The Thane-Belapur belt has emerged as a new workplace vacation spot in Mumbai on account of lower hire rates, availability of Grade a ground plates and the proximity to the proposed Navi Mumbai International Airport. The elements have compelled many industrial buyers to shift their center of attention from the renowned business districts of Bandra-Kurla Complex (BKC) and Nariman Point to the Thane-Belapur Region.
Earlier a distinguished industrial region, the Thane-Belapur belt is now fast rising as the new workplace house destination in Mumbai. The 21 km-Long Street connects Airoli with Belapur Maharashtra Industrial Development Corporation (MIDC) by way of Rabale, Ghansoli, Koperkhairane, Vashi, Sanpada, Jui Nagar and Nerul, and has caught the fancy of many business buyers in the last couple of years. While lower hire quotes and the ample grant of Grade An areas have been quintessential increase inducers, the upcoming Navi Mumbai International Airport has additionally proved to be a game-changer.
According to Varun Uproor, Property Agent, Fourth Dimension Realty, and “Ever considering the announcement of the Navi Mumbai International Airport, the Thane-Belapur stretch has witnessed a 25-30 percent hike in the industrial leasing. Many corporate giants that earlier had their workplaces in posh Bandra-Kurla Complex (BKC), Andheri and Nariman Point have pre-leased spaces along the Thane-Belapur belt to leverage the locational benefits once the airport becomes operational.
Besides, the cost-effectiveness of the micro-market has also helped it garner improved interest of the investor community. The average lease charges for Grade A+ floor plates along the Thane-Belapur Region hover between Rs one hundred per sq. ft. to Rs one hundred eighty per sq. ft. Conversely, the average hire quotes in BKC and South Mumbai vary from Rs 250 per sq. ft. and Rs 380 per sq. ft."
Some of the essential office space leases recorded along the stretch in the remaining 12 months include the Maharashtra State Road Development Corporation Limited (MSRDC) leasing 15,000 sq. ft. of space in Shelton Sapphire in Belapur and Morning Star and Brookfield pre-committing to 3.5 lakh sq. ft. and 3,000 sq. ft. of Grade A spaces, respectively in L&T Towers, Seawoods. Besides, GVK additionally pre-leased a floor plate of 10,000 sq. ft. in Lakhani Ceneterium, Belapur. The common hire quotes in these houses diverse from Rs sixty five per sq. ft. to Rs one hundred per sq. ft.
In addition to office house supply, the stretch has additionally skilled increase in the number of retail areas and hotel facilities. For instance, Rupa Renaissance has brought 18 lakh sq. ft. of business space in Turbhe. Of this, almost 4 lakh sq. ft. of area has been pre-leased through JW Marriott. Hyatt has also deliberate to expand its footprints in the area.
The hanging spurt of industrial actual estate has paved the way for residential growth in the micro-markets nearby, especially Kharghar, Belapur, Seawoods and Nerul. While income have been barely slow, the condominium market has been making strides. Average leases in these areas have surged through 6-10 percentage in the closing year, shares Uproor. The spike can also occur further with the ongoing business enlargement and the graduation of the global aerodrome.
Additionally, the proposed Belapur-Kharghar Complex, additionally regarded as BKC II, would also make a contribution to the booming sentiment. The enterprise district would be developed in line with the Bandra-Kurla Complex (BKC) and would include hotels, IT parks and other commercial developments. The State government, too, has been making sincere efforts to increase supportive infrastructure for the deliberate commercial complex.
For instance, the currently accepted Kharghar-Turbhe connectivity challenge comprising an expanded street and a tunnel would limit the journeying time between the areas by using 40-45 minutes. Moreover, the expanding metro network from Belapur to Khandeshwar also bodes well for the commercial and residential growth in the region. It would serve as the spine for the whole BKC II and would assist the organizations placed close through to command a premium.so for all the people who are looking for commercial property for sale we have the best commercial spaces in Thane, Dombivli, and Kalyan. So, what are you waiting for get your commercial space now.