The Union Cabinet’s recent approval of the Integral Ring Metro Rail Project (IRMRP) in Thane marks a significant development for the city’s real estate market. As Thane gears up for this transformative project, the real estate sector has responded with optimism, recognising the potential for substantial impact on both urban mobility and property values.
The IRMRP, spearheaded by Maharashtra Metro Railway Corporation Limited (MMRCL), is set to be the first greenfield metro venture in the metropolitan region. Scheduled to be completed by 2029, the 29-kilometre metro corridor will encompass 22 stations, encircling Thane and linking it with existing metro lines 4 and 5, as well as enhancing connectivity to Mumbai and Kalyan. CREDAI-MCHI Thane President Jitendra Mehta highlighted the significance of the IRMRP, noting that it addresses a long-standing need for an internal metro system in Thane. “The approval of the IRMRP will create crucial internal linkages within the city and connect with the suburban railway system, greatly enhancing connectivity between various transport modes within Thane,” Mehta commented.
The project’s impact on real estate is anticipated to be profound. Ajay Ashar, CMD of Ashar Group, indicated that the IRMRP will improve accessibility, reduce travel time, and boost property values around its stations. The project’s substantial investment of ₹12,200.10 crore is expected to create numerous opportunities for real estate developers and elevate nearby residential and commercial properties. Vice Chairman of NAREDCO and MD of Raunak Group, lauded the project as a milestone for Thane’s real estate market. “The IRMRP aligns with the vision of developing well-connected, sustainable urban centres and will significantly boost property values and overall socio-economic development,” Bandelkar said.
Director of Prescon Group, emphasised the strategic benefits of the project, which will enhance connectivity across key residential and commercial hubs. Co-Founder & CEO of The Mentors Real Estate Advisory Pvt Ltd, echoed these sentiments, noting the transformative effect on property values and development potential. The Thane Ring Metro, with a capacity to carry 1,500 passengers per six-coach rake and a projected daily ridership of 8.72 lakh by 2045, promises to revolutionise urban mobility. This strategic infrastructure upgrade is set to redefine Thane’s real estate landscape, making it a prime destination for homebuyers and investors.
