Ghodbunder Road is a state highway (State Highway 42) road that runs through the Thane district. This 20 km long road, which connects the Eastern Express Highway and the Western Express Highway, is witnessing rapid pace of development.
More than 5 million sq ft is under construction, most of which is residential; besides the road is dotted by retail, commercial, institutional projects, in the pipeline. Schools, colleges, hospitals, banks are coming while some restaurants and entertainment hubs are about to start in malls.
Cosmos Group, Everest Group, Hiranandani Group of Companies, Kalpataru Group, Raheja Developers, Prescon Developers, among others are some of the reputed developers having presence in this location. These projects are not integrated townships but residential projects built on 5-10 acres. These projects are gated communities that offer amenities such as swimming pool, sports complex, children‘s play area, clubhouses and gymnasiums. Proximity to Sanjay Gandhi National Park is touted as a positive with adverts reading ‘enjoy an unrestricted view of the Wild Life Sanctuary from your apartment.’
According to market sources, the average unit capital values at Ghodbunder road is about Rs 5400 per sq ft. The values have gone up by 20% in the last one year from Rs 4,400 per sq ft in June 2011 to Rs 5,400 per sq ft. However, currently there is little investor-driven activity and the prices are stabilising.
Looking at the commercial side, Hyper City mall and R Mall are operational on Ghodbunder road. According to local broker Rakesh S. Shelke, “Retail is concentrated at Waghbil and it basically comprises of clothes, jewellers, kirana stores, sweet shops etc. Typically a 250 sq ft shop is available for Rs 30 lakh. There are some offices such as banks, call centres and the office value ranging from Rs 110-120 per sq ft, amongst these most of the offices are small in size for about 500 sq ft. Other important commercial buildings include Regalia and Hirnandani.”
Infrastructure development is also taking place at a rapid pace. This road being a state highway (which connects eastern and western corridor) has over 5000 trucks plying everyday during early morning and late evening hours. To ease the traffic considerably, flyovers which are coming up at Majiwada, Manpada, Kapurbawdi, and Waghbil. In fact, the Waghbil flyover has just been commissioned. There are buses plying every ten minutes to Borivali, Kalyan, Navi Mumbai.