DOMBIVLI – KALYAN Corridor Description and Rating Areas Included: Tilak Nagar, Pokharan Road No
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Corridor of growth DOMBIVLI – KALYAN Corridor Description and Rating Areas Included: Tilak Nagar, Pokharan Road No. 2, Balkum Village, Bhivpuri Road, Kapurbawdi, Hiranandani Meadows, Katemanivali, Kasheli, Kolshet Road, Kalyan East, Dombivli East, Dombivli, Majiwada, Kapur Bawdi, Vasant Vihar, Dombivli West, Thakurli, Dhokali, Manpada, Eden Woods, Kolshet, Kalyan West and Bhiwandi Fig 1: Map of the corridor 02 Corridor of growth (COG) About the Corridor Thane Market Overview: Thane city developers. On the other hand, Thane East has Historic Trends: The current capital values for witnessed a spurt in real estate activity over seen limited developments on account of few residential properties along the Ghodbunder the last decade and has gained prominence on land parcels available. Road and Thane West pockets ranges account of limited affordable options available between Rs 8,000-12,000 per sq ft, and have Infrastructure and connectivity: within the Mumbai municipal limits. Seamless appreciated by more than two times over the Ghodbunder Road, a 20 km long stretch connectivity offered by the two national last decade. Appreciation in property prices comprising four flyovers at Kapurbawdi, highways (NH-3 and NH-8) connecting resulted in the properties located in Thane Manpada, Patlipada and Waghbil, has served Mumbai’s Eastern and Western Suburbs to main region (Thane west and Ghodbunder as a lifeline for the daily commuters between Thane via Ghodbunder Road has fuelled Road) leaving their affordable tag, leading Mumbai and Thane. significant development of the city. to mass development of townships in the The Mumbai Metropolitan Region outskirts of Thane, including pockets like Development Landscape: The strategic Development Authority (MMRDA) approved Bhiwandi, Kalyan and Dombivali. location of Ghodbunder Road resulted in the construction of the Wadala-Ghatkopar- leading real estate developers of the Mumbai Directions of Growth: While Bhiwandi has Thane-Kasarvadavali line, also known as Line- Metropolitan Region to develop many many low-rise developments, one can see 4, in November 2014. Once completed, the Grade A residential as well as commercial growing number of high-rise developments line will provide seamless metro connectivity developments along the stretch. Hiranandani starting from the Kalyan-Bhiwandi Junction to Thane, although the challenges remain in Estates was one of the first such township on the Kalyan-Shilphata Road leading to completing the project by 2020. The work is developments on the stretch comprising of Dombivali East. Large townships - Lodha’s yet to start on this line. There is also a plan to world class housing and social infrastructure Palava City and Runwal My City - are being construct a Borivali-Thane Tunnel connecting facilities. Development seen along the developed in the Dombivali East region of Tikujiniwadi in Thane to Ekta Nagar in Borivali. Ghodbunder Road propelled the real estate Thane City. The current capital values for There is a plan to construct 5-km elevated activity in other pockets of Thane West, residential properties in these micro markets road on the narrow stretch of the Ghodbunder resulting in mushrooming of several real range between Rs 5,000-5,500 per sq ft. Road, between Chena Creek and Oval although estate developments by Grade A and B this project is also in the nascent stage. Overall Connectivity Social Infrastructure Security/Water Properties available in corridor he corridor offers a significantly wide Thane as a cheaper alternative to Mumbai. as affordable and a significant 35% of the variety of price ranges, giving buyers This is reflected by the fact that more than properties are priced more than a crore. This Tplenty of options to buy properties 40% of the supply is priced less than Rs 60 leaves the relatively mid segment supply although much of these are in the affordable lakh. Although areas closer to Mumbai on of properties costing between Rs 60 lakh to segment, in line with the positioning of the Ghodbunder Road cannot be considered Rs 1 crore, to form less than quarter of the Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration 03 Corridor of growth (COG) Table 1: Sizes and prices of flats available for total supply of the corridor. Most of what The corridor provides a wide range of various room configurations is available in the corridor is multi-storey properties with prices varying across the Sales Price Covered Area apartments by reputed builders. Of this, corridor, falling as one moves east on it and ( Lacs) (Sq.ft) 1-2BHK apartments, together forms more away from Godhbunder Road and Mumbai 1 BHK 25-70 550-680 than 80% of the corridor’s total supply. Overall, boundary. While the range of apartment sizes 2 BHK 50-134 810-1120 the corridor is well developed and almost is large, the majority of configurations i.e. 1, 2, 3 BHK 109-243 1200-1760 three quarters of the supply is ready-to-move- 3 and 4BHK units are around 630 sq ft, 1000 in properties. sq ft, 1500 sq ft and 2200 sq ft respectively. 