Thane, October 10, 2024 – Thane has emerged as a prime investment destination, with property prices for under-construction homes seeing a significant 19.5% quarter-on-quarter (QoQ) increase, according to the latest Magicbricks PropIndex Report for July-September 2024. Prices for under-construction properties surged to INR 16,455 per square foot (psf), up from INR 13,774 psf in the previous quarter, reflecting a robust demand for housing in the region despite the rise in costs.
In contrast, the prices for ready-to-move apartments dropped by 10% QoQ, falling to INR 11,778 psf from INR 13,121 psf in Q2 2024. The decline in ready-to-move home prices coincided with a 7.93% drop in supply, while the availability of under-construction properties spiked by 33.6%, indicating a shift in buyer preference toward homes under development.
Thane’s Growing Appeal
The report attributes Thane’s rising property prices and growing demand to a combination of factors, including substantial infrastructure upgrades. Major projects like the Thane Metro and several MMRDA road initiatives have boosted Thane’s connectivity to Mumbai, making it an increasingly attractive location for homebuyers and investors alike.
The average property rate in Thane has now reached INR 13,165 psf, positioning it as one of the most sought-after residential hubs in the country. Despite the price hike, home search activity in Thane increased by 2.5% QoQ, signaling sustained interest from potential buyers.
Market Segmentation
The PropIndex report also highlighted significant variations in pricing across different property types in Thane. The average price for builder floors stands at INR 8,800 psf, while multistorey apartments are priced at INR 14,000 psf. Residential houses average INR 15,200 psf, and luxurious villas command a price of INR 17,000 psf.
Key Localities Driving Demand
Several key localities within Thane have experienced significant growth in demand, particularly in areas such as Western Thane, Majiwada, and Kolshet, which benefit from their proximity to Mumbai and the influx of commercial developments in the region. The demand for 2 BHK units remains strong, with properties in the INR 13,200 psf range continuing to be highly sought after.
The report underscores Thane’s appeal as an investment hotspot, supported by robust infrastructure, a rise in commercial projects, and increasing demand for premium housing options.
Outlook for the Future
As Thane’s real estate market continues to evolve, the increase in under-construction property prices reflects the area’s growing appeal among both end-users and investors. With the festive season ahead, demand for both ready-to-move and under-construction properties is expected to remain strong, further driven by upcoming infrastructure projects and developer-led schemes.
For more details on the market trends, visit Magicbricks PropIndex Report.
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