Being a well-known suburb in Mumbai, Thane offers some of the most varied real estate options in terms of buying houses or investing in residential lands. The district now has many high rise flats, newly constructed and well-maintained. Ghodbunder Road is a road which criss-crosses the district and has many options to invest or live in the area. Property in Ghodbunder Road is slowly and gradually capturing the attention of the buyers.
The way the district of Thane developed can be quite an inspiration for other suburbs. Though the development was gradual and it took decades to reach where it has come today, but the bustling suburb of Mumbai was never out of demand even before the infrastructure boom happened here. Always presenting itself as an option for the erstwhile middle class buyers or renter, the district became famous for offering reasonable and low cost housing.
After the IT boom and infrastructural growth entered the scene, Thane was among the first to cash on the growing and booming realty. Now, if you visit Thane, you may find many high rises dotting the skyline of the district and numerous malls that have come up are a must to mention. One of the important roads in Thane is the Ghodbunder Road which is omnipresent throughout the district and transforms into National Highway 3 and 8 upon leaving Maharashtra. Inside the Thane district the road serves as a State Highway and is always full of traffic coming and going from one state to other or delving in inter-state travels. Property on Ghodbunder Roadcame into prominence in the year 2000’s and apartments were constructed bang on the highway; which was immediately sold off.
The new constructions that the area is seeing are more in line with the new buyers and are customised according to their demands. Unlike the earlier constructions, the new apartments are modular, designer, have facilities and are therefore expensive. As the infrastructure has become better so have the prices gone up.
Property on Ghodbunder Road comes in various shapes, sizes, prices and location. The road itself is arterial and a busy road and hence the developments around the area are fast but sporadic. The infrastructural development is still to witness a major push from the local authorities otherwise the area holds lots of promise. The current property prices in the area are between Rs 5200 per square feet to Rs 13,333 per square feet (March to June 2013 figures). The prices differ according to the property specifications and the distance from commercial hubs and spaces.
Also, as mentioned before the new constructions are expensive and their prices run in Crores, even for a 1bhk.
Trends for Property on Ghodbunder Roadare similar to the trends for the rest of the city of Mumbai. Property always remains on a high in Mumbai and it is a realtor’s dream destination, even beating many cities abroad. The suburbs of Mumbai too have a similar tale to tell and hence, the trends indicate growth for the area. Yes! The percentage may vary from area to area or locality to locality but all have a basic growth trajectory.
For Ghodbunder Road the property has seen a growth of 3 to 5 per cent in the prices in the last three months (March to June 2013) and this is majorly fuelled by the new constructions that have come up across the length and breadth of the road. The future forecast is bright but putting money in new constructions rather than old, is highly advised by experts on Ghodbunder Road.
(The author has been tracking the real estate sector for eight years for leading television channels and print media.)