4 BHK 153-463 1710-2720 Best sectors to invest in a home Based on rental demand in sectors Fig 5: Top 10 localities by consumer for renting a house he highest rental demand is being Ghodbunder Road and it has well-developed Manpada and the fifth place Vasant Vihar, witnessed in Majiwada, followed closely social infrastructure. Dombivli East stands out both are on Ghodbunder Road and derive Tby Dombivli East. While Majiwada stands because of the significant supply of houses benefits similar to Majiwada. There is a huge first on account of its favourable locality on on rent at affordable rates. The third place investment scope available along the corridor. Based on home buying demand in sectors Fig 6: Top 10 localities by consumer for buying a house 04 Corridor of growth (COG) he home buying tendency follows closely on investment to the owners and hence, buying a house are in the top ten localities by with the rent seeking tendency on the more people will be looking to buy in these consumer searches for renting a house. The Tcorridor. All the localities which have localities. Consequently, eight out of the rental prices are quite reasonable along the high rental demand will give better return top ten localities by consumer searches for corridor, which is boosting demand. Best bedroom configurations to buy Preferred buying and renting options Table 2: Demand distribution for buying and renting iven that Thane has always been Ghodbunder Road. Overall, 2BHK units are the Buying Renting marketed as a cheaper alternative to dominant apartment types in the corridor, Total (BHKs) Total (BHKs) GMumbai, developers have historically forming almost half the listings as well as 1 BHK 38% 31% tried to keep the prices low by reducing the consumer searches. Most of the premium 2 BHK 44% 50% size of the apartments. As a result, more than supply of apartments is in the 2 and 3BHK one third of the apartments are 1BHK units, categories with a few 4 BHK and above types 3 BHK 16% 18% although the concentration of 1BHK format is in the corridor. 4 and Above 3% 1% more in the outskirts of the city and away from Price changes and future prospects Historic Price movement Corridor Average Price Rs/sqft Table 3: Historical Price changes 6 monthly change Yearly change 4% 6% he Thane corridor has witnessed decent price appreciation over the last five Tquarters, moving up for each of these quarters. The connectivity with Mumbai has made Thane a preferred destination for affordable housing, and the general slowdown in economy has pushed home buyers as well as people looking to rent apartments, to look for affordable housing in Thane. This, has led to a steady demand in market, resulting in a steady stream of new launches in the market, and has supported the prices in the market, resulting in 6% increase in prices over the last year. Fig 7: Historical Price changes of corridor 05 Corridor of growth (COG) Price movement for top localities by Consumer Preference he localities on the chart above are dispersed geographically, with Manpada and Majiwada being located in the more developed part Tof Thane, which is closer to Ghodhbunder Road while Dombivli and Kalyan locations are located in East Thane, which is the outskirts to the main Thane city. Prices in the localities in main Thane have fallen slightly, while the prices in the Dombivli-Kaalyan region have mostly increased on account of new projects being launched at a slight premium to average city prices due to their favourable locations Fig 8: Price changes in top localities by consumer demand Master Plan he current Master Plan of the corridor is lies to the north of it. The Master Plan has land uses. Although the current Master Plan greatly restricted by the Ulhas River with allocated majority of the developable land for provides some pockets of commercial usage, Tmost development in the south of the either residential or industrial use and even the the quantum is not very high. river. While the main Thane city, Dombivli and 2052 concept plan of the Mumbai Metropolitan Kalyan lie on the south of the river, Bhiwandi Region (MMR) has these two as the prime Infrastructure Updates Mumbai Metro Line 4 - Wadala-Ghatkopar-Teen Hath Naka -Kasarwadavli Metro Table 3: Mumbai Metro details he Mumbai-Thane metro project was Particulars Remarks approved in 2014 and post the Chief Stations Bhakti Park, Anik Nagar, Priyadarshini, Kurla Nehar Nagar, Minister’s assurance of speedy execution LTT, Vidyavihar, Ghatkopar -, R-City, Godrej Colony, Vikhoroli, T Gandhi Nagar, Kanjur Marg, Janta Market, Bhandup, Shangrila, in January 2016, the actual ground work Sonapur, Johnson & Johnson, Mulund Naka, Thane Teen Haath is expected to start soon.