“
Luxury projects in Thane? You must be joking. Isn’t the location
meant for affordable living of working class?” Well, you may also have
had the same reaction in the past if you weren’t tracking the
developments in and around Thane’s
property
market. This region is on a fast forward mode of development and the
growth has been both, horizontally and vertical. The fact is that Thane
is changing and it is changing fast. Luxury projects which had a
stronghold in South Mumbai and Navi Mumbai, have steadily made inroads
into Thane and a couple of luxury projects in the vicinity are all set
to change the urban landscape of the market known for affordable
projects thus far.
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. Who would have thought that Thane would
emerge on the luxury landscape of Mumbai property? If the projects in
the pipeline are any indication, 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.
Neeraj Bansal, partner, Real Estate & Construction with KPMG India,
says in time to come, the investors would be more willing to look at
these locations as a matter of investment strategy. “It is not just the
return on investment (ROI) that is anytime higher than the established
luxury markets but even the ticket size is quite attractive. An investor
can have two to three projects, rather than one project when he decides
to enter in such luxury projects, in a luxury market of this size. In
these turbulent economic times, it makes a perfect business sense,”
explains Bansal.
A Kalpataru spokesperson maintains that Thane
today, offers the widest choice of product offerings, suitable for all
types of customer needs. There is a holistic city development that is
happening which is ideal for any city to develop and prosper. Improved
infrastructure has attracted well-known developers who envisioned Thane
as a luxurious residential market. “Today, Thane has some well-known
luxury projects to suit the needs of HNIs, NRIs, businessmen and film
artists. These projects are located at prime locations and enjoy good
connectivity,” says Kalpataru spokesperson.
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. Will the
conservative spending patterns of Thane actually transform into a mall
culture? Will the retail chains that have opened their stores in the
city through franchisees, make inroads?
Ashwin Sheth, MD, Sheth
Developers & Realtors had said, “We are working towards creating an
enriching shopping experience for our consumers.”
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. It may be the initial phase of luxury launches in
the region but if the initial trends are any indication, it seems there
is enough appetite for luxury projects in the city. First movers are
already smiling their way to the bank.
Source : -
magicbricks