AN ECONOMIC ANALYSIS ON THE DEMAND FOR RESIDENTIAL
PROPERTY IN THANE: AN INSIGHT FROM LODHA SPLENDORA
By
Nirmayee Panda
UID No.: 2409212
R.No.: 9
MA Applied Economics
Part I
Field Project - PAECO6001FP1
St. Xavier’s College, Mumbai
October 5, 2024
1
INDEX
Sr.no. Table of Contents Page No.
1 Title Page 1
2 Abstract 3
3 Introduction 4-6
4 Literature Review 7-8
5 Methodology 9
6 Analysis 10-23
8 Conclusion 24-25
9 Bibliography 26-27
10 Appendix 28
2
ABSTRACT
This study investigates the factors influencing the rising demand for residential property in
Thane, a part of the Mumbai Metropolitan Region. The real estate sector is one of the most
recognized playing a pivotal role in economic development and urbanization. Thane has become
one of the residential areas with the quickest growth rate in recent years. Its strategic location,
well-developed infrastructure, and affordability compared to Mumbai have made it a preferred
destination for homebuyers. The study intends to identify the main forces behind the desire for
residential property in Thane, look at how Thane has changed over time as a residential location,
and investigate the connection between job possibilities and the demand for residential real
estate. The findings of this study will contribute to understanding the evolving real estate market
in Thane and provide insights for potential homebuyers, policymakers, and developers.
Keywords: Thane, real estate, residential property, employment, Lodha
3
INTRODUCTION
In India's rapidly evolving real estate market, the Mumbai Metropolitan Region (MMR) is a
shining example of both urbanization and economic growth. Developers and buyers are taking
note of Thane as a key suburban area in this constantly shifting terrain. Since Mumbai's real
estate prices have risen to unprecedented levels, surrounding areas like Thane have gained
popularity as practical substitutes that offer a balance between affordability and city amenities.
Thane offers a more balanced choice, with property prices roughly 30–40% cheaper than similar
areas in Mumbai, even if Mumbai still commands premium prices because of the city's limited
supply of land. Thane has made the most of its advantageous location by giving its citizens easy
access to Mumbai's business districts through enhanced connectivity and infrastructure. This has
raised Thane's appeal in terms of quality of life compared to the central districts of Mumbai, with
bigger living areas, contemporary conveniences, and lush surroundings.
In the past 20 years, Thane has undergone a dramatic transformation, evolving from an industrial
suburb to a bustling residential city. The city's strategic location connecting Mumbai and Navi
Mumbai has contributed to its development into an autonomous metropolitan center. The growth
of IT parks, commercial complexes, and multinational firms has created many job opportunities,
especially in the IT/ITES, banking, pharmaceutical, and engineering sectors. Strong corporate
presence in Thane, including Capgemini, Wipro, and Tata Consultancy Services, has resulted in a
thriving job market that draws in both seasoned executives and younger workers.
Thane's residential landscape has evolved with the rise of well-known developers like Lodha,
Hiranandani, and Rustomjee, who have improved the market's standing by highlighting
integrated township models with contemporary amenities. The city's social infrastructure, which
includes first-rate medical facilities, retail establishments, and educational institutions, has
expanded along with the residential area. The city's appeal as a family-friendly holiday
destination is increased by its recreational areas.
Ghodbunder Road has been an important corridor for development in Thane. Due to its
advantageous location between the Eastern and Western Express Highways, both residential and
commercial development have accelerated. There are several integrated townships in the area,
providing a range of luxurious and reasonably priced home alternatives. Constant infrastructural
improvements, such as planned metro link and road widening initiatives, keep the area appealing
and accessible. Ghodbunder Road's advantageous position and easy access to major cities have
drawn in homeowners looking for contemporary living arrangements away from Mumbai's
traffic.
4
Improvements in public transportation, road connections, and urban design strategies have made
it easier to commute and reach important locations. In addition to providing for the growing
population, this development helps create a sustainable urban environment where people's
quality of life is given priority. Ghodbunder Road's transformation into a well-known residential
area is indicative of larger urbanization trends and shifting lifestyle preferences.
Lodha Splendora, which is situated on Ghodbunder Road, is a shining example of the growth of
Thane's real estate market. As an integrated township, it responds to residents' evolving
preferences for gated communities with a multitude of facilities. The development serves as a
microcosm of the broader forces affecting Thane's real estate market, making it an ideal case
study for our economic examination. Developed throughout several phases beginning in 2010,
this 27-acre integrated township is a shining example of holistic living. The property offers a
variety of residential options, from luxurious 3 BHK mansions to cozy 1.5 BHK apartments, to
accommodate all kinds of buyers. Over 80% of the project's thoughtfully designed open areas are
found outside, bringing a lush environment into the city.
