PropIndex | Magicbricks Thane

Jan-Mar 2023

Residential Market Insights Market Dynamics

Thane’s residential market witnessed an uptick in demand Parameters India Thane

In Q1 2023, Thane witnessed a QoQ growth of 6.8% in housing demand (searches), while supply (active listings) and Demand+ 3.2% 6.8%
its average rate during the same period recorded a decline of 10.7% and 2.2% respectively. New supply took a Supply++ -0.9% -10.7%
backseat as developers in Thane focused on completing their existing projects and reducing their unsold stock. Rate Index+++ 2.3% -2.2%
Notes:
Moreover, the demand and supply are expected t o be bolstered in the coming quarters wi t h the development of Above parameters represent QoQ change in Q1 2023 at
India and cit y level
key infrastructure such as the railway corridor between Thane and Diva, the proposed Mumbai-Ahmedabad High- + change in volume of property searches
Speed Railway, and the Personal Rapid Transport System (PRTS). These developments are set t o enhance ++ change in volume of active listings
+++ change in the average rate of Under-Construction
transportation and connectivity in the region. (UC) and Ready-to-move (RM) properties
Source: M agicbricks
Research

Key Developers based on

RM Rat e
Index active listings
11,500
Lodh
" RM segment a
Rustomjee
11,000 recorded a QoQ Kalpataru
average rate Ltd.
Average Rate (in INR

Runwal Developers
decrease of 2.2%." Hiranandani
10,500
Group
Dosti Realty
Piramal Realty
psf)

10,000 Raunak Group

Puranik Builders
Ltd.
9,500 Cosmos Group
Q1 22 Q2 22 Q3 22 Q4 22
Q1 23
Note: The above table represents the top developers by
Notes: share of active listings on Magicbricks website in Q1
1. RM rate index represents the weighted average rate of completed properties on Magicbricks website as on Mar 2023. 2023.
2. The graph represents the average rate of dominant asset class in each locality of the city. Source: M agicbricks
Research

UC Rate Index Key Projects

11,500 Project Name Locality

Tata Amantra Kalyan West

"UC segment posted
11,000 Hill Crest Manpada
QoQ average rate
Everest Countryside Pe.. Kasarvadavali
Average Rate (in INR

decrease of 1.8%."
Gagangiri Avenue Samata Nagar
10,500
Kavya Residency Ghodbunder
Roa
Mukta Residency Thane West
psf)

10,000
Ahuja Prasadam Ambernath East

Kabra Galaxy Star 2 Thane West

9,500
Cosmos Springs Kasarvadavali
Q1 22 Q2 22 Q3 22 Q4 22 Q1 23
Balaji Estate Phase 2 Dombivli East
Note:
1. UC rate index represents the weighted average price of under-construction properties on Magicbricks website as on Mar 2023. Note:
2. The graph represents the average rate of dominant asset class in each locality of the city. The above table represents the top projects by consumer
preference on Magicbricks website in Q1 2023.
Source: Magicbricks Research

Change in average rates for localities in various In t he

segments New s
1. The arterial Ghodbunder Road in
< 9,000 9,000-13,000 0.58% " Alt hough aff ordable Thane will soon get six new foot-over
> 13,000
bridges. The Thane Municipal
and mid-segment
Corporation has already given approval
0.29%
propert ies observed a for two of the bridges, one at Waghbil
measuring 43 meters, and the other at
0.19% decrease in t heir Bramhand measuring 52 meters.
average rat es, RM
2. Once the Motagaon-Mankoli Road
and UC propert ies in Connect is opened to tra ffi c, those
-0.02%
t he commuting between Mumbai and
Dombivli can expect to save around 30-45
-0.24% >INR 13,000 psf minutes on one-way travel time. The
road is approximately 1.6 km long and
-0.32% segment were
has six lanes, with a creek bridge that
RM UC RM UC RM largely stable." links the Mumbai-Nashik Highway at
UC
Note: .. Mankoli to Dombivli West at Mot agaon.
Above table represents the rate changes for RM and UC properties for dominant asset classes in each locality under various rate buckets (INR psf) as on Mar 2023. The project is currently in its final stages
Source: M agicbricks Research
of completion.

