Paranjape Schemes (Construction) Ltd. was established in 1987 by Chairman Shrikant Paranjape and Managing Director Shashank Paranjape, though the family's construction roots in Vile Parle trace back to the 1930s under founder V. B. Paranjape. Over the following three-and-a-half decades, the company built more than 210 projects across nine cities, covering over 20 million sq ft of developed area — with its primary base and deepest market penetration in Pune. Its cities of operation now include Mumbai, Thane, Bengaluru, and Vadodara.
Alongside conventional residential and commercial work, Paranjape Schemes is recognised nationally for a separate product category: purpose-built senior citizen housing under the Athashri brand, launched in 2002. That programme has grown into India's largest senior citizen community, with more than 2,500 families housed across 15 Athashri communities in Pune, Vadodara, and Bengaluru, and a 16th community launched at Forest Trails, Bhugaon, Pune in late 2024. The Athashri track record matters to Thane buyers for a specific reason: a developer that designs and manages communities for seniors applies heightened attention to layout precision, long-term maintenance structures, and post-possession resident welfare — disciplines that carry over into its mainstream residential products.
Paranjape Schemes announced its entry into Thane through Opulus, developed in association with Richa Developers (through its entity Peer Realty). The project is sited at Manpada, Thane West — off Pokhran Road 2, next to Hiranandani Meadows, on Gladys Alwares Road. MD Shashank Paranjape remarked at launch that the family legacy in construction originates in Vile Parle, and that Thane represented a natural geographic extension of that Mumbai-metropolitan arc.
Opulus occupies 4.84 acres and rises across multiple towers — phases designated S1, S2, R1, R2, R3, and Centaurus — each reaching 29 to 30 storeys. The project delivers 2 BHK and 3 BHK apartments, including Jodi (combined-unit) configurations. RERA carpet areas run from 602 sq ft to 766 sq ft across the 2 BHK and 3 BHK range, and the project carries MahaRERA registration number P51700022773. Possession is targeted for September 2028. Pricing across aggregator listings sits in the range of approximately Rs 1.46 crore to Rs 1.86 crore, reflecting Manpada's position as one of Thane's premium micro-markets.
The site design allocates 67 percent of the project footprint as open space — a figure notable for a mid-city high-rise cluster. The amenity programme spans a leisure club, yoga deck, spa, gymnasium, swimming pool, kids' play area, amphitheatre, multipurpose hall, steam room, senior citizen corner, and indoor games room. The five-tower cluster is surrounded by established residential addresses including Hiranandani Meadows, Acme Ozone, Dosti Pearl, Dosti Imperia, and Bhoomi Acres — a neighbourhood context that signals the calibre of end-user that Manpada attracts.
Manpada sits at the intersection of Ghodbunder Road, Pokhran Road No. 1, Pokhran Road No. 2, and access corridors toward Kolshet, Balkum, Majiwada, and Upvan. Ghodbunder Road itself functions as a structural link between the Eastern Express Highway and the Western Express Highway — the two primary arterial routes connecting Thane to Mumbai. Thane railway station is approximately 7 km from Opulus via the Eastern Express Highway. Mumbai's Chhatrapati Shivaji Maharaj International Airport is roughly an hour's drive.
The area's infrastructure pipeline deepens its long-term connectivity case. The proposed Manpada Metro Station on the Wadala–Kasarvadavali Metro Line 4 is within a five-minute walk of the Opulus site. The Kapurbawdi–Bhiwandi Metro Line 5 and the Thane-Borivali road tunnel — expected to cut travel time between the two nodes from roughly two hours to 15 minutes — are additional infrastructure commitments that consistently underpin capital value arguments in this belt.
Within the immediate radius, Opulus is close to DAV Public School (1 km), Carmel High School (2.5 km), CP Goenka International School (3.5 km), Wonder Mall (1.4 km), Viviana Mall (3.5 km), Tikuji-Ni-Wadi (2.4 km), Upvan Lake (2.8 km), and multiple hospitals including Tieten Medicity, Bethany, Jupiter, and TMC Hospital. Manpada and Kapurbawdi have also emerged as office hubs in their own right, and the broader Thane market benefits from proximity to corporate centres at Vikhroli and Powai, roughly 20 km away.
Thane's residential market segments clearly by geography. Budget-oriented localities — Mumbra, Kalwa, Kasar Vadavali — price below Rs 16,500 per sq ft. Mid-segment corridors such as Ghodbunder Road, Balkum, and Kolshet Road trade between Rs 16,500 and Rs 19,000 per sq ft. Manpada, alongside Hiranandani Estate, Panch Pakhadi, Hiranandani Meadows, and Pokhran 2, belongs to the premium band, with average flat rates around Rs 22,500 per sq ft. Over a five-year horizon, Manpada flat rates have appreciated by approximately 31 percent; the broader Ghodbunder Road corridor has moved up roughly 40 percent over the same period.
The primary demand driver behind these numbers is substitution: homebuyers and investors are steadily moving from Mumbai's higher-cost zones into Thane's mid-premium market. Manpada, as Thane's most developed premium pocket and the immediate neighbour of Hiranandani Estate, absorbs a disproportionate share of that upgrade demand. For a developer like Paranjape Schemes, which has built its Pune business on exactly this segment — quality mid-premium residential with strong community infrastructure — Manpada is the natural fit.
Opulus is not the developer's only Thane commitment. In October 2024, Paranjape Schemes announced a joint venture with Empire Grand for a second Thane project, Codename Lighthouse, located in the Meadows area — described as the last available land parcel in that locality and planned to be among the tallest buildings there. That project also targets the 2 BHK and 3 BHK segment with podium and rooftop amenity programming. The Meadows address draws buyers from both Thane and Mumbai. The two projects together mark a deliberate pattern of cluster-building in Thane's most price-resilient nodes — consistent with how the developer built density in Pune's western suburbs before expanding into Hinjawadi, Bavdhan, and Bhugaon.
Before entering Thane, Paranjape Schemes completed residential work across Mumbai's western suburbs — Vile Parle, Andheri, Goregaon, and Santacruz — including a large-scale redevelopment project at Vijaynagar in Andheri. The Thane entry builds on that MMR familiarity while deploying a product more closely calibrated to Thane's demand profile: larger carpet areas, stronger community amenity counts, and a mid-premium price band that competes on per-square-foot value against comparable projects in South Mumbai or Bandra.