The facilities of Lodha Splendora are a reflection of the changing lifestyle preferences of Thane's
residents. The clubhouse spans more than 20,000 square feet and features multiple sports courts,
a contemporary gym, a pool, and an indoor game room. The development's attraction to working
people is increased by its proximity to important job centers along Ghodbunder Road, such as the
soon-to-be Hiranandani Estate Tech Park. The project has also profited from the area's increasing
social infrastructure, with various banks, restaurants, and convenience stores establishing a
presence in the vicinity.
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3.1 Research Objectives
➢ To determine the key factors driving the demand for housing in Thane, specifically in
developments like Lodha Splendora.
➢ To examine the evolution of Thane’s perception as a residential area, with a particular
focus on the impact of developments like Ghodbunder Road.
➢ To investigate the relationship between employment opportunities in Thane’s industries
and the demand for residential property.
3.2 Research Questions
➢ What are the main reasons home buyers consider switching to Thane for residential
purposes?
➢ How has the perception of Thane as a residential area changed over time, particularly
with the development of areas like Ghodbunder Road?
➢ What are the key factors driving the demand for housing in Thane, particularly in
developments like Lodha Splendora?
➢ How do employment opportunities in Thane’s industries influence residential property
demand?
➢ What amenities and features are most valued by homebuyers in Thane?
3.3 Research Hypothesis
➢ H0: There has been no significant change in the perception of Thane as a residential area
over time.
H1: There has been a significant change in the perception of Thane as a residential area
over time.
➢ H0: There is nо significant difference in the amenities and features valued by homebuyers
in Thane compared to other regions.
H1: Amenities such as modern facilities, spacious living areas, connectivity, and
proximity to educational institutions are highly valued by homebuyers in Thane.
➢ H0: Employment opportunities in Thane have no significant impact on residential
property demand
H1: Growth in Thane's industries has positively influenced residential property demand.
6
LITERATURE REVIEW
For a decade, there has been a noticeable increase in the demand for residential properties in
Thane. Known as an emergent megapolis, Thane has moved from being an outlying area to the
center of residential investment activity (Anarock, 2022). Large-scale real estate projects, more
employment, and the improvement of infrastructure have all contributed to Thane's reshaping as
a sought-after residential location.
One of the key factors affecting demand in Thane is its enhanced infrastructure. The creation of
roads such as Ghodbunder Road, linking Thane to important areas like Mumbai and Navi
Mumbai, has been crucial. This roadway has significantly decreased commuting time to job
centers, enhancing Thane's appeal to middle-class homebuyers looking for budget-friendly
options in Mumbai. Moreover, the upcoming Metro projects and the improvement of public
transportation options have boosted connectivity, leading to increased demand (CREDAI-MCHI,
2022).
The emergence of Thane as a center for commerce and industry, with a variety of sectors such as
IT, manufacturing, and financial services growing within the region has a direct effect on the
need for housing. Studies indicate that the closeness of employment opportunities has played a
crucial role in the increased interest in developments such as Lodha Splendora, situated
strategically along Ghodbunder Road. (Knight Frank,2022)
Lodha Splendora and other major projects have greatly transformed how Thane is viewed as a
residential location in the realm of real estate development. Developments like these provide
contemporary features like secured neighborhoods, parks, educational institutions, and medical
facilities nearby, meeting the increasing need for all-inclusive residential areas. This is in line
with the overall pattern in Thane, where residential developments are now focusing on providing
not just affordability but also a good quality of life (Thakur, 2023). ResearchGate (2023)
suggests that buyers are now more interested in comprehensive developments that offer
lifestyle-enhancing features, rather than just focusing on budget concerns.
A study on how Thane is perceived as a place to live reveals that it has gone through substantial
changes. Thane, which was previously perceived as a less developed suburb, has now become
desirable for homebuyers (Anarock,2022). The change in perception is due to the advancements
in top-grade real estate developments. The increasing attractiveness is also due to rising property
values (CREDAI-MCHI, 2022).
