Thane Homes Still 78% Cheaper Than Mumbai, But Catching Up Fast

Thane: Once viewed as a suburban satellite of Mumbai, Thane is fast emerging as a vertical powerhouse of the Mumbai Metropolitan Region (MMR). According to a new report by real estate consultancy Anarock, Thane now boasts 89 residential skyscrapers with 40 or more floors, a reflection of land scarcity and the city’s growing appetite for high-rise living.

The report, titled “Thane: The Rising Star of MMR Real Estate,” highlights how the city is increasingly mirroring Mumbai—not just in skyline but in property values and market dynamics.

A Booming Real Estate Market

In just three years, Thane's average residential prices have surged by 46%, rising from ₹13,550 per sq ft in Q2 2022 to ₹19,800 per sq ft in Q2 2025. Despite the spike, the city remains far more affordable than Mumbai.

“Thane is at least 78% more affordable than suburban Mumbai,” said Aayush Puri, Head, Anarock Channel Partners (ACP) and ANACITY.

“For example, a 2BHK home with a 650 sq ft carpet area costs about ₹1.25 crore in Thane, while the same would cost ₹2.11 crore in Mumbai’s central suburbs and ₹2.36 crore in the western suburbs—excluding taxes and charges.”

Skyline Soars with Demand

Thane’s evolution from a mid-income housing hub to a destination for luxury skyscrapers is being driven by robust demand and major infrastructure upgrades.

“Thane is not just a hot residential destination; it has helped redefine the MMR housing landscape,” said Puri.

“Demand for under-construction homes is now outpacing ready-to-move-in options, because luxury housing in Thane is still more attainable than in Mumbai’s prime areas.”

Launches and Absorption on the Rise

Between FY 2020 and FY 2025, Thane saw the launch of 65,800 residential units. A significant 45% of this was made up of 2BHKs, followed by 1BHKs at 42%, 3BHKs at 11%, and 4BHKs at 2%.

The post-COVID housing market recovery has been nothing short of dramatic. From FY 2020 to FY 2023, new housing supply grew by 103%, while absorption (sales) jumped 78%, reaching 19,600 units in FY 2024. In Q1 FY 2026 alone, 3,130 homes were sold, with 2,910 new units added to the market.