Thane, an industrial neighbour of Mumbai, has undergone tremendous development and expansion in residential, commercial and retail real estate. The state government’s strategic goal of transforming Thane into an all-encompassing city has complemented this rapid expansion. As a result, Thane has developed into a self-sufficient city with upscale residential and commercial projects, thanks to rapid infrastructure development, several IT parks, and a range of social amenities, lifestyle and infrastructure.
Thane Smart City Mission
Thane has been shortlisted for the Smart City Mission. It calls for infrastructural improvements, including storm-water drain improvements, pedestrian-friendly upgrades and waterfront development at the Vasai Creek stretch, which borders areas of Thane, including Kolshet and Waghbil.
Cluster Development Scheme (CDS)
The in-progress plan seeks to increase the city’s supply of affordable housing, primarily through redevelopment initiatives. The program aims to build around 1.25 lakh homes in Thane, benefiting over 13 lakh people. An ensemble of buildings, rather than a single facility, will be the centrepiece of the makeover.
Existing and upcoming transport infrastructure
Thane is connected to Mumbai via a sophisticated physical infrastructure, including the Eastern Express Highway (EEH) and the LBS Marg. The network is further connected via the Harbour and Central Lines of the Mumbai Suburban Railway. Thane’s liveability score is expected to rise as massive infrastructure improvements make the commute easier for locals and decrease the strain on the current infrastructure.
Major projects
Metro connectivity: Kasarvadavali in Thane and Wadala near South Mumbai will be connected through Mumbai Metro Line 4 via Kapurbawdi and Vikhroli. Metro Line 5 will connect Kapurbawdi in Thane with Kalyan through Kalher and Bhiwandi. The project is expected to be completed by the end of 2024.
Mumbai Coastal Road extension: A committee assembled by the Mumbai Metropolitan Region Development Authority (MMRDA) has accepted the proposal to expand the Mumbai Coastal Road from Bandra-Versova Sea Link to Ghodbunder Road, Thane. This project would significantly improve the communication between Thane and South Mumbai.
Borivali-Thane underground tunnel: By building two underground tunnels, the Maharashtra State Road Development Corporation (MSRDC) hopes to cut the travel time between Thane and Borivali from 2-3 hours to about 15 minutes. The two tunnels would be constructed beneath the Sanjay Gandhi National Park, estimated to cost approximately Rs 8,900 crore. In addition, linking Thane to Borivali’s Western Express Highway (WEH) will make the commute easier to and from North Mumbai.
Due to this rapid urbanization strategy, Thane has developed into a real estate hotspot, with well-maintained motorways and efficient train services to and from Mumbai. In addition to being a lucrative real estate investment option, Thane is a terrific place to live, thanks to its services, such as top hospitals, parks, shopping centres and other establishments. Depending on your choices, needs and budget, Thane provides you with various residential and investment options.
(The author is Director of Ashar Group & Member of Managing Committee of MCHI-CREDAI)
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Ayushi Ashar is the Director of Ashar Group & Member of Managing Committee of MCHI-CREDAI. She joined the family business in 2018 after earning her Bachelor’s in Business Administration in Finance from Emory University’s Goizueta Business School in Atlanta, United States. Her quest for knowledge led her to pursue multiple opportunities in the US, starting from Real Estate Portfolio Management at JP Morgan Chase in New York City to a Private Equity and Venture Capital Fund in Atlanta. Finally, she returned to Mumbai in 2018 to empower Ashar’s expanding portfolio through various new real estate ventures and acquisitions. In a short period, she has established a solid reputation in the industry owing to her work ethic, progressive vision and prudent financial acumen.
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