Additionally, various research studies have tried to measure the factors influencing the demand
for residential properties in Thane. A report by the IJLEMR highlights that the main reasons for
7
buyers in Thane are its close location to job centers, cost-effective property rates compared to
Mumbai, and excellent infrastructure (IJLEMR, 2023). These elements strongly align with
projects such as Lodha Splendora, which smartly caters to middle-class buyers looking for both
convenience and lifestyle improvements.
Moreover, Thane's image has been shaped by the continuing marketing efforts of major
developers such as Lodha Group. Their marketing strategies highlight Thane's evolution into a
contemporary city center with an emphasis on family-focused living, which is helping change
how buyers view the area (Sonam Business School, 2018). This is in line with overall market
trends, with developers focusing on the affordability, connectivity, and prospects of the region
(Knight Frank, 2022).
The importance of external economic conditions in shaping the real estate market in Thane is
highlighted in the available literature as well. A ResearchGate study shows that economic factors
like interest rates, disposable income, and government policies such as affordable housing
schemes significantly influenced the demand for residential properties in the region in the past
five years (ResearchGate, 2023). The economic situation, along with local development
initiatives, has driven Thane to become one of the quickest-growing housing markets in India.
The enactment of the Real Estate (Regulation and Development) Act (RERA) in 2016 has
significantly influenced the real estate industry in India, Thane included. RERA has increased
transparency and accountability in the real estate industry, resulting in higher levels of trust from
buyers. Real estate developers must register their projects with RERA, as mandated by this act,
to guarantee buyers are provided with precise details regarding project schedules, quality, and
legal standing. RERA has resulted in enhanced safeguarding for buyers, as developers are now
responsible for project delays, financial mismanagement, and discrepancies in sales
commitments. RERA compliance has increased trust among buyers, leading to higher demand
for housing in projects like Lodha Splendora (CREDAI-MCHI, 2022).
To sum up, the interest in residential real estate in Thane, particularly in projects like Lodha
Splendora, has been influenced by various connected factors such as better infrastructure, job
prospects, lifestyle facilities, and changes in public opinion. Thane's industrial sector is
consistently growing and its improved transportation links to Mumbai and Navi Mumbai are
expected to keep drawing in homebuyers looking for a mix of cost-effectiveness and
contemporary lifestyle. The proposed Metro Line 4, connecting Wadala to Kasarvadavali, will
further augment the area's accessibility, with several stations planned along Ghodbunder Road.
The growth of Ghodbunder Road and major developments like Lodha Splendora play a
significant role in shaping the changing landscape of Thane, solidifying its status as a prime
residential area in the Mumbai Metropolitan Region (Knight Frank, 2022).
8
METHODOLOGY
Insights into the increasing demand for residential property in Thane were obtained by collecting
data mainly from a structured survey and personal interviews with residents of Lodha Splendora.
The questionnaire includes information on age, housing preferences, and views on Thane's
property market. The interview aimed to discover what drew the respondents to Thane, such as
amenities, affordability, and proximity to job centers, and also explored how their lifestyle has
changed since relocating.
The study also utilized secondary sources, including existing publications on the real estate
market in Thane and Mumbai. This additional information provided a broader understanding of
the region's growth as a residential area, offering background for the survey answers. This
method incorporates both factual market trends and subjective preferences of homebuyers in
assessing the demand for residential property in Thane.
9
ANALYSIS
The following section includes a descriptive analysis of the data gathered through the structured
survey:
6.1 Previous Residence and Primary Motivation for Moving to Thane
(Figure 1.01) Previous Residences of Respondents Before Relocating to Thane
As we can see from the above graph, shows where the respondents stayed before moving to
Thane. It says the respondents are a mix of nearby locations like Airoli, and Mulund and distant
cities like Bangalore, and Bhopal. Also, we can see significant migration from other metro cities
like New Delhi. There is also significant intra-Mumbai migration suggests that Thane is kind of
an upgrade within the region.
(Figure 1.02) Primary reason for choosing Thane
The above pie chart shows respondents' primary reasons for choosing Thane is a better quality of
life (55.3%), the respondents believe that living in Thane enhances overall quality of life. This
could comprise better amenities and clean and green surroundings. A considerable portion of
respondents chose Thane because of affordable housing (18.4%) options compared to other
places in the Mumbai Metropolitan Region. It suggests that property prices are relatively low,
making it an attractive option for homebuyers. 13.2% shifted due to family reasons. While only
7.9% shifted due to job opportunities.
