Ghodbunder Road has come up as a latest growth corridor in Thane. The
real estate segment of the locality is booming and has attracted a number of
mid range buyers. Go through the article to learn more about the locality.
The suburban areas of Mumbai have
become the preferred real estate destinations. The large influx of people from
different parts of the country has made Mumbai and the nearby locations more
crowded, and this lead to development of the suburban localities around Mumbai.
Because of the booming rates of the residential properties, Mumbai has become a
costly place to invest and those locations, which were not even recognized as a
place to reside, have become the favorite investment hubs.
In such a scenario, the development
of Thane as a residential destination came as no surprise. The construction of Ghodbunder
Road, which is a state highway (State Highway 42), has attracted a number of
builders in the nearby locations, particularly Thane. The area has experienced
construction of a number of skyscrapers, which added to the growth of
commercial and residential segments in Thane.
Ghodbunder Road connects two main highways
to Thane. Besides, the road also provides connectivity to Mira Road, Mulund,
Bhandup and Ghatkopar from Thane. Ghodbunder Road is the new corridor for growth
and is undergoing rapid pace of development with around 5 million sq. ft. of under
construction land. The maximum number of such projects is the residential ones
to cater the increased demands for growing population in the area. Apart from
the residential projects, a number of these builders are also coming up with
exclusive commercial projects, which involve construction of educational
institutions, hospitals, shopping malls, recreational and entertainment
centers, banks and many more.
Some of the leading real estate
companies like Everest Group, Pawanputra Greenwood Pvt. Ltd., Bhumika
Developers, Hiranandani Group of Companies and Bhumika Developers have marked
their presence in the area. They have come up with the gated community
projects, which offer world class specifications such as swimming pools, sports
facilities, play zone for kids, clubs and gyms. Besides, closeness of the
localities to Sanjay Gandhi National Park has offered more and more open spaces
and green ecosystems.
Prices
According to the market experts, the
average prices of the property at Ghodbunder
Road are about Rs. 5,400 per sq. ft., which is up by 20% as compared to last year’s
Rs. 4,400 per sq. ft. Nevertheless, the market has not shown any type of investor-driven
activities and the prices are stabilizing.
The retail segment has also
experienced boom in past 1 year with the construction of Hyper City mall and R
Mall on Ghodbunder Road. Retail shops are mostly concentrated in Waghbil, and
comprise of clothing stores, jewelers, provision stores, sweet shops, and
others. Typically, a commercial space of 250 sq. ft. is available for Rs. 30
lakh. Most of such commercial buildings are concentrated in Regalia and Hiranandani.
The locality is witnessing rapid infrastructural developments.
Those who are willing to invest in
the affordable home segment find it best to invest in the localities around Ghodbunder
Road. 1 and 2 BHK homes have been the most popular formats among the buyers. To
invest in a property in Ghodbunder Road, the buyers are willing to pay Rs. 30 to
Rs. 50 lakh. These localities have good accessibility from international
airport, schools, eateries and hotels, making it a preferred choice among the buyers.
Juts 3 to 4 years ago, Ghodbunder
Road was named among the green forest areas, but now, around 40% of the total area
is cleared and is being developed as a residential and commercial zone. The
construction of IT parks, corporate offices, retail units, and other commercial
centers improve the capital values in this locality.
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