Are soaring property values in Mumbai crushing your dream to own a home in the city? Consider Thane and Navi Mumbai. But wait, which one of the two areas is better? Are these regions good for investment? What are the ongoing property rates? These are the questions asked by one of our followers on Quora.
We find answers to these and more in this post.
Let’s begin with the growth story
About two decades ago, real estate developers started to look beyond Mumbai for commercial and industrial development. It was then that Thane made the most of the windfall and jumped on to the industrial bandwagon. And very soon, the commercial and industrial development paved the way for residential development as well in Thane. And since then, the city has never looked back. Today, it is one of India’s Smart Cities.
Navi Mumbai came into the limelight only after the announcement of the Maharashtra IT/ITes policy. Incentives and subsidies for companies attracted investors to Navi Mumbai, and it grew into one of India’s first planned cities.
Thane is a part of the Mumbai Metropolitan Region and has its own municipal body since 1982. Navi Mumbai is developed and maintained by the City and Industrial Development Corporation.
The connectivity quotient
When it comes to connectivity, both Navi Mumbai and Thane enjoy good accessibility through the local train network. Further, the Eastern Highway connects Thane to South Mumbai.
The residents of Navi Mumbai are also connected to the city via the Sion-Panvel Highway.
To further improve accessibility in these cities, there are a few projects on the anvil. These include the Trans Harbour Link Road in Navi Mumbai; and the Metro rail to Thane from Central Mumbai areas.
The cost factor
Properties in Navi Mumbai cost relatively lesser when compared to Thane.
For instance, you can get a standard 2BHK apartment in Navi Mumbai for Rs 50 Lakh while a similar apartment in Thane would cost about Rs 60 Lakh. However, in Thane, if you go beyond areas like Kalyan and Dombivli, you might get a property for a lower price.
What’s available?
At present, there are over 3,300 properties for sale in Navi Mumbai, of which 2,260 projects are ready-to-move-in. In Thane, over 530 properties are ready-to-move-in, out of the total 900.
Interestingly, the majority of the projects in both these locations also offer 1BHKs and studio apartments.
Investment horizon
Navi Mumbai is on the cusp of development owing to several large-scale infrastructure projects. These include the Navi Mumbai International Airport, Trans Harbour Link Road, and the Navi Mumbai Metro Rail. Once these projects are operational, property prices here are expected to further shoot up.
Over the last two years, capital values here have recorded a rise of about 8-12%. Some of the popular locations in Navi Mumbai are:
Localities in Thane, on the contrary, have recorded a rise of 6-8% over the last two years.
Homebuyers prefer Thane because of its robust social and civic infrastructure, unlike Navi Mumbai.
Some of the popular locations in Thane are:
RoofandFloor verdict
Thane has an old-world charm with established social infrastructure. While Navi Mumbai, though growing, still has a long way to go.
From an investment perspective, relatively lower property rates make Navi Mumbai score over Thane. However, if you are looking for properties in the premium segment, Thane has an array of options to select from.
Very nice post about property in navi mumbai. Thanks for sharing an informative content.
Navi Mumbai will be the preferred location according to all the aspects of buying home.
Navi Mumbai is a growing city and well-structured manner.
Nice Blog!! The content you have shared is very elaborative and informative. Thanks a lot for sharing such a great piece of knowledge with us.
The comparison of Thane vs Navi Mumbai here is a great one, and I enjoyed this comparison post a lot. Hopefully, there will be more comparison posts like this on this website soon. Thanks a lot!