Maharashtra Cabinet Okays Thane Metro Project
Thane real estate used to be one option buyers looking for affordable property near India’s financial capital Mumbai, which is counted among the most expensive property markets in the world, could not ignore. Data available with PropTiger.com show while average rate of property in Mumbai is Rs 13,000-14,000 per square foot (psf), the same space in Thane would cost a homebuyer and average Rs 10,000.
Those who are planning to invest in this region because of its affordable should hurry up already as prices are set to shoot significantly quite soon. Why so? The Maharashtra Cabinet on March 5 gave an approval to a plan to build a 29-kilometre Metro line for Thane, a move that would further boost connectivity in a real estate market that already boasts brilliant road connectivity.
It is linked to Mumbai via the Eastern Express Highway and the Eastern Freeway; to Navi Mumbai via the Thane-Belapur Road; to central and western suburbs via Ghodbunder Road and to areas in Gujarat via the Mumbai-Ahmedabad Highway.
The upcoming Metro link would be an improvisation on that.
"The intra-city Metro line is expected to not only help citizens travel to different ends of the city but also aid those travelling to the neighbouring cities through its inter modal system," the government statement said.
To be completed within four years, the Thane Metro project would be developed at an estimated cost of Rs 13,095 crore. Of the 29-km stretch, 2.2 km will be underground and the remaining stretch will be elevated.
The Metro, which will have 22 stops, will start from the New Thane Metro station in the old city area and will be connected to Wadala-Kasarvadavli Metro at two places, namely the New Thane station and Dongripada. It will also have a link to the Thane-Bhiwandi- Kalyan Metro Line-5 at Majiwada junction. The projected daily ridership of this stretch is estimated at 5.76 lakh while its fares will range from Rs 17 to Rs 104. About 10 lakh solar panels will help the line meet about 65 per cent of the network's energy requirements.
Thane is segregated into two sections, Thane east and the relatively affordable, Thane west. It is affordability and availability of spacious homes that brings homebuyers to Thane.
The Thane-Ghodbunder Road area, in fact, is a coveted hub for both budget homes and luxury properties. Other prominent localities to invest in Thane are Kolshet Road, Majiwada, Kopri and Kasarvadavali.
Leading information technology companies have also shifted their base to this location. This provides them the option to stay close to Mumbai while keeping rents under control.
With inputs from Harini Balasubramanian