January 11, 2024
In the real estate market of Mumbai, prices are generally quite high. However, there are some areas that are gaining popularity after being previously overlooked. The most sought-after locations are Thane and Powai, both of which fall within the Mumbai Metropolitan Region (MMR).
Thane and Powai were once considered insignificant, but they have now gained immense popularity due to their high real estate prices. This transformation can be attributed to the fact that people started working outside of South Mumbai, resulting in the development of these areas.
A few decades ago, it might have seemed unusual to set up an office in Thane or Powai. The primary area of importance was south Mumbai. However, times have changed, and now if you opt for south Mumbai, people might question why you didn’t consider other possibilities. This shift, recognized by Piyush Jani, an experienced real estate consultant who specializes in commercial spaces, reflects the way cities are developing.
Cities undergo changes not only due to urban sprawl but also because of saturation. When micro-markets cannot match the emerging areas that have better infrastructure, they eventually give way. Currently, Thane and Powai are leading the way, but their position may change in the future as potential competitors wait in the wings.
Powai is a dynamic micro-market developed by Hiranandani Developers that features residential, retail, and commercial properties. It is also home to the prestigious Indian Institute of Technology (IIT)-Bombay, making it an important education hub. Additionally, the presence of globally recognized entities like Deloitte Consulting adds to its prestige.
Thane is a lively area that blends tradition and modernity, with a rich cultural heritage and numerous modern facilities including educational and healthcare institutions. Unlike Powai, Thane has a unique charm that is both traditional and contemporary.
Hiranandani Business Park, Regent Hill by Hiranandani Developers, Urban Park by Godrej, and Elixir Reserve by L&T Realty are some of the architectural marvels and notable projects in Powai. Raymond Ten X by Raymond Realty is a remarkable project in the heart of Thane. Developers such as Dosti Realty, Ashar Group, and Vihang Group are contributing to the transformation of the area.
Thane has excellent transport links with Mulund and Thane railway stations and easy access to the Eastern and Western Express Highways. The upcoming CST-Thane Metro-4 corridor will further enhance connectivity, making travel effortless within the area.
As the world adapts to remote work, Thane is becoming an attractive option for professionals. Deepak Sharma, an IT consultant, relocated his office from Andheri to Thane, recognizing the advantages of remote work. This trend is growing as technology minimizes commuting time and optimizes travel.
Thane and Powai offer a wide range of options to cater to diverse needs. Developers provide 1, 2, 3, and 4BHK apartments, and rentals vary from Rs 10,000 to Rs 50,000 per sq ft. A comfortable 2BHK apartment in Powai can be secured for Rs 30,000 to Rs 40,000 per month. In Thane, a 2BHK apartment within a gated community with amenities can be secured for around Rs 20,000 per month.
Thane and Powai are examples of the dynamic real estate landscape in Mumbai. They have evolved from the periphery to the epicenter, marked by urban shifts, connectivity advancements, and innovative projects. These micro-markets shine as beacons of growth, inviting residents and businesses to partake in their unfolding narratives.
Explore the lively neighborhoods of Thane and Powai and experience their journey from obscurity to prominence. Connect with us to embark on this exciting chapter of urban evolution and find your new home or business destination in these thriving micro-markets.