A buzzing real estate market, Thane is poised for future growth
April 2025
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Congratulations on taking over as President, CREDAI MCHI Thane! Your first thoughts?
It is a huge responsibility and I, along with the new team, will do my best to live up to expectations.
What has been the most-asked question so far?
As I picked up the Baton from my good friend Jitendra Mehta, and took on the responsibilities of President, CREDAI MCHI Thane; the most asked question has about my perception of Thane real estate and its future.
Your response to this question?
Well, I don’t have a crystal ball to predict the future with absolute certainty, but I can give a solid rundown of where Thane’s real estate market is headed, based on current trends, infrastructu
Please share this with our readers?
Thane, part of the Mumbai Metropolitan Region (MMR), has been steadily transforming from a suburban outpost into a self-sustaining urban hub. The real estate market here is buzzing, and several factors suggest it’s poised for growth in the coming years.
Infrastructure growth is linked to growth in Thane’s property?
Let us understand that infrastructure is a game-changer. Projects like the ThaneBorivali Twin Tunnel (slated to slash travel time between these areas from 2 hours to 15 minutes) and the upcoming Metro Lines from Gaimukh to Bhiwandi-Kalyan and Wadala as also the internal Thane City Metro are set to boost connectivity big time. Add to that the proposed extension of the Eastern Freeway to Saket, the coastal road linking WEH from Vesave village with Saket and the Mumbai-Ahmedabad Bullet Train with a stop in the region, and you’ve got Thane positioned as city that’s about to become hugely accessible.
Will this result in upgrading the city’s property scene?
I think so, yes. Better connectivity typically means higher property demand and prices tend to follow
Share with readers your take on Thane’s residential real estate?
Residential demand, already on an upswing, is expected to grow. Thane has a residential offering for everyone – from affordable 1 BHK flats in areas like Kasarvadavali (around ₹8,000-11,000 per sq ft) to luxe pads in Hiranandani Estate or Manpada (₹15,000-25,000 per sq ft). The average property rate in Thane, according to media reports, hovers around ₹19,800 per sq ft as of late 2024, but prime spots like Pokhran Road and Ghodbunder Road are climbing faster.
Do these numbers reflect demand as also upward price movement?
These numbers reflect Thane’s property transactions seeing the obvious impact – take Oberoi Realty, for instance, who raked in ₹1,348 crore in bookings for a new Thane launch in just three days in October 2024, according to media reports. That’s a sign of serious buyer appetite, even with the project’s possession dates stretching to 2031.
What is the trends in Thane property that you have been tracking?
Since the past year, luxury flats are particularly hot, with premium amenities like smart home tech and sustainable designs drawing in high-income buyers.
Commercial real estate is also picking up, with all signs of doing better in days ahead. Thane’s proximity to Mumbai, coupled with lower costs, makes it a magnet for startups and corporates
Areas like Wagle Estate and Ghodbunder Road are seeing office and retail space rates between ₹9,000-15,000 per sq ft, and demand’s only going up as infrastructure improves.
The rise of boutique and satellite offices post-pandemic is another tailwind, and Thane is positioning itself as a costeffective alternative to Mumbai’s sky-high commercial rents.
Price appreciation in Thane property?
It’s happening - and will continue. Thane saw a 6.8% quarter-on-quarter demand spike in Q1 2023, and while supply dipped slightly, property values have been ticking up—around 1.7% QoQ back then, and the trajectories held steady. Some analysts peg Ghodbunder Road as having seen 300% growth over the last decade, and with the new projects, analysts suggest that certain pockets (like Pokhran Road) could outpace a huge chunk of Mumbai’s micro-markets by 2030.
You think these analysts are right?
To me, analysts saying that by 2030, certain pockets of Thane, like Pokhran Road, could outpace a huge chunk of Mumbai’s micro-markets – well, that is a bold statement, but not impossible. Thane real estate has got the fundamentals to back such demand-driven price appreciation
Major challenges?
Rising construction costs and regulatory hurdles could squeeze developers, potentially nudging prices higher or slowing supply
Your advice to home seekers?
If you’re buying into luxury projects with distant possession dates (like 2031), you’re betting on sustained growth—and patience. Thane real estate has the fundamentals right and will make it happen.
What about affordable home seekers?
Government initiatives like the Smart City mission and affordable housing schemes (e.g., PMAY) are keeping the market accessible to a broader base, balancing out the luxury surge in Thane's real estate.
How do you look at your tenure?
As I look at the timeline of my tenure and visualise the near-future outlook: I expect property rates to keep climbing, especially in well-connected zones like Thane West, Majiwada, and Ghodbunder Road. Residential and commercial demand will likely stay strong, driven by infrastructure rollouts and Thane’s appeal as a quieter, greener alternative to Mumbai.
Your advice to investors?
As an investor, focus on areas with metro proximity or upcoming projects by reputed developers—think Adani, Lodha, Purvankara, Godrej, Rustomjee, Kalpataru, Dosti Realty or Raymond Realty, among others.
For the home seeker, your last word?
Now is a sweet spot to make your dream home a reality, before prices in prime locales leap further. Keep an eye on those infrastructure timelines—they’ll dictate the pace. And, as demand rises, price points will follow suit. So, buy now, and make your home in Thane a reality!
In what is arguably, his first interview after taking over as President, CREDAI MCHI Thane, Sachin Mirani shares his thoughts with Consulting Editor Kamlesh Pandya
~ Mr.Sachin Mirani
President, CREDAI MCHI Thane
Source: Thane Realty News
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