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6.2 Factors shaping the demand for residential property in Thane
(Figure 1.03) Most attractive feature of living in Thane
Proximity to nature is most valued by the respondents (57.9%). The abundance of green spaces,
lakes, and mountains highly appeals to the respondents. This feature also sets it apart from highly
urbanized areas of Mumbai which are overly crowded. Thane is known for its affordable
residential property (47.4%) and in addition, it also provides modern amenities (52.6%) with
lower rates compared to other neighboring regions. Furthermore, connectivity to Mumbai
(31.6%) through Ghodbunder Road and Eastern Expressway has made commuting easy for
residents of Thane. Brand reputation also attracts homebuyers. Job opportunities and Investment
potential are ranked low.
(Figure 1.04) Ratings of various aspects in Thane
This graph indicates that while some aspects of infrastructure in Thane are performing well,
others may need significant improvement to enhance overall urban living conditions.
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(Figure 1.05) Change in cost of living in Thane over the years
Combined 89.4% of respondents experienced some level of cost increase over the years. This
suggests a strong trend of rising living expenses in Thane.
(Figure 1.06) Importance of availability of modern amenities like multiplexes, shopping malls
Collectively, 89.4% place significance on such amenities. This indicates a strong preference for
urban lifestyle convenience. Despite the increase in the cost of living, there’s a high demand for
modern amenities. This indicates how homebuyers are willing to pay premiums for lifestyle
conveniences.
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(Figure 1.07) Significance of an individual’s community or social circle
36.8% consider their community/social circle "very significant". 31.6% view it as "somewhat
significant". 21.1% remain neutral. The combined 68.4% positive response indicates strong
community ties.
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6.3 Relationship between employment and residential demand
(Figure 1.08) Individuals employed in Thane
(Figure 1.09) Job market in Thane compared to other parts of Mumbai
The information shows a detailed view of Thane's employment opportunities compared to
Mumbai. A notable 71.1% of people surveyed believe that the job market in this area is similar
to that of other parts of Mumbai, indicating similar job prospects. Significantly, 18.4% view it as
"Somewhat improved," and 10.5% see it as "Somewhat deteriorated," suggesting an overall
neutral to slightly favorable job market.
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(Figure 1.10) Industries in Thane that offer promising career opportunities
In terms of industries, IT/Technology is the most promising sector according to 73.7% of
respondents (28 people), who see it as providing strong career prospects. Healthcare is chosen by
34.2% (13 people), followed by Education at 28.9% (11 people), Retail at 26.3% (10 people),
and Finance at 23.7% (9 people), all showing significant promise.
(Figure 1.11) One-way commute time
The commuting patterns in Thane are varied. Different lengths of commute times are spread out
as follows: 31.6% of people commute for under 30 minutes, 13.2% for 30-60 minutes, 34.2% for
1-2 hours, and 21.1% for over 2 hours. This distribution indicates a considerable difference in
workplace distances and the effectiveness of transportation.
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(Figure 1.12) Mode of transportation
Personal cars are the most popular mode of transportation, with 57.9% of respondents choosing
them, followed by two-wheelers which were chosen by 26.3% of respondents. Usage of public
transportation is diverse: BEST/TMT buses and Cityflo/Mylo are both utilized by 21.1% of
respondents (8 each).
(Figure 1.13) Change in balance between work life and personal life after living in Thane
The impact of residing in Thane on the balance between work and personal life paints a
fascinating image. The biggest group, with 36.8%, indicates their balance has "Stayed
unchanged." But there have been significant advancements: 10.5% reported a "Greatly
improved" balance, while 23.7% noticed "Somewhat improved" conditions. On the other hand,
23.7% experienced a "Somewhat worsened" situation, with 5.3% indicating a "Greatly
worsened" balance. This data indicates that a large number of individuals have either kept or
enhanced their balance between work and personal life, but a notable section has faced
difficulties.
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The information overall portrays Thane as a developing suburban center with a significant IT
industry presence, yet encountering difficulties with commuting. Thane's alignment with
Mumbai in the job market indicates it has become a strong option for employment, especially in
the tech industry. Nevertheless, the considerable commute durations experienced by a majority of
inhabitants (55.3% spending over an hour on travel) suggest possible strain on infrastructure or
disparities in job locations. The commuting challenges could be the reason for the mixed effect
on work-life balance, with the general trend slightly favoring positive outcomes.
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6.4 Lodha Splendora as a Residential Choice
(Figure 1.14) Location of Lodha Splendora in terms of accessibility
In terms of location accessibility, the property receives generally positive ratings, with 44.7%
describing it as "Good" and 31.6% as "Average." However, a notable 18.4% rate it as "Poor,"
with a small percentage finding it "Very poor," suggesting some location-related challenges for
residents.
