Past Winner: Bhakti Park Project at Thane

Category: Budget    

Potential Upside: High     

Upside time frame: 3-5 years

Project Size: Small

Expected Completion time frame:2 years

Introduction: I came to know about this project in 2006. Phase-I of this project was already completed and possessions were given. Phase-II of the project had just started.

Location: It is located very close to Anand Nagar bus depot on Ghodbunder Road (Pokhran Road-II).

Project Details (Then): The project was commissioned by a decent builder though not a very famous one. The project was a budget project with very few Amenities. The Pokhran Road-II was in complete mess and it used to take an hour or even more to reach this place from the Eastern express highway. The project had one garden area as the only Amenities and next to it was a barren piece of land. The back side of the project was forest land and hills.

Price: The prevailing rates in that area in 2006 were ranging from 1300-2000 per sq ft. My family friend bought a flat here at 1400/- per sq ft.

Reasons for growth: Mumbai real estate prices were escalating like anything and it was becoming difficult for a middle class family to buy home anywhere in Mumbai suburbs. Thane, specially this location, offered many distinct advantages:

a) Ghodbunder Road in Thane offers many facilities for families like schools, colleges, hospitals etc.

b) This property was very close to a bus stand.

c) Ghodbunder Road was getting relaid much wider.

d) This property was close to both Eastern Express highway but was not too far off to Dahisar as well.

e) There was greenery, water body and hills (close to nature) all around

f) Lot of new projects were coming up indicating that the area will become great to live.

g) Ring rail was supposed to be commissioned in the next 5 years

h) All this was indicative of great upside potential.

Risks: The Pokhran Road-II progress was slow and could have taken longer than expected time. Though not anticipated then , the forest angle came up. Though this project was not on forest land.

Current Status: Ghodbunder Road has become one of the most sought after destinations. A lot of prestigious project have come in the last 4 years with new schools, malls, hospitals and office spaces.

Current price: The current prevailing rate in that area is 4000-6600 per sq ft. The current rate in this project is around 4000/- per sq ft.

Cheers