure. Wagle estate’s growth can the completion of Lodha Supremus 2 in Wagle Estate
be termed as similar to old-fashioned mills of Mumbai which added 6 lakh sqft of Grade A supply. Post Q2
such as Phoenix and Kamala Mills located in Lower 2016, vacancy rate remained largely range-bound due
Parel, which have now turned into prime retail and office to sluggish leasing activity.
destinations.
Concurrently, in Q2 2016, the rental values recorded
Rapid infrastructure development and excellent an 8% rise over Q1 2016, which was the highest
connectivity to Mumbai and Navi Mumbai have made surge across all business districts of Mumbai during
Thane a key real estate hotspot of MMR. the second quarter of 2016.
Grade A: Overall Rent and Vacancy Rate
60 25%
58 20%
INR/SF/Month
56
15%
54
10%
52
Rental
5%
50 INR/SF/Month
48 0% Vacancy Rate
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 (%)
26 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 27Key Business Parks
Thane commands
the lowest
rental across all
commercial office N
Key Business Parks
destinations of ge
1
2
Kalh
lla
Mumbai. an
Vi
e
r Vil
m
Ka
3
lage
Rental Values’ Comparison Part of
Sanjay Gandhi
Rental Value (INR/sqft/ Rental Value (INR/sqft/ National Park
Micro Market Y-o-Y Change (in %)
dar
month) - Q4 2016 month) - Q4 2017 4
yan ha
Nariman Point 220 225 2% 6
ira B
5
Ka
Bandra-Kurla Complex 280 265 -5%
M
ge lya
8 iva Villa n
Mu Dom
Brihan Mu 10 7 Anjur D Co
Lower Parel 175 177 1% mbai rpo nic bi
Municipal rat ipal vali
11 ion
Corporatio Lim
Powai 110 110 0% n Limits 9 12 its
Goregaon 102 105 3% 13
Thane 56 58 3%
umbai
Navi M
al
Municip
ti o n Limits
Corpora
1 G Corp Tech Park, Ghodbunder Road 8 Dosti Pinnacle, Wagle Industrial Estate
2 MBC Infotech Park, Ghodbunder Road 9 Lodha Supremus, Wagle Industrial Estate
3 Hiranandani Business Park, Hiranandani Estate 10 Ashar IT Park, Wagle Industrial Estate
4 Orion Business Park, Ghodbunder Road 11 Kalpataru Prime, Wagle Industrial Estate
5 Tata Consultancy Service, Yantra Park 12 Nitco Biz Park, Wagle Industrial Estate
6 Pinak Galaxy, Ghodbunder Road 13 Sunrise Business Park, Wagle Industrial Estate
7 Dev Corpora, Eastern Expressway
28 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 29Supply-Availability Dynamics
Residential Market 18,000
16,000
80%
70%
Overview 14,000
12,000
60%
Units
50%
10,000
40%
8,000
Nearly 70,000 units were added in Thane during the past 6 years, of which 53% is 6,000 30%
already absorbed. Notably, units launched in 2017 recorded an overall absorption of 26%, 4,000 20%
demonstrating an upbeat market sentiment even in the backdrop of structural changes and 2,000 10%
policy reforms. 0 0%
2012 2013 2014 2015 2016 2017
Launch Units (LHS) Available Units (LHS) Absorption in % (RHS)
Note: Above analysis represents launches and absorption during the respective years.
In 2014, nearly 16,000 units were launched in Thane in new launch supply, mainly due to the impact of the
- a 2x rise over the previous year. The city has been in triple tsunami of demonetization, RERA and GST. With
focus during the recent periods due to latent demand RERA becoming a law and timely completion being a
amidst improving infrastructure and presence of many necessary condition, the developers shifted their focus
reputed developers who have chosen the city for their to executing under-construction projects, instead of
portfolio expansion. Nearly 66% of overall supply infusing new supply in the market.
added since 2012 came between 2014-16, which
During the past few years, buyers have been a little
was the boom period for Thane’s real estate market.
inclined to purchase ready-to-move-in or nearing
Ghodbunder Road, Kolshet Road and Majiwada
completion units so as to override execution risks.
were the key destinations of residential real estate
However, with structural changes and policy reforms,
developments and accounted for around 74% of the
the market dynamics have changed and the sector has
overall supply added between 2012-2017.
become buyer-friendly and there are clear indications
However, in 2017, the city recorded a drop of 38% of revival in demand for new launches.