© m agicbricks .com P age 2

Demand-Supply Thane | Jan-Mar
Analysis 2023
Homebuyers are inclined High demand for 2 BHK units, followed by 1 BHKs
towards smaller configurations
at a ff ordable rates DEMAND SUPPLY
Above 3 BHK Above 3 BHK
Compact 1 and 2 BHK units cumulatively constituted
about 86% demand share and 81% supply in Q1 2% 3 BHK 3%
3 BHK
2023. Ghodbunder Road, Western Thane, and
Dombivli have remained the most preferred micro- 12% 1 BHK 15% 1
markets due to their a ff ordable rates, the presence
BHK
of various employment hubs, good connectivity via
39%
metro and road network, and decent social
infrastructure.
39%

"2 BHK units recorded the bulk

of demand and supply with a
share of 47% and 42%
2 BHK 2 BHK
respectively."
47% 42%
Properties in the rate bracket of <INR 9,000 psf
constituted 48% of the total demand in Q1
2023, while the supply for the same was 44%. Notes:
1. Demand represents property searches on Magicbricks website during Q1 2023, segregated by Bedroom, Hall, Kitchen (BHK) configuration.
2. Supply represents active listings on Magicbricks website during Q1 2023, segregated by BHK configuration.
Further, properties priced in the range of INR 9,000 – Source: Magicbricks Research
INR 13,000 psf secured demand and supply shares
of 31% and 29% respectively.

Besides Ghodbunder Road, Western Thane, and

Dombivli, properties in Majiwada, Kolshet, and Kalyan
Properties priced <INR 9,000 psf remain the sweet spot for home buyers
were also searched by home buyers. Excellent road
and rail connectivity, access to employment hubs, DEMAND SUPPLY
and competitive property rates make these
localities attractive for investment.
> 13,000 > 13,000
21% 27%

< 9,000

< 9,000

48%

44%

Top Micro-market s by Consumer Propensity of demand and supply in terms of searches and Demand/Supply
Searches Demand
listings by localities
Micro-Market Min. Max. Rank Rank
9,000-13,000
Q1-23 Q4-22 31% 9,000-
Rate Rate 13,000
Ghodbunder Road 7,700 13,400 1 2 29%
Western Thane 9,900 21,200 2 1
Notes:
Dombivali 4,800 8,800 3 3 1. Demand represents property searches on Magicbricks website during Q1 2023, segregated by rate buckets.
3,400 8,600 4 4 2. Supply represents active listings on Magicbricks website during Q1 2023, segregated by rate buckets.
Kalyan
Bhayandarpada
Ghodbunder Prime 9,000 21,300 5 5 Bhiwandi
Source: Magicbricks Research
Majiwada 9,400 16,100 6 8

Kolshet 9,600 16,900 7 7 Owale

Ambernath-Badlapur 3,200 5,300 8 9

Note:
1.Top micro-markets of the city, ranked by number of searches on Kalyan West
Magicbricks in Q1 2023.
2. Minimum and maximum rate in the micro-market in INR psf.
Source: Magicbricks
Research
Kasheli
Thakurli Kalyan East

Top Micro-markets by Active Listings Dombivli West

Majiwada
Micro-Market Min. Max. Rank Rank Dombivli
Rate Rate Q1-23 Q4-22 Kalw a Dombivli East
Diva
Mumbra
Ghodbunder Road 7,700 13,400 1 1
Thane East
Dombivali 4,800 8,800 2 2

Ghodbunder Prime 9,000 21,300 3 4

Majiwada 9,400 16,100 4 5

Kolshet 9,600 16,900 5 3

Western Thane 9,900 21,200 6 6

Shilphata
Kalyan 3,400 8,600 7 7

Ambernath-Badlapur 3,200 5,300 8 8

© 2023 Mapbox © OpenStreetMap

Note:
1. Top micro-markets of the city, ranked by their active listings on
M agicbricks in Q1 2023.
2. Minimum and maximum rate in the micro-market in INR psf.
Note:
1. Above map depicts the key localities of the city, w i t h the size of the bubble depicting demand (consumer preference) /supply (active listings) for
properties in the localities on Magicbricks website in Q1 2023.
2. This is an interactive map available on Magicbricks.com under Propindex section
Please go t o https://property.magicbricks.com/microsite/buy/propindex / t o access the full dashboard.
Source: Magicbricks Research

© m agicbricks .com P age 3

Rat e Thane | Jan-Mar
Analysis 2023
Q1 2023 | Change in Rat es in Key
Localit ies