(Figure 1.15) Satisfaction with the amenities provided by Lodha Splendora
The difference in satisfaction with amenities, along with the accessibility ratings of the location,
indicates that while Lodha Splendora provides a wide range of facilities, the quality or upkeep of
these amenities may not always meet the expectations of all residents. The data suggests that the
development has strengths in its overall accessibility and some specific amenities, but there are
also areas where improvement could increase resident satisfaction.
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(Figure 1.16) Investment value of the property
The survey findings on the increase in investment value at Lodha Splendora show a varied and
slightly worrying situation. Merely 18.4% of participants mention an increase in their investment
worth (10.5% moderate and 7.9% slight), without any notable responses showing substantial
appreciation surpassing 20%. The biggest portion, comprising 26.3%, shows no fluctuations in
worth. What is more concerning is that a large number of investors have seen their investments
decrease in value: 21.1% have reported a substantial decrease of more than 20%, while an
additional 26.4% are evenly divided between moderate and slight decreases of 13.2% each. A
small percentage (7.9%) said they were uncertain or the question did not apply to them. This
breakdown indicates that a large majority of investors have seen their investment perform below
expectations, as almost half (47.5%) have witnessed a decrease in value. The lack of noticeable
appreciation reactions, along with a large depreciation rate, especially significant depreciation,
suggests that Lodha Splendora might not have satisfied investor hopes for property value
increase, possibly indicating wider difficulties in the local real estate market or specific problems
with this project.
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(Figure 1.17) Connectivity
(Figure 1.18) Rating of various aspects of living in Lodha Splendora as a resident
The data presents a comprehensive view of both connectivity and living aspects in Lodha
Splendora. The overall quality of life shows a balanced distribution across middle to high ratings,
suggesting general satisfaction among residents.
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6.5 Future Outlook regarding Thane as a residential hub
(Figure 1.19) Thane’s residential market in the next 5 years
The analysis of data on Thane's housing market shows a very positive forecast for the upcoming
5 years, as a large majority (81.6%) of participants anticipate growth. Just 13.2% predict no
growth, with a small percentage anticipating a decrease, showing high optimism in the real estate
market of the area.
(Figure 1.20) Thane’s residential appeal compared to other suburban areas of Mumbai
In comparison to other suburbs of Mumbai, Thane is quite appealing, as 71.1% of respondents
find it more favorable - with 15.8% considering it significantly better and 55.3% somewhat
better. The data as a whole indicates that Thane is emerging as a desirable and promising location
for residential investments in the Mumbai metropolitan area. The strong match between
anticipated growth prospects and current attractiveness in comparison suggests a thriving
housing market, with Thane expected to uphold or improve its status as a sought-after suburban
area. The strong positivity in both aspects confirms the potential for residential development and
investment in the area, with little worry about decline or disadvantages in comparison to
neighboring suburbs.
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(Figure 1.21) Upcoming infrastructure projects impact on Thane’s residential property
The pie chart shows a mostly positive forecast for the effect of future infrastructure projects on
Thane's housing market. A significant 97.4% of participants anticipate that these initiatives will
have a positive impact, with opinions equally divided between "highly positive" (50%) and
"moderately positive" (47.4%). This data indicates that planned infrastructure projects are seen
as important additions to Thane's housing market. The equal split of highly positive and
moderately positive feedback shows a balanced yet hopeful viewpoint, as stakeholders view
infrastructure upgrades as a crucial factor for boosting property value in the region. This
widespread positivity usually indicates trust in the organization and implementation of
infrastructure projects, along with their ability to fill existing gaps or improve current facilities in
Thane's residential areas for significant benefits.
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6.6 Factors that could hinder the development of Thane as a residential hub
(Figure 1.22)
The above graph depicts what could potentially hinder the development of Thane as a residential
hub. The key findings are as follows:
● The significant concern that can limit the progress is overcrowding (60.5%). The higher
percentage indicates a potential breach of the city’s carrying capacity, which could have
cascading effects on other urban systems; one of these systems is water supply (57.9%).
Population pressure and water infrastructure strain are highly correlated, it represent a
critical urban development constraint. Infrastructure limitations such as bad roads are a
major setback for Thane. All the above issues suggest a potential failure in urban
planning to anticipate and accommodate rapid urbanization. Inadequate infrastructure,
including roads, transportation systems, and public facilities, can severely impact the
quality of life for residents and hinder the city's overall development.
