Real estate developer Rustomjee has announced the launch of its new project, 'Verdant Vistas,' in Thane, aiming for a Gross Development Value (GDV) of INR 1,750 crore. The project focuses on luxury living, offering modern amenities and green spaces in one of Mumbai's rapidly growing suburbs. With this launch, Rustomjee aims to strengthen its presence in the Thane real estate market, attracting homebuyers seeking a blend of urban convenience and natural beauty.Read more

Thirteen individuals are under investigation for their alleged involvement in a INR 200 crore fraud linked to the redevelopment of buildings on MHADA land. The Thane police reported that a firm fraudulently secured a INR 200 crore loan using a fake mortgage deed, which was not used for the intended redevelopment. Additionally, a housing society chairperson allegedly issued a No Objection Certificate without proper approvals. The ongoing investigation aims to uncover the full extent of these irregularities and highlights the need for increased transparency and regulation in housing redevelopment projects. The case may prompt broader reforms in Maharashtra's redevelopment sector.Read more

The Union Cabinet's approval of the Thane Integral Ring Metro Rail Project represents a major leap in urban mobility and real estate development. Scheduled to commence by 2029, this greenfield project will connect Thane's key residential and commercial zones, linking them with Mumbai and Kalyan. With 22 stations, including underground links at old and new Thane railway stations, and trains running every 15 minutes, the metro is expected to handle 8.72 lakh daily passengers by 2045. Industry leaders forecast significant growth in property values and investment opportunities, enhancing Thane's status as a major hub in the Mumbai Metropolitan Region.Read more

Mumbai-based Keystone Realtors Ltd., under its Rustomjee brand, is focusing on the mid-mass residential segment for FY25, with homes priced between INR 1 crore and INR 3 crore. Chairman Boman Irani stated that 75% of Rustomjee's supply will target mid-mass and aspirational buyers. Key launches include a Thane project with a revenue potential of INR 1,700 crore and a Kasara development worth INR 300 crore. Despite a drop in Q1 FY25 profit to INR 25.53 crore, pre-sales rose 22% year-on-year to INR 611 crore. The company remains focused on redevelopment projects in Mumbai and is cautiously considering expansion into Pune.Read more

An INR 60 lakh budget has been sanctioned for constructing a permanent bridge in Murbad's Fangulgavhan village after a Hindustan Times report highlighted the issue. The bridge will provide a lasting solution for the affected tribal community, who face severe transportation challenges during the monsoon due to a swollen stream. The district collector, Ashok Shingare, swiftly secured technical and administrative approvals, and construction is about to begin very soon. The decision follows the villagers' 15-year struggle for the bridge, recently intensified by a near-tragic incident involving a student. The project is prioritized before the upcoming assembly elections' code of conduct.Read more

Keystone Realtors Limited (Rustomjee Group) has acquired an 88-acre land parcel in Kasara, Thane for INR 91 crores, marking its entry into plotted development. This move caters to the rising demand for second homes away from urban areas. The project will feature approximately 500 plots across 1.5 million square feet, offering luxury living in a scenic mountain setting. Planned to launch in Q2FY25, the project aligns with Rustomjee's strategy to diversify its portfolio and improve profitability. Chairman Boman Irani emphasised the company's focus on innovation, quality, and meeting customer needs, aiming to set new industry standards in real estate.Read more

Malang Gad, also known as Haji Malang Hill, witnessed a tragic landslide that claimed one life and injured two others. In response, the forest department initiated the demolition of 90 out of over 800 illegal structures, primarily targeting commercial shops. The Peer Haj Malang Dargah Baba Trust, asserting ownership of the land, opposed the demolition, alleging political motives, and filed a case. Civil judge A S Lanjewar intervened to halt further demolition, but by then, 90 structures had already been razed. The area gained significant attention in January when Chief Minister Eknath Shinde pledged to resolve the issue. The forest department's demand for documents culminated in the demolition, which occurred under tight security measures.Read more

The Thane Municipal Corporation recently launched a significant demolition drive, targeting illegal structures and extensions built by popular hotels and resorts in the eco-sensitive Yeour hills. Prompted by complaints from the Indian Air Force and local tribal communities, the drive dismantled approximately 1.42 lakh square feet of unauthorised constructions, equivalent to three football fields. The demolished establishments, including Lalala Bar and Bombay Duck, were reportedly co-owned by prominent figures in Thane. This action, applauded by local residents and environmental activists, aims to address security risks, reduce public nuisance, and protect the fragile ecosystem of the Yeour Hills.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has reissued six infrastructure tenders aimed at improving Thane's connectivity. These projects, valued between INR 2.25 crore and INR 12.98 crore, include coastal roads, creek bridges, and elevated corridors. Originally announced pre-2024 Lok Sabha elections, the tenders were cancelled due to technical issues on the National Informatics Centre portal and have now been reissued with modifications. Key changes include reducing the defect liability period from five to two years. Construction periods range from 30 to 48 months, including time for approvals and accounting for monsoons. The bid submission deadline is July 12, with a pre-bid meeting scheduled at MMRDA's BKC office.Read more

