MUMBAI: Thane and Navi Mumbai have been listed as “emerging investment hotspots” among eight locations across seven top Indian cities, according to a report released on June 21 by the Confederation of Indian Industry and Jones Lang LaSalle India.
The destinations were selected because they were seen as either emerging or growing sub-markets, which are likely to be supported by excellent infrastructural development. Other locations on the list include Noida and Greater Noida in the National Capital Region, Whitefield (Bengaluru), Southern Suburbs (Chennai), Pune’s Viman Nagar and Nagar Road, Gachibowli (Hyderabad) and Rajarhat (Kolkata).
“These locations offer a large bouquet of investable options in real Estate with their relative lower price levels providing the incentives for future capital appreciation and healthy returns,” the report stated. Thane, for instance, witnessed strong development in the last two decades. It changed from an industrial zone to a commercial one with strong IT and Information Technology Enabled Services presence. “The government took initiatives to improve the infrastructure in the region and that has attracted a host of developers to Thane. With the improved connectivity with western and eastern suburbs and Navi Mumbai, Thane is fast becoming a sought after residential and commercial destination,” the report observed.
On the other hand, Navi Mumbai offers options across all asset classes. “Availability of developable land and improving connectivity with the prime city is expected to drive the investment potential,” it stated. The region, the report said, is developing in a planned manner and with the completion of proposed infrastructural projects the problem of internal commuting is also likely to be addressed. “Navi Mumbai has large land parcels available and it is offering housing options for middle-income groups at reasonable prices,” the report observed.