“Big Players like Oberoi Realty and Raymond Realty to Compete in Thane Real Estate Market”
In the bustling real estate scene of Thane, two major players, Oberoi Realty and Raymond Realty, are locking horns to secure their share of the market. Thane has always been a hotspot for renowned developers, attracting buyers with its promise of spacious homes at reasonable prices and improved infrastructure.
Raymond Limited made its foray into Thane’s residential market back in 2019, utilizing its extensive land bank spanning approximately 100 acres. On the other hand, Oberoi Realty announced its entry into Thane in November 2023.
Oberoi Realty unveiled its Forestville project on November 20, covering an expansive 18-acre area in the Kolshet region of Thane. The project, slated for completion by December 2029 as per MahaRERA guidelines, comprises five residential towers offering predominantly 3 BHK apartments starting from Rs 1.87 crore.
Despite Oberoi Realty’s ambitious project, Harmohan Sahni, CEO of Realty Business at Raymond Limited, remains unfazed. During a recent analyst call on February 2, 2023, Sahni assured that Oberoi’s project hasn’t impacted Raymond’s sales. He emphasized Raymond’s focus on residential projects in Thane, with no immediate plans for commercial ventures on their land parcel in the area.
Meanwhile, Oberoi Realty’s Chairman and Managing Director, Vikas Oberoi, pointed out quality concerns in Thane’s real estate projects, emphasizing their commitment to superior construction standards. Oberoi Realty reported significant sales figures for Forestville, underlining Thane’s potential as a high-growth market with a preference for affordable housing.
Thane’s allure lies in its connectivity, affordability, and growing infrastructure. Renowned developers like Lodha, Rustomjee, Godrej, Hiranandani, Oberoi, and Raymond have all made their mark in this market. With prices ranging from Rs 10,000 to Rs 25,000 per sq ft, Thane continues to attract buyers seeking a balance between affordability and connectivity, bolstered by upcoming metro networks and the presence of IT companies.
Also read: Oberoi Realty Partners with Marriott International to Build Hotels in Mumbai and Thane