MUMBAI: Ghodbunder Road, one of the major roads running through the Thane district, is witnessing a rapid pace of real estate development. This road is several kms long and connects the eastern and the western express highways. “Four-five years ago, Ghodbunder Road was categorised as a green forest area but today, most of the area has been cleared and deployed as a residential and commercial zone,” says Sanjay Nagaonkar, owner, Ranuja Properties.
More than five million sq ft area is under construction, most of which is residential. The road is also dotted by retail, commercial and institutional projects in the pipeline. Schools, colleges, hospitals, banks, are coming up, while some restaurants and entertainment hubs in malls are about to be operational.
“Ghodbunder Road is among the most rapidly developing places. Four bridges, within two-three kilometres have been constructed in the last one year and two more are coming up due to which the problem of traffic jams are getting solved. Ten foot-over bridges with escalators are proposed to be completed in the next 24 months. The monorail is also proposed for 2016-17 which will connect the area to the western suburbs like Mira Road and Borivli,” explains Dinesh Kumar, proprietor, Bhoomi Dwellers.
Due to its connectivity and accessibility, the road has grabbed the attention of many well-known developers. Cosmos Group, Everest Group, Hiranandani Group of Companies, Kalpataru Group, Raheja Developers, Prescon Developers, among others, are some of the reputed developers having a presence in this location. These developers are offering residential projects built on 5-10 acres of land. These projects are gated communities that offer amenities such as swimming pool, sports complex, children’s play area, clubhouses and gymnasiums.
“The capital values of multi-storeyed apartments in the area have steadily increased almost 20 per cent in the last two years. The values were in the range of Rs 4,400-5,400 per sq ft in 2011 whereas today, the average price range is between Rs 7,000-8,000 per sq ft. Some projects are even valued at above Rs 9,000 per sq ft,” informs, Jayesh Arora, a property consultant active in the area.
Looking at the commercial side, HyperCITY and R-Mall are operational on Ghodbunder Road. According to local broker Rakesh S Shelke, “Retail is concentrated at Waghbil and it basically comprises of clothes, jewellers, kirana stores, sweet shops, etc. Typically, a 250 sq ft shop is available for Rs 30 lakh. The office value ranges from Rs 110-120 per sq ft. Most of the offices are small in size, about 500 sq ft. Other important commercial buildings include Regalia and Hiranandani.”
This locality is centrally connected to Mumbai’s central and western suburbs and also connects to Bhiwandi, Navi Mumbai and Vasai. Proximity to the Sanjay Gandhi National Park is another feather in its cap. The international airport is also easily accessible as is the central railway station which is just half an hour away from the locality.
So, who is buying here? Many experts say that the area was an investor-driven market but now is driven more by end-users as social and civic infrastructure is being developed. With rapid infrastructure development, one can look at Ghodbunder Road as one of the future destinations for investment that promises good returns.