Unsold Inventory & Price Trend
8,750
40,000
35,000 8,700
30,000
Units 25,000 8,600
20,000
8,500
15,000
10,000 8,400
5,000
0 8,300
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017
Total Units (LHS) Average price in INR/sq.ft (RHS)
30 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 31The surge in residential supply amidst lower demand momentum in 2017 and unsold inventory is likely to Supply-Availability as per Completion Timelines
during the past two years has increased unsold decline further in the coming quarters.
inventory in many cities of India. However, Thane 40,000 80%
In terms of price movement, Thane’s residential
has bucked this trend and as of Q4 2017, the city 35,000 70%
market now seems to be on an upswing and average
had around 33,000 unsold units at different stages of
quoted prices on built-up have marginally risen from 30,000 60%
construction, declining from around 35,300 units as
INR 8,450 / sq.ft in Q1 2015 to INR 8,650 / sq.ft 25,000 50%
Units
of Q4 2016. Demonetization clearly doesn’t seem to
as of Q4 2017. To lure home buyers and garner
have had any major impact on the unit sales in Thane, 20,000 40%
additional sales, many developers are offering freebies,
which is an excellent indicator of the inherent demand 15,000 30%
discounts, stamp duty waiver and other schemes. As a
in the city. Total Units (LHS)
result, a good project at the right location, by a reputed 10,000 20%
With structural changes and policy reforms amidst developer and at the right price will surely gain home Available Units (LHS)
5,000 10%
restricted supply, the sales have picked up some buyers’ interest.
0 0% Absorption in % (RHS)
Ticket Size Breakup RTM 3 years
Note: RTM - Ready to move in properties.
35,000 70%
30,000 60%
The analysis connotes that there is availability in which 51% is already absorbed in the primary market.
25,000 50% completed projects as well. Majiwada, Ghodbunder road and Kolshet road together
contributed 71% of this supply.
Units
20,000 40% Nearly, 20% of inventory is likely to complete in the
15,000 30% next 1- 3 years, of which 42% is already absorbed in Developers with under-construction projects are now
Total Units (LHS) the primary market. focusing on expediting construction, to avoid RERA
10,000 20%
penalties on execution delays.
Available Units (LHS) A major chunk of inventory, which is 54% of the total
5,000 10%
supply is likely to complete post 3 years or so, of
0 0% Absorption in % (RHS)
INR 1.8
Lakh - 1.2 Crore - 1.8 Crore Crore
Thane is the hub of mid-segment properties and 46% INR 1.2 crore - INR 1.8 crore budget range, indicating
of supply in the city came in the budget bracket of INR a huge presence of big-ticket size properties.
60 Lakh - INR 1.2 crore, followed by INR 1.2 crore -
In terms of absorption, the fastest selling ticket size is
INR 1.8 crore and properties below INR 60 Lakh, at
INR 1.2 crore - INR 1.8 crore followed by properties
26% and 21% respectively. The chart above delineates
priced less than INR 60 Lakh and properties priced
the availability of a healthy mix of residential properties
between INR 60 Lakh - INR 1.2 crore. This peculiar
in Thane, suiting various buyer requirements.
trend is primarily due to the type of supply added in
Ghodbunder road and Majiwada are the biggest the Thane residential market.
contributors to the mid-segment supply (units priced
Luxury segment properties priced above INR 1.8 crore
between INR 60 Lakh - INR 1.2 Crore), accounting
had a meagre share (7%) in Thane’s supply.
for 58% of overall mid-segment supply. Notably,
Ghodbunder road has a mix of property options that Considering the latent demand for mid-segment
cater to the demand of all segments of home buyers. properties, the city is likely to continue to witness
Kolshet road alone contributes 36% of supply in the launch of properties that primarily cater to this
requirement.
32 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 332017 Residential
Real Estate Recap
The year 2017, with a slew of reforms and structural changes, turned out to be a historic and
eventful year for the Indian real estate sector. While the sector was already reeling under the
pressure of demonetization, implementation of RERA and GST made the impact much severe.
