IS THANE READY FOR THE ONE CRORE MARK ?

A one crore flat in Thane ?  Some people react to this statement with incredulity while others react with equanimity. 
Yogesh Sadhwani examines if Thane is indeed ready to sustain one crore properties.

Not long ago, Thane was considered the most preferred destination of only the middle and the upper middle class.  Those with the budget  of Rs.five lakhs and above could afford to buy a h0ouse.  With properties ranging  up to 30 lakhs, the city attracted residents of Ambernath, Kalyan, Ulhasnagar and other neighboring suburbs,  However,  those wanting to purchase plush, palatial properties rarely looked at Thane as an option.

But now things are changing.  Gone are the days when the city was considered haven only  for the middle and the upper middle class.  With  palatial properties worth Rs. 50 lakhs and above also available, the ‘elite’ are also taking fancy to Thane.

“Thane is no more a poor country cousin.  It has people who  have taste for good quality and premium properties.” Says Manish Gupta of Hiranandani Constructions.  After having built a premium project at Powai, Hiranandani Constructions is now constructing palatial houses in Hiranandani Meadows and Hiranandani Estate, both in Thane.  “Earlier, buyers looking for bigger houses had to combine flats.  We realize that there is a demand for big houses and that such people are from a different class.  They cannot be merged with those buying 2-BHK apartments,” says Gupta.  This explains why the Group is constructing two separate buildings one in each complex, with 4-BHK apartments.  Each one of the flats in the two buildings have a price tag of Rs.50 lakhs and above.

Similarly, Neelkanth Group has drawn up plans to construct villas costing Rs.70 lakhs and above.  The 4-BHK and 5-BHK villas at Majiwada have been designed by architect Hafeez Contractor and will be customized to the buyers’ needs.  The group is all out to woo its buyers with its landscape, which will  be designed and implemented by a Hong Kong based company.  “There  is no dearth of people who make Rs.80,000/= to a lakh a month.  Such people want comfortable and cozy houses,” says Ramesh Khakharia of Neelkanth Group.  He goes on to add that most of their clients come from outside Thane.  Over 60 per cent of our buyers are from outside Thane.  In fact, we get clients from  the Western suburbs as well,” he says.  Khakharia explains that those residing in western suburbs in Mumbai never thought that they would ever move to a central suburb.  But now, thanks to the availability of premium properties in  Thane, they are keeping their options open.  Soham Group seems to  have gone a step ahead of its competitors.  The Group has constructed Soham Heritage, which boasts of 3,000 odd square feet apartments.  The seven storey building (currently five, plans to add two more floors) has just one apartment per floor.  “We realized that there are several families residing in Thane who want to stay in palatial apartments.  Cost is not as big a factor as comfort is.  Realizing the demand we designed this project,” says Poorvi Parekh, Director, Soham Real Estate Developers.  The apartments costing over one crore rupees each boast of armed security guards, television tracking facility, other than expensive interiors. 

If experts in the real estate industry are to be believed, this is just the beginning.  Many more developers are all set to join the game.