● Socioeconomic Factors such as lack of job opportunities, and affordability.
● Traffic and Connectivity Issues are a major hindrance to the development of Thane as
heavy trucks usually travel by the Thane route a lot of time these trucks completely jam
the road, due to which 40 minute commute turns into 2 hour journey.
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CONCLUSION
The analysis of the rising demand for residential property in Thane reveals a dynamic and
evolving real estate industry in the coming years. However, there are still some challenges that
can hinder this development. Using Lodha Splendora as an illustrative example, this research
sheds light on the demand drivers for residential real estate in the region, the issues facing the
area, and the expected future of the Thane real estate sector.
The study supports our hypothesis about significant change in the perception of the as a
residential area over time, with around 60-70% of respondents finding it more favorable
compared to other places in the Mumbai Metropolitan Region and around 70-80% expect
significant market growth in the next 5 years. The migration trends show how an industrial
suburb transformed into a desirable residential area, with notable intra-Mumbai migration
indicating an "upgrade" within the region.
It also confirms that amenities play a major role when homebuyers select a residential property,
almost 85% of respondents place high importance on modern facilities. Quality of life is one of
the primary reasons most people shift to Thane, taking over traditional factors like job
opportunities, or affordability.
Although only a small portion of the research supported the hypothesis that employment
opportunities positively impact residential demand with only 7.9% of the respondents moving to
Thane for job opportunities, the area shows growth in certain sectors, especially IT/Technology.
Notably, the results exhibit some worrying patterns, especially about the property valuation at
Lodha Splendora, where a significant 47.5 % of the respondents reported depreciation in the
value of investments made. Even so, the future development prospects seem bright as 97.4%
think that the forthcoming infrastructure developments will have a favorable effect on the
residential real estate market. The research also revealed several serious obstacles to growth,
such as congestion (60.5%) and lack of water (57.9%).
One of the respondents also mentioned that the heavy traffic on Ghodbunder Road should be
resolved by local bodies and the government. He further adds that as many more residential
properties are coming up on Ghodbunder Road, then there is a need to divert the heavy trucks
that enter the city to some other route. Things in terms of traffic have drastically changed in the
last 4 years and need to be revisited and resolved by Govt. Authorities otherwise the number of
people shifting /investing in Thane, especially at GB road will go down drastically.
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The prospering residential market of Thane, especially Ghodbunder Road has a close
relationship with its infrastructure. The resolution of these traffic issues is not just a
quality-of-life concern but a critical factor for the sustainable growth of Thane's real estate
market. How efficiently and effectively this problem is dealt with may therefore be a determining
factor on whether or not Thane will successfully continue developing into one of the highly
regarded residential locations in the Mumbai Metropolitan Region.
As for developers, the results indicate that emphasis should be placed on leisure and
contemporary services while ensuring that the projects do not include overdevelopment or add
unnecessary pressure on the existing facilities. To the attention of the policymakers’
investigation, a need for coordinated infrastructure development geared toward housing
expansion is prescribed. Finally, the research recommends to both prospective homebuyers and
investors – looking into the real estate trends in Thane – the careful weighing of the pros and
cons of the market.
Emphasis should be laid on resolving issues about the provision of water supply and
overcrowding, improving connectivity to minimize the time taken to travel, and ensuring that the
amenities incorporated into property developments are kept in check with the available natural
resources. The residential focus of the region of Thane marks a new phase in the real estate
development within the Mumbai metropolitan region. Despite the usual host of problems evident
in most cities undergoing rapid urbanization, the healthy market sentiment and confidence. As
the case of Lodha Splendora shows there is a focus on the right direction; however issues of
preserving the values of the developments and the grievances of the people living there need to
be managed to avoid failures of making Thane a prestigious residential area in the new age
metropolis of Mumbai.
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Priyanka, N. A. (2024). A study on Indian real estate market and investment in real
estate. Deleted Journal, 2(04), 900–905. https://doi.org/10.47392/irjaem.2024.0119
● https://www.sonabusinessschool.com/journal/previous-issues/june-2018/mumbai-rea
l-estate-sona-gmr.pdf
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APPENDIX
● Google form link: https://forms.gle/hChrPRJenuWUGWAb9
● Responses link:
https://docs.google.com/spreadsheets/d/19jDdDbB5e0Y_N2A3S8DLQ9Fg
MNA37-0jS0XRcIuALA0/edit?usp=sharing
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