Thane is popular for housing the maximum localities with exceptional connectivity and robust infrastructure. 99acres draws a comparative analysis between two emerging localities- Waghbil and Ghodbunder Road that would aid the prospective homebuyer in making a sound investment decision.
Separated by a distance of merely 2 km, Waghbil and Ghodbunder Road, evolved as the most preferred realty destinations in Thane. Earlier in doldrums, these suburbs have now become focal points for housing demand, comprising several high-rise projects from reputed developers. Besides excellent connectivity, sound infrastructure and rich industrial base are several other facets that have rose these localities to fame.
Touted as a crucial residential zone, Waghbil scores over Ghodbunder Road. Limited availability of land at Ghodbunder Road, veered developer interest to areas such as Waghbil. Besides, while Ghodbunder Road encompasses higher number of residential projects, most of them are under-construction are old projects, Waghbil has good supply of new ready-to-move inventory moderately priced.
Average capital values in Waghbil vary from Rs 9500 per sq ft to Rs 9600 per sq ft, however, rates at Ghodbunder oscillate between Rs 9800 per sq ft and Rs 10,000 per sq ft.
While ask rates in the capital market exhibited discrepancy, rental rates remained almost the same. Marginal differences in prices occurred only owing to amenities and facilities offered.
Mostly middle-income group reside in Waghbil and Ghodbunder Road, whereas higher income groups choose to invest in these emerging markets to derive better returns. Being an extension of central suburb, end users scouting for bigger residential space, from middle area eastern/central suburb preferred these localities.
While Waghbil is treading a path towards commercial development, Ghodbunder Road has already witnessed a lot of commercial expansion over the years. Apart from MGM IT Park, several retail outlets, malls, showrooms, and banks have mushroomed here, making it a preferred choice of investors. Precisely, robust infrastructure and strong connectivity are the two major factors that have strengthened its commercial profile.
Connectivity and infrastructure
Both the localities boast seamless connectivity to the Western and Eastern Express highways. However, Ghodbunder Road being the prime thoroughfare has an edge over Waghbil, which is basically situated off the main road.
These markets also exhibit a strong rail network. The nearest rail junction is Thane railway station which is located at a distance of 6 km. Besides, upcoming metro development is another mega rail project which will boost the infrastructure connectivity in these areas and likely to uplift the realty market along its development.
Bustling with commercial development, Ghodbunder Road offers numerous avenues for entertainment with a wide variety of malls and shopping outlets, however, Waghbil takes a backseat. With low population density and limited access of local transport, social infrastructure development at Waghbil has been weak and inappropriate and residents largely depend on options at Ghodbunder Road for entertainment and rejuvenation activity.
Additionally, “Safety in Waghbil could be a concern owing to its restricted development, but with people migrating and infrastructure developing, the problem will be soon resolved and it will emerge as a preferred market compared to its neighbouring pockets as it is more peaceful and less polluted,” asserts Rohan Agarwal, M.D, Geopreneur Group.
From the investment perspective, industry stalwarts anticipate higher returns on properties in Ghodbunder Road. On account of its infrastructure growth and strategic location, investments here are likely to reap higher returns than Waghbil that still cripples on connectivity and social infrastructure front. According to 99acres, While Waghbil displayed stability in its capital values in Oct-Dec 2016, Ghodbunder Road registered a two percent appreciation QoQ.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.