During the past one year, real estate markets across all major cities have been experiencing
the rumble of these reforms. However, these reforms have put the sector on a trajectory of
major long-term overhaul and will benefit all the stakeholders viz; buyers, domestic and foreign
investors, developers, real estate consultants and other ancillary industries. RERA has given an impetus to the buyer confidence MMR. Majiwada and Ghodbunder road witnessed the
and pushed the developers to ensure timely delivery. maximum action and together attracted about 67% of
Affordable housing, given an infrastructure status early total new supply.
in 2017, saw a rise in interest from tier I developers as
The city witnessed an erratic movement in new
well as institutional investors. However, the underlying
launches and absorption during the past one year.
potential of this segment will be tested in 2018 and only
While Q1 recorded a significant drop (lowest during the
time will tell if it lives up to the expectations.
year) post demonetization, Q2 received the maximum
Below is a short recap of 2017 residential real estate new supply during the year. However, it witnessed a
market performance in Thane. southward trend post implementation of RERA.
On the positive side, due to moderate new launches
and a marginal uptick in sales, unsold inventory
Supply-Absorption Dynamics decreased by around 5-7% during the past year. This
In 2017, with 8,800 unit launches, Thane contributed clearly indicates that the demand is on a rise and the
around 18% to the overall new supply addition in future certainly looks promising for Thane.
Supply-Absorption Dynamics
3,500
3,000
2,500
2,000
Units
1,500
1,000
500
New Launch Supply
0
Q1-2017 Q2-2017 Q3-2017 Q4-2017 Total Absorption
34 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 35Ticket Size Breakup
In 2017, maximum new supply came in the in less than INR 60 lakh budget segment, however, the
INR 60 lakh - INR 1.2 crore segment and accounted price bucket INR 1.2 crore - INR 1.8 crore, turned out
for around 42% of new launches. It was followed by to be the fastest selling, where around 45% of launched
less than INR 60 lakh budget segment with a 35% units were absorbed in the same year.
share.
Luxury segment (units priced above INR 1.8 crore and
Notably, while a maximum number of units were sold above), recorded lowest supply and absorption in 2017.
Ticket Size Breakup
50%
40%
3,000
30%
Units
2,000
20% Total Units (LHS)
1,000
10% Available Units (LHS)
0 0% Absorption in % (RHS) Configuration-Wise Breakup
INR 1.8
2 BHK units were the hot favourites in 2017 and While in terms of overall volume, 2BHKs were most
Lakh - 1.2 Crore - 1.8 Crore Crore
recorded the maximum new supply and demand sold units, however, in terms of fast selling, it was
during the year. These units constituted nearly 53% of led by 3 BHKs where 31% new launch units were
the overall supply, followed by 1 BHKs and 3 BHKs, absorbed in the same year, followed by 1BHK units
accounting for 36% and 9% of the overall supply, with a 30% absorption.
respectively.
3, 4 & 5 BHKs together had a meagre share of 11% in
overall new supply during the year.
Configuration-Wise Breakup
5,000 35%
30%
4,000
25%
3,000 20%
Units
2,000 15%
Total Units (LHS)
10%
1,000 Available Units (LHS)
5%
0 0% Absorption in % (RHS)
1 BHK 2 BHK 3 BHK 4 BHK 5 BHK
36 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 37Thane was previously an industrial town with the presence with modern facilities. Presence of properties catering to
of several factories which gave way to commercial and various segments of home buyers, as per their budget,
Key Residential residential real estate developments and as of today, the
city is a top real estate destination in MMR primarily due
is an added advantage of residential real estate market
along the Ghodbunder road.
Destinations:
to its well-laidout infrastructure and seamless connectivity
The city has added nearly 70,000 units in the last 6 years,
to Mumbai and Navi Mumbai. Also, reasonably priced
of which 62% came along the Ghodbunder road and its
property options compared to Mumbai has attracted
Top Hotspots
nearby micro markets. In this study, we have identified a
numerous Mumbaikars to make this city their permanent
few hotspots in Thane, based on factors including but not
address.
