By Ayushi Ashar
Mumbai’s real estate market is continuously evolving, presenting lucrative opportunities for investors and homebuyers. As the Bandra Kurla Complex (BKC) solidifies its position as the premier business district in Central Mumbai, attention now shifts to the emerging micro-market of Mulund-Thane Corridor (MTC) in Eastern Mumbai.
With the Maharashtra government allocating a substantial Rs 50,000 crore for infrastructure development in the adjacent Thane region, MTC is poised to become a prime destination for residential investment, offering unparalleled connectivity and a desirable lifestyle.
MTC is undergoing a remarkable transformation with planned infrastructure projects that will only increase the locality’s connectivity levels. These developments encompass roads, flyovers, and bridges, such as the Thane Bypass Road, Metro Lines, further reduce travel time and improve the overall quality of life.
Furthermore, the Metro line 4 from Wadala (Mumbai) to Kasarvadavali (Ghodbunder road, Thane) via Chembur, Bhandup Mulund and Teen Hath Naka signify a significant leap in MTC’s infrastructure development, ensuring improved connectivity and creating an ideal environment for residential investment.
The infrastructural landscape around Thane is undergoing a transformative overhaul, aimed at enhancing connectivity and easing travel within Mumbai and its outskirts. Major projects include the innovative Borivali-Thane Underground Tunnel, set to drastically reduce travel time, bringing distant corners of the city closer.
The Mumbai Coastal Road Extension and the Eastern Freeway Extension promise further connectivity enhancements, while the Twin Tube Tunnel project, Thane Bypass road aim to streamline traffic flow, all collectively laying the groundwork for potential economic growth in the region and Goregaon-Mulund Link Road (GMLR) is a 12-km long road infrastructure project that will connect Mulund directly to Goregaon.Once the new road of GMLR is operational, travel time will be reduced to as quick as 20 minutes.
Strategic Investment:
MTC’s strategic location has significantly contributed to its growing appeal, offering residents a prestigious lifestyle. Nestled in the Mumbai Metropolitan Region (MMR), MTC offers easy access to Mulund station, merely 2.7 km away, and Thane station, at a distance of 4 km.
The Metro station will be accessed within five minutes from Teen Haath Naka through elevated roads, with construction to be completed by December 2025. Residents can easily reach key business centres like BKC, Powai, and Andheri, facilitating a lifestyle that perfectly integrates work and leisure. This makes it a prime destination for real estate investments amidst shifting demographics, pivotal in enhancing MTC’s connectivity.
Wagle Estate, located just a two-minute walk from MTC, is on the brink of greater accessibility and economic growth. As the industrial heart of Thane city, Wagle Estate benefits from its close proximity to major commercial centers such as Ashar IT Park, Opal Square, MIDC, and Centrum.
This strategic location, combined with excellent connectivity and abundant amenities, bolsters employment opportunities and reinforces the area’s reputation as a vibrant industrial hub.p
A notable development in MTC was the establishment of Thane’s first-ever international school in 2005, Finland International School formerly known as Billabong International School.
This not only highlights Thane’s rise as a global educational center but also elevates its residential desirability.
With the Sanjay Gandhi National Park and Yogi Hills within walking distance, residents can enjoy a harmonious blend of urban living and breathtaking views. This aspect appeals particularly to nature-loving consumers, making MTC an ideal choice for Retired Individuals, Senior Citizens and Young Adults home buyers seeking to live close to nature.
Residents of MTC currently revel in the serene ambience, savoring the picturesque vistas of lush greenery and the tranquil surroundings. Whether enjoying morning walks amidst the tree-canopied roads, residents find solace in the embrace of nature, elevating their living experience to unparalleled heights.
MTC presents a lifestyle of exceptional convenience complemented by a naturally cooler climate. It consistently averages two degrees lower than its counterparts along LBS Marg and GB Road, a unique feature in bustling urban environments.
Value Appreciation:
The rapid development of infrastructure, coupled with better connectivity and growing interest in residential properties, will have a positive impact on the real estate values in MTC, an expanding market with a CAGR of 10%.
As the area continues to evolve and attract more ventures, property prices are expected to increase further. This presents a lucrative opportunity for investors seeking long-term capital gains.
Conclusion:
As MTC undergoes infrastructure development, the demand for residential properties in the area is expected to surge. With its strategic location, enhanced connectivity, and proximity to nature, MTC, Shree Nagar, presents a unique opportunity for investors and homebuyers to capitalize on the growth potential.
The symbiotic relationship between infrastructure development and residential demand heralds a new era in Mumbai’s real estate landscape, shaping the aspirations of future generations.
(Ms. Ayushi Ashar, Director at Ashar Group & Member of Managing Committee of MCHI-CREDAI. Views expressed are the author’s own. Please contact your financial adviser before investing)