Thane, part of the Mumbai Metropolitan Region (MMR), is experiencing a rise in demand for affordable luxury residential projects. Improved infrastructure, better connectivity, and a preference for lifestyle amenities drive this trend. Developers like Prescon Group and JP Infra Mumbai Pvt. Ltd. are meeting this demand by offering premium living at competitive prices. According to PropEquity, Thane saw 26,702 units sold in Q1 CY'24, with a predicted 9% rise in sales for April-June 2024. Thane's strategic location, developed infrastructure, and thriving commercial environment make it an attractive destination for modern homebuyers seeking a balance of lifestyle and affordability.
Thane, a city in the Mumbai Metropolitan Region (MMR), is experiencing a rise in demand for affordable luxury residential projects. This trend is transforming the real estate landscape, attracting developers and homebuyers alike. The driving force behind this shift is a combination of improved infrastructure and connectivity in Thane, which now has better infrastructure and easier travel connections, making it a more attractive place to live, and a growing preference for lifestyle amenities. Homebuyers are increasingly seeking residences with amenities that enhance their lifestyle, such as gyms, swimming pools, and community spaces.
Recent market analysis reveals a significant rise in inquiries and bookings for lifestyle projects in Thane. These projects cater to the aspirations of middle-income buyers (as per PropEquity data) seeking an upgrade in their living standards by offering premium amenities and sophisticated living experiences at competitive prices.
Industry leaders are capitalizing on this trend. Mr. Vedanshu Kedia, Director, Prescon Group, states, "Thane has always been a key market for us, and we are thrilled to see such a robust demand for our affordable luxury offerings. Our projects are designed to provide the perfect blend of comfort, style, and convenience, making them highly attractive to discerning buyers. We believe this demand will continue to grow as more people recognize the value and quality that Thane's real estate market has to offer."
Mr. Deepak Nair, Head-Marketing, JP Infra Mumbai Pvt. Ltd, echoes similar sentiments. He highlights, "The rising demand for premium lifestyle projects in Thane highlights the city's evolving real estate landscape. We focus on understanding consumer needs and meticulously craft homes that exceed expectations through innovative design, functional efficiency, and modern amenities tailored to all age groups. Thane's strategic location, combined with our commitment to excellence and ahead-of-time delivery, positions our project as the perfect choice for modern homebuyers seeking both lifestyle and affordability."
As per a recent report by PropEquity, a real estate data and analytics firm, Thane was among the top cities in terms of quarterly sales with 26,702 units sold in Q1 CY'24. This data is even more impressive considering the markets included in the report: Thane, Pune, Hyderabad, Bengaluru, Mumbai, Navi Mumbai, Chennai, Kolkata, and Delhi NCR. Additionally, PropEquity predicts a 9% rise in sales of residential properties in Thane for the period April-June 2024, reaching an estimated 25,041 units compared to 22,956 units in the same period last year.
Industry experts like Mr. Rajan Bandelkar, Vice Chairman, NAREDCO, emphasize the significance of Thane's real estate growth. He states, "Thane's real estate market has undergone a remarkable transformation in recent years. The increasing demand for lifestyle projects underscores the city's appeal as a residential hub that offers a perfect balance of modern living and affordability. We will continue to support this growth by fostering a conducive environment for developers and ensuring that homebuyers have access to high-quality housing options."
Thane's strategic advantages, including its proximity to Mumbai, well-developed social infrastructure, and a thriving commercial environment, further contribute to the rise in demand for lifestyle projects. As more developers enter the market with innovative and value-driven projects, Thane is set to become a preferred destination for those seeking a premium yet affordable lifestyle.
With the real estate sector witnessing this positive shift, industry experts predict that Thane will continue to attract significant investments and maintain its upward trend in the coming years. The growing preference for lifestyle projects reflects the changing aspirations of homebuyers and underscores Thane's potential as a real estate hotspot within the MMR.
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