Thane's Thriving Commercial Properties
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In the bustling narrative of Thane's real estate, a new
chapter unfolds as commercial properties take centre stage. Anarock and the
latest data from CRE Matrix for March 2023 paints a vivid picture of a thriving
commercial real estate market in Thane. Beyond its reputation as a residential
haven, Thane is emerging as a commercial powerhouse, poised to redefine the
city's economic landscape.
Diverse Players, Dynamic Prospects
The data reveals an exciting trend: a diverse array of
players are shaping Thane's commercial properties sector. Fresh entrants are
making waves by introducing high-quality commercial spaces tailored to the
needs of modern businesses. This surge signifies a paradigm shift in the
commercial real estate arena, where innovative concepts and fresh perspectives
are reshaping the market dynamics.
Strategic Locations
Thane boasts a diverse range of locations to choose from,
including the vibrant Majiwada, the prestigious Hiranandani Estate, and the
well-connected Pokhran Road 2, which underscores its attractiveness as a
commercial hotspot. These prime areas serve as epicentres of growth, offering
businesses access to a dynamic ecosystem and seamless connectivity to Mumbai's
major districts. Thane's rise as a commercial hub is intrinsically linked to
its ability to cater to a diverse spectrum of business needs.
Elevating Connectivity
Thane's appeal is set to soar with the impending launch of
Metro Line 4, a transformative project by MMRDA. This visionary initiative will
not only bridge the gap between Thane and Mumbai but also facilitate seamless
intra-city travel, catalysing Thane's journey towards becoming an influential commercial
destination. Locations like Majiwada are sure to be benefitted, as the already
highly connected areas are going to receive a further boost to their
connectivity. The proposed internal
metro network further amplifies Thane's connectivity, providing businesses with
enhanced access to key areas within the city.
Affordability
Thane's competitive edge extends beyond connectivity—it lies
in its affordability. The allure of cost-effective office rentals in Thane
presents a stark contrast to the premium rates prevalent in Mumbai's CBD and
SBD areas. This affordability, coupled with improved connectivity, positions
Thane as a strategic choice for businesses seeking budget-friendly yet
strategically located commercial properties like those at Pokhran Road 2.
The Shift towards Proximity: A Holistic Approach
As businesses adapt to evolving work dynamics, the trend
towards decentralized office spaces gains momentum. Thane's commercial
properties align perfectly with this paradigm, enabling businesses to establish
a presence closer to emerging residential catchments. This symbiotic approach
fosters a balanced work-life environment for employees and reflects a
forward-thinking approach to business operations.
Market Dynamics
ANAROCK Research's data illustrates a fascinating trend in
the absorption of commercial properties. In FY2021, Thane commanded over 17% of
the total net absorption in the Mumbai Metropolitan Region (MMR). This surge
from its 7% share in FY2019 reflects an increasingly favourable disposition towards
Thane's commercial properties, solidifying its reputation as a sought-after
business locale.
Supply and Demand
Thane maintains a steady supply of commercial properties,
contributing nearly 5% of the overall supply in MMR for both FY2021 and FY2019.
The city's ability to consistently introduce around 0.25 million sq.ft of
office space in FY2021 and 0.15 million sq.ft in FY2019 underscores its
commitment to meeting the evolving demands of the growing business community.
A Bright Outlook: Embracing Growth Opportunities
Thane's potential is further accentuated by several mega
infrastructure projects, piquing the interest of corporates and multinational
corporations. Diverse sectors, including IT/ITes, pharmaceuticals, BFSI,
R&D, and logistics, are leveraging Thane's strategic advantages. A
forthcoming 2.6 million sq.ft commercial space project by a leading developer
at Hiranandani Estate, slated for completion by 2022-end, holds the promise of
elevating Thane's commercial properties landscape to new heights.
Conclusion: Thane's Commercial Ascendancy
In summary, Thane's commercial properties market is a canvas
of innovation and growth, painted by the fusion of affordability, connectivity,
and strategic vision. The synergy of established players and emerging contenders
is steering Thane towards becoming a bustling commercial hub. As the narrative
unfolds, the interplay between quality and affordability remains pivotal in
shaping Thane's commercial success story
Article authored by: Team Proptranxact
Date: 10th August, 2023
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