In recent years, the demand for real estate in Thane has grown significantly. This in turn has influenced the rate of commercial work spaces and houses in the city. According to an analysis of residential property prices conducted in 11 cities over the past five years, Thane and Navi Mumbai recorded the highest percentage increase in the residential real estate market in the nation.
With apartment prices increasing by nearly 85%, it is becoming increasingly difficult for potential buyers to find a home within their budget. Therefore, the vast majority of people resort to renting a house.
Renting apartments in Thane is an ideal option
According to real estate consultants, more and more people choose to rent instead of buying a flat. This trend is catching on fast as it turns out to be a more financially viable alternative. For example, buying a 2BHK apartment costing Rs 1.2 crore in the Balkum area would mean paying Rs 90,000 as EMI. However, renting the same property is much cheaper as the monthly rent would be just Rs 20,000 including maintenance and social expenses. This would translate into huge savings of up to Rs 20,000 per month.
Another reason why people prefer to rent rather than buy is that 30-35% of Thane’s population have transferable jobs, meaning renting an apartment will remain the preferred option. Also, many of the houses in the city have been bought by people who already own real estate in Mumbai or in the suburbs.
Improved rail and road connectivity in Thane
The vast majority of people living in Mumbai are moving to Thane. This is particularly true for those who work in areas along the center line. Renting an apartment in the city turns out to be a practical decision, as the commuter rail network of Central Railway makes traveling to the suburbs a breeze.
A large number of commuters commute to work every day via Thane station and three other railway stations located in the city: Mumbra, Kalwa and Diva. The local Thane-Panvel and Thane-Vashi/Nerul railway line help connect the city with Navi Mumbai. The prospect of Mumbai Metro services extending to Thane has only added to the growing popularity of real estate in the MMR region.
Renting a flat here is particularly an ideal alternative for people who have to commute for work in Powai. Due to the improved connectivity through the Jogeshwari-Vikhroli link road, commuting has become very convenient. Apart from this, Thane is also well connected to the cosmopolitan city of Mumbai and Pune via the Eastern Express Highway and the Mumbai Pune Highway respectively.
Efficient public bus transport services like Brihanmumbai Electric Supply and Transport (BEST), Mira Bhayander Municipal Transport (MBMT), Navi Mumbai Municipal Transport (NMMT), State Transport (ST) corporations and Thane Municipal Transport (TMT) have further fueled plus the increase in demand for rental properties from local Mumbaikars.