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May 29 2015 : The Times of India (Mumbai)
DESTINATION NEXT: THANE GHODBUNDER ROAD
Amit Sethi Tpmfeedback
The Ghodbunder Road in Thane is emerging as a realty hotspot due to an abundance of positive factors associated with it. We list down some of them
The realty market in Thane's Ghodbunder Road has developed very systematically . A few years ago, there was no adequate infrastructure support and the public amenities were almost absent.Now, it has evolved as one of the most attractive realty destinations for end-users and investors, with good roads and infrastructure development.“Property Investment is all about being 'right' investing in the right property at the right time and at the right entry point price. Viewed from this 'right' perspective, Thane has been an ideal real estate market, and it has been positive in terms of ROI for investors. In the realty market around Ghodbunder Road, we have seen investors gain in terms of both, capital ap preciation and also rental incomes. From the perspective of property investors, Thane Ghodbunder Road has developed into an ideal real estate destination,“ says Niranjan Hiranandani CMD, Hiranandani Group.According to realty experts, Thane Ghodbunder was once a town with narrow roads and low-rise residential developments known for a second home destination. Today , it has sprawling flyovers, uninterrupted highways and wide roads.Thane's suburb now has integrated townships and high-rise towers, and its commercial real estate sector has progressed in tandem. Prakash Shah, director, finance and business development, Hiranandani Group, says, “Today , Ghodbunder Road is seeing rapid appreciation. Apart from the coming MGM IT Park, new corporate offices and other commercial establishments such as retail outlets, malls, showrooms and banks, are mushrooming all over.“ Ramesh Nair, COO business and inter national Director, JLL India, points out, “Before 2009, there was no infrastructure in this micro-market, and people were naturally unwilling to go to this area. People who invested in 2009 have by now doubled the value of their investment. Prices back then were approximately 3500 per sq ft and currently are Rs 7,000 8,000 per sq ft. This micro-market is largely driven by end-users, as the returns for investors will not be as high as they had been over the last six years.“
WHAT MAKES THANE GHODBUNDER STRETCH AN ATTRACTIVE REALTY DESTINATION?
Experts believe that Thane is a more established location than Navi Mumbai, and it still has enough land parcels which can be developed. It has access to both, Navi Mumbai and Mumbai, and also to the extended western suburbs. The upcoming metro, which is passing by Ghodbunder Road, will make it an attractive investment destination once more. This micromarket is also an upcoming commercial location and investments into this asset class will see good appreciation over the next 5 years. Retail is another driver, with good malls. “Thane's central Ghodbunder road alone has witnessed a phenomenal price escalation in the last two years. Both, retail and commercial developments in this region, have taken a major change.Thane-Ghodbunder Road and its adjacent neighbourhood locations like Badlapur, Kalwa, Kalyan, have attracted the attention of HNIs and investors, as a promising real estate investment,“ suggested, Manju Yagnik, vice-chairperson, Nahar Group. Suresh Haware, CMD, Haware Engineers & Builders Pvt.Ltd., says, “Ghodbunder Road is the most happening place in Thane. It has huge potential to fulfill the rising demand of housing in Thane. The priceline on Ghodbunder road is the lowest compared to any other location in Thane. In near future the demand is definitely going to rise and prices will go north words. It will be a wise decision for home seekers to buy a house on Ghodbunder road now before the prices go out of budget.“ For property investors, Thane's Ghodbunder Road has been a positive real estate destination, in the sense that demand has not slowed and developers have been consistent in deliver ing projects. “The real estate industry in Thane has always looked upon Ghodbunder road as its 'poster boy' and with good reason: The scenario in the monsoon, when clouds drift lower, the mild dripping of the rain and the wonderful environment for any real estate destination, it doesn't get better than this and this makes it an attractive destination for the property investors,“ adds Hiranandani.The MMRDA has finalised a Metro corridor extending from Wadala to Kasarvadavali on Ghodbunder Road, which will be an added benefit. Social infrastructure such as hotels and malls have grown a lot in the area.Many hospitals and educational institutes have come up on a large scale in the area.
OTHER UPCOMING REALTY MARKETS AROUND THANE GHODBUNDER ROAD:
Ghodbunder Road is one of the micro-markets that make up Thane. It has the best of nature's bounty , be it the Ullhas River or the Yeoor Hills that make an ideal 'frame' for Ghodbunder Road's real estate offerings. Add to this, the advantage of connectivity: you can drive from Dadar to Ghodbunder Road with hardly any traffic signals to stop you. Plus, it connects to the Western and the Eastern Express Highway .“The other upcoming areas would be Kolshet Road and the areas along the road leading to Nashik, The road beyond Big Bazaar will develop as well. Sizeable developments in the extended Ghodbunder Road area will bring considerable appreciation to the whole region, though small developments will not see significant capital appreciation. Also, capital appreciation would be in the upper single digits, and not the double digits that were seen in the past. With the city expanding, there would be more supply in the extended Ghodbunder Road region, making the current area a more prime region for investment,“ said Nair.
The latest plan for Thane's Ghodbunder Road is a 4.4-km-long freeway, to be built at an elevation between Chena Creek and Ovala. However, the arterial road already has four flyovers - at Kapurbawdi, Manpada, Patlipada and Waghbil. Furthermore, the Mumbai Metro Rail Corporation is planning a Wadala-Ghatkopar-Thane-Ghodbunder Road Metro rail over the route.
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