limited to connectivity, good infrastructure, accessibility
As the core areas near the Thane railway station such as to commercial developments, the presence of residential
Thane has emerged as a self-sustaining city and an alternate destination and is no longer Naupada, Panch Pakhadi, Louis Wadi and many more developments, planned infrastructure upgrades and
viewed as a distant cousin of Mumbai. The city emerged primarily due to saturation of the core saturated, development flourished towards the highway availability of land for future development. Altogether
areas in Mumbai amidst massive population growth and urbanization. Furthermore, with rising and other areas. Soon these areas emerged as the most these hotspots account for 65% of the overall residential
land prices and limited availability in the core areas of the city, real estate development headed sought-after real estate destinations in the city as well supply of Thane and offer significant residential property
towards the suburbs and Thane has emerged as a Megapolis in the MMR. as the whole of MMR. Ghodbunder road, also known options to the home buyers. Each identified location has
as State Highway 42, grew as the prime real estate unique advantages due to which it nominates in the list
destination of Thane and has now turned to be one of the of residential hotspots of Thane.
top residential hotspots, due to good physical and social
infrastructure along with the presence of large townships
6
ge Hotspots
lla
Vi
Kalh
5
N an
m
er V
Ka 4
illag
e
Part of
Sanjay Gandhi
National Park
dar
3
yan
Bha
Ka
Mira
2 ge
iva Villa lya
Brihan Mu 1 Anjur D Co n
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
n Limits nL l i
im
its
1 Vartak Nagar
2 Majiwada
3 Kolshet Road
4 Hiranandani Estate
i
umba its
5 Kasarvadavali Navi M oration Lim
lC o r p
Mu nicipa
6 Bhayandarpada
38 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 39Vartak Nagar Residential Real Estate Snapshot Ticket size breakup
13% < INR 60 Lakh
6 71% INR 60 Lakh -
INR 1.2 Crore
N Total Units Available Units
ge 04% INR 1.2 Crore
lla
Vi 2,500 1,250
Kalh
5
an INR 1.8 Crore
m
er V
Ka 4
12% > INR 1.8 Crore
illag
e
Part of
Sanjay Gandhi
National Park
ar
3
Configuration breakup
and
Average Price Predominant BHK Size
hay
INR 9,000 - 2 BHK
B
Ka
Mira
illage
Brihan Mu 1
2
Anju r Diva V
Co
lya
n 13,000 / sq.ft (64% of overall supply)
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
32% 1BHK
n Limits nL l i
im
its 64% 2BHK
04% 3BHK
Predominant Budget Range
INR 60 Lakh - INR 1.2 Crore
(71% of overall supply)
umba
i Supply Trend
its
Navi M oration Lim
nicipa
l C o r p Note:
53% supply
Mu Total Units: Supply since 2012
Vartak Nagar Available Units: As on Q4 2017
to be 1,500
completed 1,000
Units
4 Average Price: BSP quoted is on built-up
2 3
post 2020 500
1
0
R.J. Thakur College Note: Supply data 2012 2013 2014 2015 2016 2017
2 considered since 2012
Sulochanadevi Singhania School
1 3 Viviana Mall
Key Growth Drivers
6
4 Well developed micro market, strategically located in Supply as per completion timelines
Jupiter Hospital
7 5
5 Lifeline Hospital the heart of Thane.
1,500
6 Dev Corpora, Eastern Expressway Direct access to Eastern Express Highway and 1,000
Units
8
7 Korum Mall Ghodbunder Road. 500
10
9 8 Dosti Pinnacle, Wagle Industrial Estate
11
Shares proximity to commercial establishments of 0
9 Lodha Supremus, Wagle Industrial Estate RTM 3 years
12 Wagle estate.
10 Ashar IT Park, Wagle Industrial Estate Note: RTM - Ready to move in projects
Excellent social infrastructure.
11 Kalpataru Prime, Wagle Industrial Estate
Proximity to Thane railway station.