Residents of Haware Citi in Thane, Maharashtra, comprising over 7,000 residents across 28 towers, are opposing the construction of two ready-mix concrete (RMC) plants just 300 metres away. These plants, built by Megha Engineering and Infrastructure Ltd. for a tunnel project, have sparked concerns over dust pollution, air quality, and noise, particularly impacting nearby schools and the sensitive Sanjay Gandhi National Park ecosystem. Despite Maharashtra Pollution Control Board approvals, residents, backed by housing societies, are demanding the Thane Municipal Corporation relocate the plants, citing health risks and environmental damage. A planned protest underscores their determination to safeguard community well-being amidst infrastructure development.Read more

Jitendra Mehta of CREDAI MCHI Thane anticipates significant strides in India's 'Housing for All' initiative with the upcoming budget. Mehta emphasizes the need for GST set-offs on redevelopment projects to ease tax burdens and enhance project viability. Improved infrastructure funding in cities like Thane could further spur housing accessibility and affordability. The real estate sector awaits policy incentives that could bolster investor and buyer confidence. With hopes high for targeted measures, industry leaders envision the budget as a catalyst for robust growth in Thane's real estate market and nationwide.Read more

Thane, part of the Mumbai Metropolitan Region (MMR), is experiencing a rise in demand for affordable luxury residential projects. Improved infrastructure, better connectivity, and a preference for lifestyle amenities drive this trend. Developers like Prescon Group and JP Infra Mumbai Pvt. Ltd. are meeting this demand by offering premium living at competitive prices. According to PropEquity, Thane saw 26,702 units sold in Q1 CY'24, with a predicted 9% rise in sales for April-June 2024. Thane's strategic location, developed infrastructure, and thriving commercial environment make it an attractive destination for modern homebuyers seeking a balance of lifestyle and affordability.Read more

Ashwin Sheth Group's "The 2722 Life" campaign introduces 5-bedroom residences at Sheth Avalon, Thane, featuring an expansive 2,722 sq. ft. carpet area - the largest in the region. Designed by ZZ Architects and Coopers Hill, these homes blend modern elegance with traditional charm. Sheth Avalon spans 5.5 acres, offering over 35 high-end amenities, including a swimming pool and clubhouse. Situated in Thane's Platinum Belt, the project provides luxury living with excellent connectivity. Bhavik Bhandari, Chief Sales and Marketing Officer, highlights the campaign's commitment to unparalleled living experiences, setting a new benchmark for luxury in Thane.Read more

Thane's skyline is set for a transformation with the launch of "Ashar Merac," a residential project by the Ashar Group. Spanning 11 acres, with the first phase covering 4 acres, it offers over 2,000 1, 2, and 3-bedroom residences. Designed by architect Hafeez Contractor, these homes boast expansive living spaces and balconies, blending style with functionality. With amenities spread across three levels, including jogging tracks, mini-golf courses, and a massive swimming pool dubbed "The Oasis," residents will find everything they need for leisure and relaxation. Positioned in Shree Nagar (MTC), residents will enjoy easy access to nature and excellent connectivity via the Mumbai Metropolitan Region network, making it a prime investment opportunity in Thane's booming real estate market.Read more

Runwal has revealed "Breeze," a new residential tower within its Runwal Lands End project in Thane's Kolshet area. Offering over 500 Vaastu-compliant 1 and 2-bedroom apartments, priced between INR 62 lakh and INR 1.10 crore, "Breeze" prioritizes space, privacy, and stunning views of 1,600 acres of greenery and the Ulhas River. The 10-acre Runwal Lands End features 70% open space and over 70 resort-style amenities, including a multi-layered clubhouse, putting green, sunrise gazebo, swimming pool, and a massive vehicle-free podium. Strategically located in Thane, Kolshet combines serenity with excellent connectivity and infrastructure, making it an attractive residential option.Read more

Thane's real estate industry convened on June 6th for BizNet Thane 3.0, a B2B event by CREDAI MCHI Thane. Held at TipTop Plaza, the event facilitated over 100 interactions among developers, manufacturers, and service providers, showcasing trends and innovations to establish "Global Best Practices" in Thane's real estate. Highlights included Kalpataru Doors' fire safety doors and Prince Pipes' "silent pipes" technology. The event also launched the publication Thanevaibhav, aimed at guiding home seekers. BizNet Thane 3.0 fostered valuable connections and knowledge sharing, setting a foundation for future collaboration and innovation in Thane's real estate sector.Read more