Demand for private real estate in Thane increased in the first quarter of 2023. Due to their reasonable prices, proximity to job centers, excellent connectivity, and adequate societal amenities, Ghodbunder Road, Western Thane, and Dombivli continued to be the most favoured micro-markets.
Housing demand (searches) increased overall in Thane in Q1 2023 by 6.8% QoQ, whereas supply (active postings) and its average rate during the same time saw declines of 10.7% and 2.2%, respectively.
Analysis of Thane's Real Estate Market's Demand and Supply
Homebuyers preferred smaller floor plans at reasonable prices: In Q1 2023, compact 1 and 2 BHK apartments collectively accounted for about 86% of demand and 81% of availability. Due to their reasonable prices, the availability of numerous job centers, excellent connectivity via the metro and road network, and respectable societal infrastructure, Ghodbunder Road, Western Thane, and Dombivli have continued to be the most popular micro-markets.
With shares of 47% and 42%, respectively, the demand and supply were dominated by 2 BHK apartments. In Q1 2023, the demand for properties in the rate range of square feet (psf) was 48% higher than the supply, which was 44%. The demand and supply percentages for properties valued between INR 9,000 and INR 13,000 per square foot were 31% and 29%, respectively.
Home purchasers also looked at homes in Majiwada, Kolshet, and Kalyan in addition to Western Thane, Ghodbunder Road, and Dombivli. These areas are appealing for business due to their superior road and train connectivity, proximity to job centers, and affordable property rates.
Analysis of Thane Property Rates
Due to strong societal facilities and connectivity, established areas like Dombivli (3.8%), Pokhran Road (2.6%), and Majiwada (1.1%) saw increases in their respective average rates in Q1 2023.
However, because of their separation from major business centers, places like Shilphata (-3.5%), Bhayanderpada (-2.6%), Waghbil (-1.9%), and Vasant Vihar (-1.1%) saw a decline in their respective average rates.
Note:
• Above is the list of major localities of the city, with information about their average rate and QoQ rate changes in Q1 2023.
• The locality rate are calculated by averaging the rate of all properties in a locality in multi-storey and builder floor segments after removing the outlier properties that might distort the overall prices.
• The three tables above categorize the localities in various rate buckets.
• The color of the numbers represents the price change in Q1 2023, with green color representing rate increase, red color rate decrease and grey as neutral.
Note:
• Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 2023.
• Color of the bubble represents price change in Q1 2023, with green color representing price increase and red color price decrease.
Thane Property Market's Results
As Thane developers prioritised finishing their ongoing projects and lowering their leftover inventory, new supply was put on hold. The development of crucial infrastructure, such as the railway line between Thane and Diva, the planned Mumbai-Ahmedabad High-Speed Railway, and the Personal Rapid Transport System, is also anticipated to boost supply and demand in the upcoming years. (PRTS). These changes are expected to improve communication and transit in the area.
Source From:- navimumbaihouses