13 12 Nitco Biz Park, Wagle Industrial Estate
13 Sunrise Business Park, Wagle Industrial Estate Planned Metro Station (Line 4) at Cadbury Junction.
40 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 41Majiwada Residential Real Estate Snapshot Ticket size breakup
17% < INR 60 Lakh
6 36% INR 60 Lakh -
INR 1.2 Crore
N Total Units Available Units
ge 34% INR 1.2 Crore
lla
Vi 13,300 7,500
Kalh
5
an INR 1.8 Crore
m
er V
Ka 4
13% > INR 1.8 Crore
illag
e
Part of
Sanjay Gandhi
National Park
ar
3
Configuration breakup
and
Average Price Predominant BHK Size
hay
INR 11,500 - 2 BHK
B
Ka
Mira
illage
Brihan Mu 1
2
Anju r Diva V
Co
lya
n 14,000 / sq.ft (56% of overall supply)
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
30% 1BHK
n Limits nL l i
im
its 56% 2BHK
14% 3BHK
Predominant Budget Range
INR 60 Lakh - INR 1.2 Crore
(36% of overall supply)
15 umba
i Supply Trend
its
Navi M oration Lim
nicipa
l C o r p Note:
89% supply
Mu Total Units: Supply since 2012
Available Units: As on Q4 2017
to be 5,000
14 4,000
completed
Units
13 1 Rustomjee Cambridge International School Average Price: BSP quoted is on built-up 3,000
12 2,000
2 Viviana Mall
post 2020 1,000
11 10 0
3 Jupiter Hospital Note: Supply data 2012 2013 2014 2015 2016 2017
9
considered since 2012
4 Tata Consultancy Service, Yantra Park
Key Growth Drivers
5 Lakecity Mall
8 7 Located in proximity to the core areas. Supply as per completion timelines
6 High Street Mall
5 6
7 C.P. Goenka International School Seamless connectivity to key micro markets of central 15,000
4
8 Pinak Galaxy, Ghodbunder Road suburbs via Eastern Express highway. 10,000
Units
9 Wonder Mall Excellent accessibility to commercial development of 5,000
Majiwada 10 Orion Business Park, Ghodbunder Road Thane-Belapur Road, Waghle estate and Ghodbunder 0
RTM 3 years
3 11 D.A.V. Public New Generation School Road.
12 Note: RTM - Ready to move in projects
2 Highland Super Speciality Hospital
Well improved physical and social infrastructures.
1 13 University of Mumbai Sub-campus
Proposed Metro Line 4 (Wadala-Kasarvadvali) has a
14 School of Law, University of Mumbai
station planned at Majiwada.
15 R Mall-Ghodbunder Road
42 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 43Kolshet Road Residential Real Estate Snapshot Ticket size breakup
01% < INR 60 Lakh
6 25% INR 60 Lakh -
INR 1.2 Crore
N Total Units Available Units
ge 71% INR 1.2 Crore
lla
Vi 8,900 4,400
Kalh
5
an INR 1.8 Crore
m
er V
Ka 4
03% > INR 1.8 Crore
illag
e
Part of
Sanjay Gandhi
National Park
ar
3
Configuration breakup
and
Average Price Predominant BHK Size
hay
INR 9,000 - 2 BHK
B
Ka
Mira
illage
Brihan Mu 1
2
Anjur Diva V
Co
lya
n 12,500 / sq.ft (58% of overall supply)
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
33% 1BHK
n Limits nL l i
im
its 58% 2BHK
08% 3BHK
Predominant Budget Range 01% 4BHK
INR 1.2 Crore - INR 1.8 Crore
(71% of overall supply)
umba
i Supply Trend
its
Navi M oration Lim
nicipa
l C o r p Note:
71% supply
Mu Total Units: Supply since 2012
Available Units: As on Q4 2017
to be 8,000
completed 6,000
Units
Average Price: BSP quoted is on built-up
4,000
post 2020 2,000
0
Note: Supply data 2012 2013 2014 2015 2016 2017
considered since 2012
Key Growth Drivers
Kolshet Road Located near Thane Creek, also shares proximity to Supply as per completion timelines
1 Ghodbunder Road.
1 R Mall-Ghodbunder Road
2 University of Mumbai Sub-campus Excellent connectivity to the key commercial set ups 10,000
Units
3 3 School of Law, University of Mumbai via Ghodbunder Road, Eastern & Western Express 5,000
2
4 Highways.
4
Highland Super Speciality Hospital 0
5 D.A.V. Public New Generation School Availability of enriched social infrastructure in 3 years
5 7
6 6 Wonder Mall
proximity. Note: RTM - Ready to move in projects
7 Orion Business Park, Ghodbunder Road Proximity to Thane station and Majiwada junction.
9
8 High Street Mall Upcoming Thane-Bhiwandi-Kalyan metro route to
8 9 Pinak Galaxy, Ghodbunder Road benefit the area.
