As per Bhavesh Shah, Joint Managing Director, Today Group the ever-expanding commercial ecosystem in Wagle Estate demands attention.
Wagle Estate isn’t just another pin in the map; it has grown to become a feather in the hat of one of Mumbai’s most distinct real estate investment hubs. While the residential appeal cannot be disputed, it is the ever-expanding commercial ecosystem in Wagle Estate that demands attention
Strategically positioned outside the congestion of Mumbai but close enough to make connectivity to the city effortless, Wagle Estate has built an environment that is conducive to the industry that has, for some time now, been the driving force of Indian ingenuity: the IT industry.
How this once small industrial area grew into the hub of mixed developments, luxurious residential properties, office complexes, and now a technology nexus will be discussed further through the article.
Infrastructure
The first of many reasons for the growth of Wagle Estate is the infrastructure that is deliberately designed to improve living and movement to and from the city; Metro line 4 being one of the most significant developments.
The elevated corridor of the metro is estimated to reduce commute through Mumbai’s Eastern suburbs by 50-57%. Metro line 5 similarly cuts travel time for regional travel down. The Navi Mumbai airport being directly connected to Thane via the 26km elevated road Corridor and Atal Setu will give an additional boost to Wagle Estate’s commercial real estate.
The ripple effect of the economic growth and the population influx through the road connectivity will be the driving force behind this. But of course, it would be remiss to not mention the Mumbai – Ahmedabad High-Speed Rail Corridor, or, as it is popularly known, the Bullet Train project.
Cutting travel between the 2 cities to a couple of hours and a marvel of the technological front of the ‘Make In India’ movement, Thane will be one of the key stops in the corridor. This means that not only will connectivity be greatly improved, but it could potentially draw in a workforce from a whole different state. Further boosting the commercial ecosystem of the area.
While the metro projects are making public transport more efficient, the Mumbai Metropolitan Region Development Authority (MMRDA) is working tirelessly to provide some very necessary relief from the traffic congestions that comes with choosing private transportation – The under-construction Thane Coastal Road, for example, is set to cut travel time within Thane by 30 minutes. The Goregaon-Mulund Link Road strengthens connectivity between Mumbai’s eastern and western suburbs, and the Airoli-Katai Naka Tunnel is designed to connect Thane to Dombivali and Kalyan.
Although not open to the public yet, the 701 km expressway that links Nagpur to Mumbai (from Igatpuri to Thane), Samruddhi Mahamarg, is now functional. This route will make travelling further into the state a breeze.
While on the subject of dramatically reduced travel times, the Thane-Borivali Twin Tunnels project is a remarkable addition to the infrastructure. What would ordinarily take over an hour of travel time could potentially be cut to only 15 minutes. Not to mention that this will clear up traffic on the Western Express Highway significantly.
On top of that, the social infrastructure in and around Wagle Estate is very well developed. Schools, colleges, acclaimed healthcare facilities, well-known entertainment hubs and sprawling green spaces are just some of the facilities they have to offer.
With that being said, it is no wonder that the ease and proximity to daily necessities and additional amenities has made quality of life superior in Wagle Estate. That leads to the second reason:
Real Estate
People are drawn to better quality of life no matter where they are, and Wagle Estate and its surrounding areas deliver on the promise of a higher quality of life.
It is the progression of the area that makes this even more impressive. Factories and warehouses have made way for vast commercial complexes and a blooming residential market. With housing options from 1 BHK apartments to 3-4 BHK options, as well as integrated townships catering to our modern lifestyles. These developments have even led to price appreciations in the area at an average of 8-12% in the past year.
One aspect of Thane’s superior quality of life that cannot go unnoticed is the creation of green spaces. Besides the natural greenery that is protected by Thane’s incredible urban planning, sharing a border with Sanjay Gandhi National Park provides a huge boost to Thane’s appeal; even lowering temperatures in the area by 2 degrees.
The convenience that Wagle Estate offers, the idea of community that Thane promotes (with Thane West being a key landmark close to Wagle Estate), and the perfect blend of lush greenery and urban landscapes make Real Estate investments an irresistible draw both for residential and commercial properties.
The Evolution
Wagle Estate has transitioned from what was primarily an industrial area to a mixed-hub of residential properties and office complexes.
This transition has opened the door to a world of job and business opportunities: the presence of preexisting companies provides jobs to people who would consider moving there; the thriving commercial environment also makes it encouraging for more businesses to move operations and for new businesses to rise.
This new-found growth has been driven by the IT and Banking sector, emulating the success of the business districts and residential areas that came before it.
The Potential Retruns
Amongst Mumbai’s most prominent commercial hubs, Wagle Estate seems the most promising. Like the hubs that came before it, Wagle Estate now offers the best scope for growth, certainly from a business point of view, but also from an investment point of view.
Just in the last two decades, property value in Wagle Estate has seen a 350% rise. Rental yields alone are nearing 9%. The demand for commercial properties in the area is growing rapidly, and with the commercial hub blooming, Wagle Estate is drawing residents, locals and migrants alike which is further fueling property prices.
Needless to say, Wagle Estate is gearing up to take over as the Mumbai Metropolitan Area’s commercial hub to be in. The strategic location, seamless connectivity to Mumbai city (and its cost effectiveness as compared to the city), and the very prominent boom of the IT
sector are making it increasingly attractive for commercial and residential real estate. Incidentally (or perhaps with great tact), this growth has bolstered Maharashtra’s new Housing Policy’s “Walk to Work” strategy to integrate residential and commercial areas to enhance work-life balance.
The near future could hold Thane as a benchmark for urban progress in India’s ongoing commercial revolution.
