Thane is on the cusp of a re-development revolution

May 2025

I am an absolute Thanekar, born and raised in this beautiful city of Lakes, which was once a city of tiny houses/ buildings, narrow roads, a picturesque cozy town

Over the past few decades, Thane has experienced an alluring infrastructural expansion and development. Which was once limited to the eastern side of Eastern Express Highway, has now spread it roots away and beyond. Those G+4 and similar low-rise buildings from over some decades ago have now aged and are all calling for Redevelopment.

The Government of Maharashtra introduced the UDCPR (Unified Development Control and Promotion Regulations), which revolutionized and unlocked the potential of Redevelopment Project in Thane city. The UDCPR offers several vital benefits to this sector, which has allowed the redevelopment of all those old buildings/ societies which were otherwise infeasible and impossible

I am personally thankful and grateful to the Honorable Chief Minister and Honorable Deputy Chief Minister, for introducing and implementing the UDCPR in Maharashtra. Redevelopment is now a head turner for several reputed Developers, who are eyeing to enter this emerging new sector with abundant opportunities.

But with this glory comes an alarm bell, as hundreds of old buildings/societies go for Redevelopment, there is an ocean of new inventories in the already sky-rocketing unsold inventory of Thane. The demand & supply ratios have drastically impacted on the per square feet rates of residential and commercial properties in what is known as the ‘city area’.

My sincere word of caution to all my fellow Thanekars – including developer colleagues, - please thoroughly study the feasibility of the projects, before submitting any tenders/offers to the society and its members. The total projected expenses of the project can be calculated easily, but the expected sales revenue has become unpredictable and inconsistent, and this can jeopardize the commercial viability of any project.

A t t h e s a m e t i m e , awareness amongst societies and their members needs to be addressed and improved. One of the significant reasons behind the failure of a redevelopment project is the residents’ belief: ‘More the Merrier.’ The society and its members should be more vigilant and well-informed about the honest, practical feasibility of the project.

Redevelopment projects require special skillsets, over and above the conventional attributes of a good developer. My sincere advice and suggestion to all fellow Developers colleagues who wish to undertake any Redevelopment project in Thane would be to encompass in-depth knowledge of UDCPR & to conduct a comprehensive market survey before committing to a project.

Redevelopment in Thane can be an excellent opportunity, not only for developers but also for the old societies and their existing members provided it is done properly.

My best of wishes to my fellow Thaneites – may your dream home come true in a redevelopment project!

~ Mr.Mahesh Borkar
Chairman, Redevelopment Committee CREDAI MCHI Thane

Source: Thane Realty News

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