44 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 45Hiranandani Estate Residential Real Estate Snapshot Ticket size breakup
08% < INR 60 Lakh
6 68% INR 60 Lakh -
INR 1.2 Crore
N Total Units Available Units
ge 20% INR 1.2 Crore
lla
Vi 2,600 1,300
Kalh
5
an INR 1.8 Crore
m
er V
Ka 4
04% > INR 1.8 Crore
illag
e
Part of
Sanjay Gandhi
National Park
ar
3
Configuration breakup
and
Average Price Predominant BHK Size
hay
INR 10,000 - 2 BHK
B
Ka
Mira
illage
Brihan Mu 1
2
Anjur Diva V
Co
lya
n 16,000 / sq.ft (54% of overall supply)
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
29% 1BHK
n Limits nL l i
im
its 54% 2BHK
17% 3BHK
Predominant Budget Range
INR 60 Lakh - INR 1.2 Crore
(68% of overall supply)
umba
i Note: Supply Trend
its
Navi M oration Lim
Hiranandani Estate nicipa
l C o r p Total Units: Supply since 2012 54% supply
Mu Available Units: As on Q4 2017 to be 1,500
Average Price: BSP quoted is on built-up
completed 1,000
Units
Above data includes project launched in
Hiranandani Estate and Waghbil post 2020 500
0
1 Note: Supply data 2012 2013 2014 2015 2016 2017
5 considered since 2012
Key Growth Drivers
6
4 2 Strategically located close to Ghodbunder Road. Supply as per completion timelines
3
Excellent connectivity via Ghodbunder Road, Eastern
& Western Highways. 2,000
Units
1 Hiranandani Foundation School 1,000
Hiranandani business parks houses major corporates
2 Hiranandani Business Park, Hiranandani Estate such as ICICI, TCS, Regus, Quintiles research and 0
3 Hiranandani Hospital
RTM 3 years
many more.
7 Note: RTM - Ready to move in projects
4 Podar International School
Excellent social and physical infrastructure.
5 Currae Hospital
6 Suraj Water Park
Self-sustained township with huge residential supply.
7 Universal High School
46 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 47Kasarvadavali Residential Real Estate Snapshot Ticket size breakup
35% < INR 60 Lakh
6 59% INR 60 Lakh -
INR 1.2 Crore
N Total Units Available Units
ge 02% INR 1.2 Crore
lla
Vi 13,300 6,800
Kalh
5
an INR 1.8 Crore
m
er V
Ka 4
04% > INR 1.8 Crore
illag
e
Part of
Sanjay Gandhi
National Park
ar
3
Configuration breakup
and
Average Price Predominant BHK Size
hay
INR 7,500 - 2 BHK
B
Ka
Mira
illage
Brihan Mu 1
2
Anjur Diva V
Co
lya
n 9,500 / sq.ft (47% of overall supply)
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
45% 1BHK
n Limits nL l i
im
its 47% 2BHK
07% 3BHK
Predominant Budget Range 01% 4BHK
INR 60 Lakh - INR 1.2 Crore
(59% of overall supply)
umba
i Note: Supply Trend
its
Navi M oration Lim
nicipa
l C o r p Total Units: Supply since 2012 65% supply
Mu Available Units: As on Q4 2017 to be 6,000
Average Price: BSP quoted is on built-up
completed 4,000
Units
Above data includes project launched in
Kasarvadavali, Kavesar and Owale before 2020 2,000
0
6 Note: Supply data 2012 2013 2014 2015 2016 2017
considered since 2012
5 Key Growth Drivers
Located bang on the Ghodbunder Road. Supply as per completion timelines
Kasarvadavali
Well connected to Eastern and Western Express 6,000
Highway via Ghodbunder Road. 4,000
4
Units
3 1 Proximity to various tech parks and offices viz. MBC 2,000
2 1 New Horizon Scholar School Infotech Park, Polaris Financial Technology, Shree 0
