Builders keen to sell 2BHK flats to affluent clientele in the Rs 80 lakh and above price range; no scope for the aam aadmi's dream house
Builders keen to sell 2BHK flats to affluent clientele in the Rs 80 lakh and above price range; no scope for the aam aadmi's dream house
Prohibitively steep property rates in Mumbai are common knowledge. Recently, however, Thane also appears to have joined the league of cities where property prices have shot up exponentially. The fact that the Mumbai suburb too is becoming increasingly unaffordable was made amply evident at the property exhibition held by the Thane unit of the Maharashtra Chamber of Housing Industry (MCHI). Only two builders were offering one bedroom-hall-kitchen (BHK) flats, of which only one was situated in the city proper, while the other was located at a distance of 10 km from the station. Most of the apartments on offer were two BHKs, costing no less that Rs 89 lakh each. A prominent builder was offering a two BHK apartment for a steep Rs 2.36 crore, in a soon-to-be launched project.
Dear estate : Most of the apartments on offer at the property exhibition
in Thane were two BHKs, costing no less than Rs 89 lakh each.
Pics/Sameer Markande
Apartments with price tags below half a crore are becoming increasingly scarce in Thane. Builders have practically stopped constructing one BHK apartments, and two BHK apartments are being sold at exorbitant rates. The common man's dream of owning a small sanctuary in the heart of the city is becoming increasingly elusive. The rates in Thane are a whopping Rs 7,000 per sq ft. Considering that the smallest house built in Thane has a minimum area of 1,000 sq ft, almost all Thane lodgings will cost you a dear half a crore or more.
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Narendra Waghela, owner of Poonam properties, a Thane-based real estate firm, said, "There is a demand for smaller flats, but we are targeting an affluent clientele, hailing from posh Mumbai localities like Andheri and Bandra. Obviously, these clients have their sights set on more spacious lodgings, and are not hesitant to pay inordinately large sums of money. Hence, builders are investing in larger apartments and houses. The more spacious the apartment, the larger is the profit margin."
Suraj Parmar, owner of Cosmos Builders, confirmed that of late, most builders had changed their focus from one BHK apartments to more spacious ones. "People coming to Thane have a budget of Rs 80 lakh or more. Naturally, builders are developing properties in this price range," he said. However, he added that there was equally large demand for one BHK apartments in the area, noting that builders should construct smaller flats to meet this demand.
Meanwhile, aspiring property owners in Thane are perturbed by the new trend in property development. "Earlier, people would look in vain for one BHK flats in Mumbai, and finally resort to Thane. But now with the steep prices, owning a small apartment in Thane has become a distant dream. I believe it is now near impossible for a common man like me to buy a house in Thane," said Vardaraj Bhat, resident of Kalyan.
Heeru Rijhwani, a resident of Ulhasnagar, claimed that this is a move fuelled by the builders' greed to rake in more profits. However, he predicted that this would result in the speedy development of nearby areas. "The adjacent areas which have potential for development will get a boost because of this new trend, and builders will soon focus on them. They would provide a cost effective alternative for aspiring property owners. They can be like Delhi suburbs Noida and Gurgaon," he said.
Rs 7,000 The rate per sq ft in Thane
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