Thane West Tops Home: The residential markets in landlocked Mumbai’s outskirts, such as Thane, Kalyan-Dombivli, Vasai Virar, and Navi Mumbai, continue to expand. However, Thane West has emerged as the most vibrant micro-market, outperforming not only Mumbai localities but also the rest of the top eight cities in property sales since 2016.

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Throughout the last decade, Mumbai and its metropolitan region (MMR) have emerged as the prime property market among India’s top eight cities. As prime locations in the Mumbai district have become overcrowded, residential development has accelerated in outlying areas such as Thane, Kalyan-Dombivli, Vasai-Virar, and Navi Mumbai. Thane West, on the other hand, has attracted a lot of developer and homebuyer interest in recent years.

Thane West has emerged as the top micro-market, with the highest property sales in the last seven years, not only in MMR but also in the remaining top eight cities. One of the most important factors contributing to the residential boom in this area is its proximity to Mumbai.

The area is well-connected by roads and railways to Mumbai’s central and western suburbs, and it is only 20 kilometres from the international airport. It is also close to the industrial and warehousing zone in the Kalyan-Dombivli-Bhiwandi belt, which runs parallel to the Mumbai-Agra National Highway. Furthermore, the ongoing construction of Metro Lines 4 and 5 will improve Thane’s connectivity to its surrounding suburbs.

 

Thane West Tops Home: Top realty hotspots by property demand

Rank	2014	2015	2016	2017	2018	2019	2020	2021	H1 2022
1	Dombivli	Techzone 4	Thane West	Thane West	Thane West	Thane West	Thane West	Thane West	Thane West
	Mumbai	Greater Noida	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai
2	Thane West	Thane West	Dombivli	Dombivli	Dombivli	Dombivli	Dombivli	Dombivli	Dombivli
	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai	Mumbai
3	Techzone 4	Wagholi	Mira Road East	Mira Road East	Panvel	Hinjewadi	Hinjewadi	Ravet	Hinjewadi
	Greater Noida	Pune	Mumbai	Mumbai	Mumbai	Pune	Pune	Pune	Pune
4	Wagholi	Panvel	Wagholi	Vangani	Hinjewadi	Panvel	Panvel	Hinjewadi	Kalyan West
	Pune	Mumbai	Pune	Mumbai	Pune	Mumbai	Mumbai	Pune	Mumbai
5	Sector 1 Noida Extension	Varthur	Raj Nagar Extension	Sector 143	Mira Road East	Kalyan West	Bhiwandi	Panvel	Ravet
	Greater Noida	Bengaluru	Ghaziabad	Noida	Mumbai	Mumbai	Mumbai	Mumbai	Pune

 

The city has also made strides in the development of physical and social infrastructure, particularly through the Smart City Mission. Thane West is, in fact, part of Thane Smart City’s Area Based Development programme, with ongoing projects focusing on smart streets, waterfront and lakefront development, redevelopment of the station area, sanitation, and e-governance, among other things, to improve the area’s habitability.

Thane West has seen significant retail development in recent years, in addition to infrastructure development. It has now become a retail hub in Mumbai’s metropolitan region, with the addition of Grade-A malls, high streets, and recreational and entertainment centres. All of these factors have increased the liveability of the micro-market and the city, which was ranked 11th out of 111 cities on the Ease of Living Index. Thane West, as a result, offers a combination of habitability and lower prices than Mumbai’s suburbs, which has contributed to a strong residential boom, making it one of the country’s top micro-markets.

Property Price Trends in Thane West

• According to current trends, the weighted average property prices for new supply and inventory in Thane West are INR 10,900-11,000 per sqft, compared to INR 22,000-24,000 per sqft in Mumbai’s suburbs.
• Thane’s new supply levels are at 2017 levels, with approximately 7,500 units being launched in H1 2022.
• In the first half of 2022, demand in the micro-market increased by 91%.
• Homebuyers in Thane West preferred apartments with two bedrooms in the INR 1-3 crore price range.
• By the end of H1 2022, the majority (30%) of available residential units are concentrated along SH 35 in Balkum and Kolshet (Bhiwandi-Wada Road).

To summarise, Thane West, which meets the needs of habitability and lifestyle, has emerged as a great alternative to Mumbai’s relatively expensive suburbs. It accounts for the greatest proportion of new property launches and demand in MMR. Residential demand in H1 2022 is already 70% higher than in H1 2021. The micro-market will continue to attract developer and homebuyer interest in the coming quarters, with areas along Bhiwandi-Wada Road and Godhbander Road leading the way.

 

 

3 BHK Flat For Sale In Mumbai West

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