Thane West, located in Maharashtra's Thane district, has become a thriving and accessible hub within the Mumbai Metropolitan Region. This area boasts diverse housing options, infrastructure development, green spaces, and proximity to key business centres like BKC and Powai, making it a sought-after destination for both living and business. The real estate sector in Thane West has flourished, with 172 transactions in just one week, involving various properties, and several prominent builders contributing to its growth. Affordability, smaller carpet areas, and ongoing infrastructure development have made it attractive to homebuyers, reflected in a competitive average rate of Rs. 16,414 per square foot.
Thane West, located in the Thane district of Maharashtra, India, is a prominent and rapidly developing locality within the Mumbai Metropolitan Region (MMR). This area enjoys a strategic location just north of Mumbai, making it highly accessible via the Eastern Express Highway.
Thane West has emerged as a thriving residential and commercial destination, offering a wide spectrum of housing options, ranging from luxury apartments to more affordable residences, attracting a diverse population. The locality has seen substantial infrastructure development, including road networks, public transport facilities, educational institutions, and healthcare centres. Its green spaces and scenic lakes like Upvan Lake add to its charm, providing opportunities for recreation and leisure.
With a blend of residential and commercial spaces, a multitude of shopping and dining options, and proximity to essential hubs like BKC and Powai, Thane West continues to be a sought-after destination for both living and business. Its real estate sector has witnessed significant growth, reflecting the area's popularity and potential for investment.
Now let’s review the performance of Thane West by analysing the sale transactions of the locality. The period under consideration is 11th September 2023 to 17th September 2023 which results in a one-week report of the locality. During this time there were a total of 172 transactions in Thane West which ranged from ready to move houses as well as under construction properties. There were 87 unique buildings where the sale deed had been signed. Out of this 57 of these buildings witnessed a single transaction.
Dosti West County leads the way in the number of transactions in any particular building by registering 25 transactions. This was followed by Lodha Amara, Piramal Vaikunth & Runwal 25 Hour Life who delivered 8 transactions each. There were 4 buildings who registered 4 transactions, 9 buildings who did 3 transactions and 13 buildings who were able to close 2 transactions for the period under consideration.
The list of builders is quite prominent which includes the likes of Lodha, Hiranandani, Piramal, Rustomjee, Godrej and many more. The most expensive flat this week was sold in the luxurious building of Hiranandani Estate Cararra for a total of Rs. 5.9 crores. While looking at the carpet area there were 65 transactions which happened in the range of 1-500 square feet and 95 flats were sold in the range of 501-1000 square feet. This is quite insightful as it clearly demonstrates that people purchasing properties in Thane West are looking for smaller carpet areas. Moving on to the bigger set of carpet areas there were only 12 transactions above the range of 1,001 square feet.
Thane West is considered an affordable locality, with over 60% of property sales occurring at prices below the Rs 1 crore mark. This affordability factor has made it an attractive option for homebuyers. The appeal of Thane West extends beyond just the cost of properties; it also benefits from ongoing infrastructure developments that enhance the overall living experience.
Additionally, its strategic location offers easy accessibility to major business hubs within the Mumbai region, making it a convenient choice for professionals and entrepreneurs. As a reflection of the real estate market in this area, the weighted average rate per square foot for the current week stands at Rs. 16,414, underscoring the competitive pricing and growing interest in Thane West as a residential destination.
The article has been written based on data available on Zapkey and Indextap.
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