2 MBC Infotech Park, Ghodbunder Road Group, Akumenities Healthcare, Maharashtra Vidyut RTM 3 years
3 G Corp Tech Park, Ghodbunder Road Vitran Company, G. Corp. etc. Note: RTM - Ready to move in projects
4 Big Shopping Centre Improving social infrastructure.
5 Vedant Hospital Upcoming metro rail (Line 4) has a station planned at
6 Dhanwantri Multi-Speciality Hospital Kasarvadavali.
48 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 49Bhayandarpada Residential Real Estate Snapshot Ticket size breakup
40% < INR 60 Lakh
6 60% INR 60 Lakh -
INR 1.2 Crore
N Total Units Available Units
ge
lla
Vi 5,000 2,700
Kalh
5
an
am
er V
K 4
illag
e
Part of
Sanjay Gandhi
National Park
ar
3
Configuration breakup
and
Average Price Predominant BHK Size
hay
INR 7,000 - 2 BHK
B
Ka
Mira
illage
Brihan Mu 1
2
Anjur Diva V
Co
lya
n 9,000 / sq.ft (43% of overall supply)
Municip
mbai rp Mun Dom
ora ic b
Corporatio al tio ipa ival
33% 1BHK
n Limits nL l i
im
its 43% 2BHK
24% 3BHK
Predominant Budget Range
INR 60 Lakh - INR 1.2 Crore
(60% of overall supply)
umba
i Note: Supply Trend
its
Navi M oration Lim
nicipa
l C o r p Total Units: Supply since 2012 64% supply
Bhayandarpada Mu Available Units: As on Q4 2017 to be 2,000
Average Price: BSP quoted is on built-up 1,500
completed
Units
Above data includes project launched in 1,000
Bhayandarpada and Gaimukh Gaon before 2020 500
0
Note: Supply data 2012 2013 2014 2015 2016 2017
considered since 2012
Key Growth Drivers
Located along the Ghodbunder Road. Supply as per completion timelines
Seamless connectivity to Western and Eastern 2,000
Express highways. 1,500
1,000
Units
Easy accessibility to workplaces in Thane, Mira 500
0
Bhayandar and other parts of Mumbai.
2 RTM 3 years
Serene climate.
Note: RTM - Ready to move in projects
1
Upcoming Metro Line (Wadala to Kasarvadvali) to
1 Vedant Hospital
benefit the precinct.
2 Dhanwantri Multi-Speciality Hospital
50 THANE – An Emerging Megapolis | February 2018 THANE – An Emerging Megapolis | February 2018 51Outlook
Thane has evolved rapidly from a distant industrial town known as ‘Mumbai’s cousin’ to a The Mumbai Metropolitan Region, as a whole, has been witnessing tremendously
buzzing real estate destination - and one of the top residential hotspots in Mumbai. Excellent accelerated real estate development in the past two decades. The city of Thane has
connectivity to all parts of Mumbai, continuous infrastructure upgrades and availability of large seized the opportunity and very effectively shed its previous industrial image to transform
land parcels for real estate development have led to phenomenal growth in this city. As of today, into an ideal destination for businesses to flourish and people to reside.
Thane has all the attributes of a vibrant city and can surely be termed as an emerging megapolis
In the initial periods, real estate development in Thane was largely restricted to areas
of Mumbai.
around its railway station. However, the limited expansion opportunities in the core
areas caused businesses to expand and flourish in the city’s peripheral precincts as well.
Eventually, the wheel of development spun towards Ghodbunder Road and as a result,
residential developments evolved in standalone micro-markets such as Kasarvadavli,
Bhayandarpada, Majiwada and Kolshet Road, to name a few.
These micro-markets are adequately geared for remaining in focus in the future, as well.
Meanwhile, established micro-markets such as Vartak Nagar, Naupada and Pokhran
road are also likely to witness redevelopment-led projects, albeit at a lower scale as
compared to Ghodbunder Road.
Thane has witnessed a very wholesome rate and quality of real estate development in
the recent past and is well-poised for the next level of growth. The city has well-defined
physical infrastructure as well as vibrant social infrastructure with the presence of malls,
educational institutes, hospitals, hotels, parks, lakes, etc.
Its existing suburban rail connectivity has always worked in favour of Thane’s growth.
Planned infrastructure upgrades such as metro rail linkage to other parts of Mumbai,
improvements under the Smart City mission and availability of land parcels for future
developments have encouraged many reputed real estate developers to make their mark
in the city.
By all standards, Thane is going to be the next destination for holistic urban growth -
and will continue to be on the radar of home buyers.
Authors
Virendra Joshi - AVP, Research
Rahul Panwar - Manager, Research
Prashant Verma - Manager, Research
Meruga Pallavi - Assistant Manager, Research
52 THANE – An Emerging Megapolis | February 2018You can also read
