Why Thane And Vashi Are Mumbai's Growing Real Estate Markets
Navi Mumbai is one of the world's largest satellite cities and has recently been shortlisted in the Smart City Mission, among nine other cities. This city is very likely to get the smart city tag too. Navi Mumbai was planned to decongest South Mumbai. Though it did not happen quite that way, it is expected that with an international airport, a Special Economic Zone (SEZ), and an additional bridge over the bay that links to downtown Mumbai, Navi Mumbai will show greater progress than other areas of Mumbai. With this development, the price of land in Navi Mumbai would rise in the near future.
According to a July 2015 PropTiger Data Labs report, with the infrastructural development of Navi Mumbai, Vashi, one of the most populous nodes of Mumbai, is likely to see a rise in real estate prices. Thane, another area in Mumbai metropolitan area will see an appreciation in residential property prices too.
Here is why:
Property prices in Navi Mumbai (Source:Makaan.com)
Vashi
1. Vashi will reap the benefit of two upcoming rail corridors which will improve Navi Mumbai's connectivity with Central and South Mumbai. The two corridors include the 49 km long CST-Panvel Rail corridor undertaken at the cost of Rs 11,000 Crore and the 28 km Panvel-Karjat Rail corridor.
2. The CIDCO Exhibition Centre, a Rs 256 Crore “Green Building” spread over 72843.4 sq mt (18 acres) of area and adjacent to Sion-Panvel Expressway will be close to the Vashi Railway station.3.The International InfoTech Park that has offices of companies like Schmetz India, 3i Infotech, Indiabulls Housing, Edelweiss, Hinduja Global and Heidelberg Cement is in Vashi.
3. The Rs 9,000 Crore multi-modal corridor that will be connected to major national highways like NH-3, NH-4 and NH-8 will improve connectivity in the Navi Mumbai region which will in turn will raise the price of apartments in Vashi.
4. Vashi will also be connected to the Navi Mumbai metro. Moreover, Vashi-Ghansoli-Mahape corridor is among the proposed metro lines.
Property prices in Thane (Red) and property prices in Mumbai (Blue) (Source: Makaan.com)
Thane
1. Thane is connected to Navi Mumbai through railways and road.
2. IT and IT-enabled services companies moving to Thane and North Navi Mumbai will raise the demand for flats in Thane.
3. Thane is already connected to Navi Mumbai through the Thane-Vashi-Nerul-Panvel rail network.
4. Geographically, Thane is closer to the IT parks in Navi Mumbai like the Reliance Corporate Park, Raheja Mindspace, Millenium Business Park, Dhirubhai Ambani Knowledge City and L&T office.
Invest in these two growing real estate markets of Mumbai before the opportunity withers away.