Realty check in Thane for the rich

It is one of 20 cities in the world where the wealthy want to invest, says a survey

Thane has become popular among the rich looking to buy property, said a study. According to a wealth report compiled by Knight Frank India Limited, a real estate consultancy firm, Thane is one of 20 cities across the world where the rich are currently looking forward to invest their wealth.

According to Samantak Das, chief economist and national director (research), Knight Frank India, the satellite city has now emerged as a favourable destination for the rich people. “Thane, with its superior infrastructure and overall connectivity, is becoming attractive for the rich people,” said Das. “Compared to Mumbai, people can get bigger houses with all the modern amenities in place. As far as investors are concerned, they get far better returns compared to the Mumbai realty market,” he added. The proposed Metro to Thane has also pushed up demand for the place.

Other cities that figured on the list include Shanghai, Istanbul, Berlin, Los Angeles, etc.

Thane had several factories and industrial units which subsequently closed down to make way for real estate projects.

Many information technology (IT) companies have also shifted their offices to Thane that is

turning the city into a service and tech hub.

In recent times, various wellknown builders like Godrej Properties, Hiranandani Constructions Private Limited, Runwal Builders, Rustomjee, Vihang Group, Piramal Realty and Puranik Builders have all started projects in this city.

Areas like Ghodbunder Road, Majiwada and Kasarvadavali which boast of good schools, premium malls and good healthcare facilities are in demand.

According to Pratap Sarnaik, chairman and director, Vihang Group, which has three projects at Ghodbunder Road, the price factor is one of the advantageous

point for the buyers.

“The prices are lower compared to Mumbai and we offer all modern amenities here,” said Sarnaik.

With the Mumbai realty sector facing exorbitant pricing and low sales coupled with fall in new launches, Thane is clearly emerging as an alternative.