Thane Ring Metro Rail Project Set To Transform Region's Realty Landscape

The Union Cabinet's approval to Integral Ring Metro Rail Project (IRMRP) in Thane has evoked positive sentiments among the real estate sector of the city. They have responded enthusiastically to this development, recognizing the potential for a transformative impact on the region.

The project is poised to revolutionize urban mobility and real estate in Thane. The Maharashtra Metro Railway Corporation Limited (MMRCL) will spearhead this groundbreaking project, marking its first greenfield venture in the metropolitan region.

Stating that Thane has witnessed different options when it comes to mass rapid transport options within the city, the President of CREDAI-MCHI Thane  Jitendra Mehta said, "Over the years, we have seen plans for a circular railway and a tram-like system among others, but nothing came to reality. The announcement of the green light to the Thane Integral Ring Metro Rail Project (IRMRP), the long-pending internal metro line within Thane, will create internal linkages within the city as also connect the suburban railway system with the Metro 4, which will greatly improve connectivity between multiple transport systems within Thane."

"This development is poised to revolutionize urban mobility and real estate in Thane, and will help the development and growth of the city," he added.

Echoing similar feelings, the CMD of Ashar Group, Ajay Ashar said, "This 29-km metro corridor, with an investment of Rs 12,200.10 crore and a projected completion in 2029, will offer connectivity with 22 stations around the periphery of Thane. This is a development that would not just improve daily commutes but also offer a lot of opportunities to real estate developers. This will increase accessibility and reduce travel time, thus increasing the value of nearby residential and commercial properties for which the land can be developed into high-value real estate projects."

"The project is forecasted to have a positive effect on the GDP of Thane by around 1-2%, as the IRMRP would be a stimulant for economic growth, greatly enhancing transportation efficiency, attracting investments, and invigorating local businesses. This infrastructure upgrade thus means to make Thane more vibrant and economically robust," Ashar added.

The Vice Chairman of NAREDCO and MD, Raunak Group, Rajan Bandelkar said the project is a significant milestone that will undoubtedly catalyze the real estate market in Thane. "The IRMRP aligns with the vision of creating well-connected, sustainable urban centers, and will play a pivotal role in elevating Thane's status as a thriving real estate hub. We expect a positive ripple effect on property values, leading to accelerated growth and development in the region. As the metro project unfolds, it will not only uplift the real estate market but also contribute to the overall socio-economic development of Thane, further solidifying its position as a prominent residential and commercial hub in the MMR region," he added.

The Director of Prescon Group, Vedanshu Kedia said the project, with its strategic connectivity across key residential and commercial hubs is set to redefine urban mobility and catalyze significant growth in the region. The enhanced connectivity to Mumbai and Kalyan, along with the integration with existing metro lines, will not only improve accessibility but also elevate Thane's appeal as a preferred destination for homebuyers and investors alike," he said.

Similarly, the Co-Founder & CEO of The Mentors Real Estate Advisory Pvt Ltd, Rajeev Ranjan said that the project will bring a transformative impact on property values and development potential in these areas.

Scheduled to commence operations by 2029, the Thane Ring Metro will create a vital link between Thane's remote residential and commercial hubs such as Wagle Estate, Ghodbunder, Kolshet, and Saket. The project will also connect with Mumbai and Kalyan through the ongoing metro lines 4 and 5. Out of the 22 stations planned, the new and old Thane railway stations will be constructed underground, ensuring seamless integration with the existing urban infrastructure.

With the capacity to carry 1,500 passengers per six-coach rake, the metro is expected to operate every 15 minutes, completing a full loop within an hour. By 2045, the daily ridership on this corridor is projected to reach 8.72 lakh passengers, underscoring the project's significance for the future of Thane's urban transportation.