Competition Intensifies Between Leading Developers in Thane Real Estate Market

Thane, known for its vibrant real estate market, is witnessing a fierce competition between industry giants as developers vie for a share of its promising landscape. With its reputation for offering spacious residences at competitive prices, Thane has become a coveted destination for homebuyers, prompting developers to enhance infrastructure and amenities.

Oberoi Realty vs. Raymond Realty: The Battle for Dominance

Two major players, Oberoi Realty and Raymond Realty, are at the forefront of this competitive race. Raymond Limited made its foray into Thane's residential market in 2019 with an impressive land bank spanning approximately 100 acres. In contrast, Oberoi Realty announced its entry in November 2023.

Oberoi Realty made headlines with the launch of Forestville, a luxurious residential project sprawled across 18 acres in Thane's Kolshet area. The project, boasting a completion deadline of December 2029 set by the Maharashtra Real Estate Regulatory Authority (MahaRERA), offers predominantly 3 BHK apartments starting from Rs 1.87 crore.

Market Dynamics and Developer Strategies

Despite Oberoi Realty's ambitious project, Raymond Realty remains unfazed, citing no adverse impact on unit sales during its latest analyst call in February 2023. Harmohan Sahni, CEO of Realty Business for Raymond Limited, emphasized their continued success in the market, affirming a steadfast focus on residential projects.

While Raymond Limited hints at potential ventures in Mumbai's real estate arena, it underscores its commitment to residential development in Thane. Sahni's remarks dismiss speculations of venturing into commercial projects, emphasizing the lucrative prospects in the residential segment.

Quality Concerns and Market Potential

Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, raised concerns about the quality standards prevalent in Thane's real estate projects. He highlighted their unique approach, securing L&T as a contractor, and emphasized the market's appetite for superior quality offerings.

Despite challenges, Oberoi Realty's Forestville project garnered impressive sales, signaling Thane's potential as a high-growth market with a focus on affordability. With renowned developers like Lodha, Rustomjee, Godrej, Hiranandani, Oberoi, and Raymond actively shaping Thane's skyline, the market continues to attract homebuyers seeking quality residences at competitive prices.

Pankaj Kapoor, Managing Director of Liases Foras, underscores Thane's appeal, citing its connectivity, burgeoning infrastructure, and affordability as key drivers of its real estate growth. As Thane evolves into a prime residential hub, developers are poised to capitalize on its promising prospects, offering homebuyers a plethora of options amidst a dynamic market landscape.

Source: moneycontrol.com

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