Significant Growth Amid Changing Trends in the Property Market

Thane, October 10, 2024: The latest PropIndex Report from Magicbricks reveals a remarkable shift in the real estate landscape of Thane, with under-construction property prices skyrocketing by 19.5% quarter-on-quarter, reaching an impressive INR 16,455 per square foot. This surge highlights the area’s growing appeal as a prime investment destination despite a general decline in housing supply.

Under-Construction Demand Surges as Ready-to-Move Prices Decline

While overall housing supply in Thane has dipped by 16.9%, the demand for under-construction properties has intensified, resulting in a notable 33.6% increase in listings on Magicbricks. The average property price in Thane has now reached INR 13,165 per square foot, reflecting a 9.8% rise. In stark contrast, ready-to-move apartments experienced a 10% drop in prices, falling to INR 11,778 per square foot.

Infrastructure Developments Fueling Market Interest

Thane’s burgeoning real estate market is bolstered by significant infrastructure projects, including the Thane Metro and MMRDA road initiatives. These developments are attracting both investors and homebuyers, with search activity increasing by 2.5% QoQ, showcasing the area’s sustained interest and potential for future growth.

Local Insights: Key Areas and Price Trends

Localities such as Western Thane, Majiwada, and Kolshet have become hotspots for buyers, driven by their proximity to Mumbai and ongoing commercial developments. The report indicates that builder floors average INR 8,800 per square foot, while multistorey apartments are priced at INR 14,000. Residential houses and luxurious villas command prices of INR 15,200 and INR 17,000 per square foot, respectively. Notably, demand for 2 BHK units remains strong, with average prices hovering around INR 13,200 per square foot.

Thane’s real estate market continues to evolve, presenting lucrative opportunities for both developers and homebuyers. As infrastructure improves and prices fluctuate, it remains to be seen how the market will adapt in the coming months.