MUMBAI: Ghodbunder Road, Badlapur, Kalyan west and Dombivli east offer almost 37 per cent of the total supply of 1-BHK units in Thane. Affordability and well-built connectivity to Mumbai make these areas sought-after residential locations for mid-income buyers.
The steadily rising property values in Mumbai have led to a gradual shift in demand for smaller homes to Thane, which is particularly sought for affordable property values. Giving a push to Thane’s real estate market, 1-BHK units bagged more than half of the total buyer’s preference.
Though unable to meet the large demand, developers sensed the pulse of the market and started offering smaller units to be able to sell better. Today, Thane offers more than 40 per cent of its total properties as 1-BHK units and 37 per cent of this is concentrated in areas such as Ghodbunder Road, Badlapur, Kalyan west and Dombivli east.
Commenting on the increasing popularity of 1-BHK housing units, Diipesh Bhagtani, executive director of Jaycee Homes, says, “With the economic slowdown hitting the market, demand has largely shifted towards smaller housing units. Looking at the changing buyer preferences, developers too are offering 1-BHK units today.” Real estate developers usually offer such single room houses between 550 and 800 sq ft.
Badlapur being an entirely end-user destination, offers these units within the range of Rs 16-30 lakhs. Having a slightly higher budget range, Kalyan west and Dombivli east offer these units within the range of Rs 28-50 lakhs. Ghodbunder Road, which enjoys easy connectivity to Mumbai’s central and western suburbs, offers these small sized apartments in the range of Rs 45-75 lakhs. Having a developed infrastructure, the area has about 80 new housing projects in the pipeline.
Not only end-users but even investors are eyeing these locations to seek healthy returns on investments. Ashok Chajjer, chairman and managing director, Arihant Infrastructures Ltd, feels that “Ghodbunder Road up to Dahisar is a major growth corridor of Thane. With development happening at a fast pace, investors can look forward to healthy returns. Other localities such as Badlapur and Kalyan too, offer high returns on investment.”
According to Ish Anand, a real estate consultant, “Real estate investment in Badlapur is quite secure and is bound to witness a good growth curve, owing to excellent residential development. However, buyers must ensure timely delivery and the quality of the properties.”
Commenting on the real estate market of Kalyan and Dombivli, Bandish Ajmera, president, Maharashtra Chamber of Housing Industry (MCHI)-Kalyan-Dombivli unit, points out that “Apart from properties suiting the middle and high income segments, Kalyan and Dombivli offer several options in the affordable housing category as well. The locations are preferred for their developed civic infrastructure. Being one of the largest localities in the Mumbai Metropolitan Region (MMR), the Kalyan-Dombivli belt has adequate water and electricity supply, garbage disposal systems, parks, playgrounds and other amenities.”
Thus, if you are looking for 1-BHK properties in Thane, Ghodbunder Road, Badlapur, Kalyan west and Dombivli east could be one of the best options for you. Not only do these locations offer ample options to choose from, the factors of livability and social infrastructure can ensure that you get good returns on your investment in the long term.