Aayush Puri, Head – ANAROCK Channel Partners (ACP) & ANACITY
Vertical growth accelerates with 89 skyscrapers; 2BHKs dominate supply while affordability keeps demand high
Mumbai, July 17, 2025: Thane’s residential real estate market has witnessed an explosive 46% price growth in just three years, with average home prices climbing from ₹13,550 per sq. ft. in Q2 2022 to ₹19,800 per sq. ft. in Q2 2025, according to ANAROCK’s latest report ‘Thane: The Rising Star of MMR Real Estate’.
Once seen as a supporting suburb of Mumbai, Thane has emerged as a key residential hub, riding on rapid infrastructure upgrades and surging homebuyer demand. Prices in Thane have surged 60% since 2020, when the average stood at just ₹12,400 per sq. ft.
Smaller Homes Dominate SupplyBetween FY 2020 and FY 2025, 65,800 new housing units were launched in Thane. Of this:
45% comprised 2BHKs,
42% were 1BHKs,
3BHKs held 11% share, and
4BHKs accounted for only 2%.
The dominant budget range is ₹80 lakh to ₹1.6 crore, reflecting the city’s affordability compared to core Mumbai. For instance, a 2BHK home with ~650 sq. ft. carpet area costs ~₹1.25 crore in Thane, whereas the same unit costs ₹2.11 crore in Mumbai’s central suburbs and ₹2.36 crore in western suburbs—excluding taxes and registration charges.
“Thane’s steady capital value growth is driven by large-scale infrastructure upgrades that have ignited buyer interest. Demand for under-construction homes outperforms ready-to-move-in units because the city still offers luxury at relatively affordable prices compared to Mumbai’s prime markets,” said Aayush Puri, Head – ANAROCK Channel Partners & ANACITY.
Vertical Growth Mirrors MumbaiLimited land availability has pushed vertical development, with 89 residential skyscrapers of 40+ floors now dotting Thane’s skyline.
The top five micro-markets by new supply are Panchpakhadi & Naupada (Thane Central), Pokhran Road, Majiwada-Balkum, Kolshet Road, and Kasarvadavali.
High Developer Confidence, Robust Demand
Nearly 47% of the new supply comes from Grade A developers, indicating strong buyer confidence.
Key market highlights from the report:
New supply surged ~103% in FY 2023 vs. FY 2020, post-COVID.
Housing absorption rose ~78% in FY 2024 vs. FY 2020, reaching 19,600 units.
In Q1 FY 2026, Thane recorded 3,130 residential sales while 2,910 units were newly launched.
44% of Thane’s residential supply is within ₹80 lakh–₹1.6 crore, likely to dominate future demand.
Strategic Infrastructure InvestmentsWith planned and ongoing ₹59,000 crore worth of infrastructure projects, Thane is expected to see sustained residential growth, further cementing its role as a leading market within the Mumbai Metropolitan Region (MMR).
“Affordability continues to be Thane’s biggest strength. It offers quality homes at far more attractive prices compared to suburban Mumbai, making it the destination of choice for both end-users and investors,” added Puri.
As core Mumbai faces soaring property prices, Thane is increasingly becoming the preferred alternative for buyers and investors, combining value, connectivity, and modern lifestyle amenities.
