When the real estate trends of a city are marked by consistent references to its growth in market research reports by the analysts of several firms, the rising significance becomes more than evident.
When the progress is visible across real estate segments, it signifies a comprehensive growth story and holistic approach towards development.
As per the Cushman & Wakefield Market Beat — Mumbai Residential Q2 2022, in the high-end segment, Thane’s average rental values as of Q2 2022 were Rs. 15,440 – Rs. 30,870 marking a quarter-on-quarter rise of 5% while capital values as of Q2 2022 were Rs. 7,570 – 17,100 marking a quarter-on-quarter rise of 3%.
PropEquity’s research report conveyed that while most of the cities have witnessed a lower new launch rate, Thane continues to remain at the top spot with a jump of 109% on a year-on-year (Y-o-Y) basis as new launches increased from 10,400 units during Q22021 to 21,704 units during Q22022.
Total absorption rose from 10,878 units in Q22021 to 22,966 units in Q22022, according to PropEquity data. In fact, Thane overtook Pune to take the top spot in this aspect with 111% growth on Y-o-Y basis. Moreover, it was the only city to show growth in demand as compared to previous quarter.
Vestian, in association with FICCI, recently released a report titled ‘Shifting Trends in the Indian Office Market: Understanding the New Cogs,’ which stated that the peripheral office markets along the Thane-Navi Mumbai belt have shown better traction in the past 12 months, their share exceeding that of the pre-pandemic period.
A report by Savills India titled – India Market Watch Office – H1 2022, pointed out that favoured by sub-dollar rents, Thane at 21%, attracted a significant share of the overall demand mainly by occupiers in BFSI and technology segments as well as flexible workspace operators, ahead of central Mumbai (13%) and Mumbai’s eastern suburbs (13%).