The role of infrastructure development is significant in this part of the MMR, states C&W.Thane has undergone a makeover from being an industrial town with affordable residential housing to a now favoured IT and relatively upmarket residential destination. The role of infrastructure development is significant in this part of the Mumbai Metropolitan Region (MMR).
The prime focus is urban transport projects. For most of the destinations in Thane, existing and upcoming infrastructure developments along with accessibility to employment hubs have been key drivers that led to the emergence of these localities.
The planned Navi Mumbai International Airport and its integration with the Mumbai Metro will benefit these locations, especially Majiwada-Kasarvadavali.
Realty experts point out that Majiwada¬ Kasarvadavali to see a price appreciation of 59 percent by 2020. Incremental employment opportunities in Thane and Navi Mumbai and the upcoming Kasarvadavali Metro Rail would drive residential demand.
Various micro-markets of Thane such as Majiwada have been successful in attracting a big chunk of home-buyers from other peripheral locations of Mumbai. Realty experts point out that the demand in the Thane realty market grew by 47 percent during the first half of 2016.
This rise in demand can be attributed to improved infrastructure, mushrooming business centres, availability of open spaces and affordable housing prices. Such is its demand now that prominent realty players are initiating large-scale investments targeting the middle and upper-middle segment of buyers.
Majiwada, which is located in Thane west, offers innumerable developments in and around the area. In fact, it has become one of the prime locations in Thane for the property buyers. It has shown a phenomenal growth in the last few years.
The trend can in many ways be attributed to the rising purchasing parity of buyers and overall economic growth, which has resulted in an upsurge in the demand for luxury apartments in the region. Thane, especially has been at the center of this flurry for luxury housing with a large number of developments in the region and this seems to be a trend that is only expected to grow from here.
Further, the realty experts point out that the price movement of midluxury and luxury segment is nearly 6 percent over the previous year. This evidently validates the initial assumption and can be attributed to the quality of developers bringing the supply, attractive pricing, value proposition and flexible payment options offered by the developers.
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