By Deepak Mehta, Director of Mehta Group

14th August 2024: Mumbai is called the Financial Capital of India, but the two nearby cities, Thane and Kalyan, considered to be the distant suburbs of Mumbai, have undergone a remarkable transformation over the past decade. Thane has evolved as the most perfectly balanced metropolitan city in India, with its rapid industrial as well as infrastructural development. These two markets are becoming the new hub for home buyers and developers to invest. The ease of connectivity, job opportunities, the metro station, Highway Connectivity, and the Mumbai trans-harbor link have made Thane one of the most resilient markets in MMR.

On the other hand, Kalyan, the founding city of MMR, has been shortlisted to develop as a Smart City. The Mumbai Metro Line, Kalyan Ring Road, and the revamp plan of the railway junction have boomed the residential demand. With this tremendous growth, the Thane and Kalyan Market is known for its affordable, sustainable, and high-quality homes. These elements have shaped the market dynamics and attracted both developers and homebuyers to this burgeoning city.

Quality

Redevelopment Projects: Quality housing goes beyond the mere provision of shelter. It includes safe, durable, and energy-efficient structures that improve residents’ quality of life. Many old buildings in Thane and Kalyan are undergoing redevelopment to ensure the quality of well-being.

Premium Amenities: Thane has seen a surge in demand for lifestyle-oriented residential projects. Homebuying has become attractive for middle-income buyers as they get sophisticated living experiences and get to upgrade their living standards. Developers focus on innovative design, functional efficiency, and modern amenities tailored to all age groups. Apart from this, the developers have ensured to meet the safety standards making it a safer living for the home buyers.

Sustainability

Sustainability in housing involves designing and constructing homes that minimize environmental impact and maximize energy efficiency. All the new projects are evolving with sustainability for a better future with a healthy environment.

Eco-Friendly Housing Projects: There is a rising trend of incorporating green features such as rainwater harvesting systems, solar panels, and energy-efficient designs into real estate projects in Thane.

Sustainable Design in Commercial Real Estate: The commercial real estate market also emphasizes sustainability, with developers incorporating green technologies and sustainable design features in new buildings

Affordability in Housing

The sudden surge in demand due to affordable housing projects with world-class amenities has become a dream come true for home aspirants. Thane offers various budget-friendly homes that cater to middle-income families, making it a favorable option for first-time homebuyers. Developers are creating projects that provide affordable luxury, combining quality living with cost-effectiveness.

Government Initiatives and Policies: Various government policies, such as the cluster policy and TDR policy, alongside infrastructure development projects, have made it easier for developers to build affordable housing, thereby attracting more investment in the area.

Quality, sustainability, and affordability are interlinked components of a holistic approach to housing. Thane and Kalyan’s real estate market has prioritized these aspects, to create homes that not only provide shelter but also enhance the well-being of residents, reduce environmental impact, and ensure economic stability. With the real estate sector witnessing this positive shift, these two markets will continue to attract significant investments and maintain their upward trajectory in the coming years. It has underscored Thane and Kalyan’s potential as a real estate hotspot.