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Thane real estate market is almost 80% more affordable than Mumbai's suburbs: report
A 2 BHK apartment in Thane can cost homebuyers little over ₹1 crore compared to over ₹2 crore in Mumbai’s suburbs, a report by Anarock has said
Thane, often referred to as Mumbai’s satellite city and the second-largest city district in the Mumbai Metropolitan Region (MMR), is 78% more affordable than Mumbai in terms of real estate. However, while traditionally seen as distinct from Mumbai, Thane is beginning to mirror the city in key ways, most notably in its vertical growth. Its residential skyline now features 89 skyscrapers with 40 or more floors, a clear sign of the land scarcity-driven push for high-rise living, according to a report by real estate consultancy Anarock.
The report titled ‘Thane: The Rising Star of MMR Real Estate’ highlights Thane’s housing price growth, a whopping 46% leap in average residential prices in just three years, from ₹13,550 per sq ft in Q2 2022 to ₹19,800 per sq ft in Q2 2025.
How affordable is Thane compared to Mumbai?
According to the report, a 2 BHK in Thane will cost homebuyers a little over ₹1 crore compared to over ₹2 crore in Mumbai's suburbs.
"Thane is at least 78% more affordable than suburban Mumbai. For instance, a 2BHK home with an average carpet area of 650 sq ft costs about ₹1.25 crore, while in Mumbai’s central suburbs it will cost around ₹2.11 crore. In the western suburbs, it goes as high as ₹2.36 crore, and this is just the base price, not factoring in GST, registration, and other charges," said Aayush Puri, Head, Anarock Channel Partners (ACP) and ANACITY.
“Thane is not just a hot residential destination; it has also played a key role in redefining the MMR housing landscape. Its steady capital value growth has largely been fuelled by infrastructure upgrades that have ignited homebuyer interest. Demand for under-construction homes outperforms ready-to-move-in units in 2025 so far, largely because the city offers luxury homes at relatively affordable prices in contrast to Mumbai’s prime markets," Puri said.
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Launches and absorption of housing units in Thane
According to the report, 65,800 units were launched in Thane between FY 2020 and FY 2025. Nearly 45% of the overall new supply in this period comprised 2BHKs, 42% of the supply was 1BHKs, 3BHKs comprised an 11% share, and 4BHKs just 2%.
The report said that between COVID-struck FY 2020 and FY 2025, FY 2023, new housing supply grew by almost 103% compared to FY 2020, while absorption rose a dizzying 78% to 19,600 units in FY 2024 from FY 2020. In Q1FY 2026, Thane saw approximately 3,130 residential units sold, while new supply stood at 2,910 units.
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Skyscrapers now dot Thane’s skyline, with 89 residential towers rising 40 floors or more
The report said that amid the core Mumbai real estate market’s skyrocketing property values, Thane is increasingly becoming the destination of choice for homebuyers and investors. It said that Thane’s residential skyline currently boasts of 89 skyscrapers with 40+ floors, mirroring the land scarcity-driven vertical growth imperative of Mumbai City.
The report highlighted that around 44% of Thane’s residential supply is in the ₹80 lakh to ₹1.6 crore budget segment, which will likely dominate the market going forward, given the prevailing capital value trends in the region. Thane is assured of sustained real estate growth thanks to large-scale planned and ongoing infrastructure enhancements worth ₹59,000 crore.
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According to the report, areas like Panchpakhadi and Naupada in Thane Central, Pokhran Road, Majiwada-Balkum, Kolshet Road and Kasarvadavali are the top five micro-markets based on maximum new supply. As much as 47% of the new supply is being delivered by Grade A developers.