1.
Tit
-2.61%
Bhayanderpada 2.13%
0.32%
Bhiw andi
Ambernat h East
0.30%
Ambivli

-1.82%
Waghbil
5.30%
Shahad
0.14%
Kalyan East
0.30%
Kasheli 0.89%
Dombivli West
-4.39%
Ulhas nagar

1.39%
Dombivli East
-0.43% -0.76%
Kalw a -2.39% Ambernat
0.26%
Naupada Diva

-2.89%
Thane East

0.00%
Padle Nagar

-3.49%
© 2023 Mapbox © OpenStreetMap Shilphat a

Note:
1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 2023.
-5.00% 5.00%
2. Color of the bubble represents price change in Q1 2023, w i t h green color representing price increase and red color price decrease.
3. This is an interactive map available on Magicbricks.com under Propindex section
Please go t o https://property.magicbricks.com/microsite/buy/propindex / t o access the full dashboard.

-In Q1 2023, established localities of Dombivli (3.8%), Pokhran Road (2.6%), and Majiwada (1.1%) recorded appreciation in their respective average rates due
t o good connectivity and social infrastructure.

-However, localities such as Shilphata (-3.5%), Bhayanderpada (-2.6%), Waghbil (-1.9%), and Vasant Vihar (-1.1%) saw a dip in their respective average rates
due t o their distance from commercial hubs.
Source:M agicbricks Research

< INR 9,000 psf INR 9,000-13,000 psf > INR 13,000 psf

Locality Avg Rate Rate Locality Avg Rate Rate Locality Avg Rate Rate Change
(INR (INR (INR psf)
psf) Change psf) Change
Dhokali 12,200 6.51% 16,100 2.60%
Pokharan Road
Dombivli 6,600 3.79% Brahmand 11,600 3.50%

Eden Woods 11,900 2.41% Majiwada 13,100 1.14%

Anand Nagar 10,000 0.32%
Karjat 3,500 1.68% Manpada 12,600 -0.21%
Kapurbawdi 14,800 0.64%
Thane West 12,800 -0.27%

Kalwa 9,300 -0.43%

Kolshet Road 13,600 0.16%
Ambernath East 4,300 0.32% Kasarvadavali 9,500 -0.68%

Hyde Park 11,900 -0.77%

Hiranandani Estate 14,200 0.10%
Vasant Vihar 12,900 -1.06%

Badlapur 3,900 -0.29% Waghbil 10,800 -1.82%

Teen Hath Naka 16,100 0.08%
Ghodbunder Road 10,900 -2.38%

Kavesar 10,800 -2.51%

Kopri 14,600 -0.15%
Diva 4,300 -2.39% Bhayanderpada 10,400 -2.61%

Kolshet 12,700 -3.05%

Patlipada 14,700 -0.61%
Owale 9,300 -3.16%

Shilphata 6,500 -3.49% Vrindavan Society 12,100 -4.07%

Thane East 13,100 -2.89%
Tembhi Naka 11,700 -7.24%

Note:
1. Above is the list of major localities of the city, w i t h information about their average rate and QoQ rate changes in Q1 2023. This is an interactive table available on Magicbricks.com under Propindex section.
2. 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 t hat might distort the overall prices.
3. The three tables above categorize the localities in various rate buckets.
4. The color of t he numbers represent s t he price change in Q1 2023, w it h green color represent ing rat e increase, red color rat e decrease and grey as neut ral. Source: M agicbricks
Research

© m agicbricks .com P age 4

Glossar Thane | Jan-Mar
y 2023
Sl.No Abbreviation Explanation

1 BHK Bedroom, Hall, Kitchen

2 EW Economically Weaker Sect ion

S

3 FY Financial Year

4 INR Indian
Rupee

5 max Maximum

6 MMRDA Mumbai Metropolitan Regional Development Authority

Weighted average price of property during the quarter indexed against the weighted average price of the base quarter. Base quarter is 14
7 Rat e Index
years old but information provided for changes in index 5 years ago, 1 year ago and 1 quarter ago.

8 psf per square f eet

9 Q1 January, February and

March

10 Q2 April, May and June

11 Q3 July, August and

Sept ember

12 Q4 Oct ober, November and December

13 QoQ Quart er on Quart er

14 RERA Real Estate Regulatory Authority

15 RM Ready-to-Move

16 sf square f eet

17 TM Thane Municipal Corporation

C

18 U Under-Construction
C

19 YoY Year on
Year

For more information and research related queries, please contact:

Siddhart Goel | Research & Editorial Head Nikunj Joshi | Research Manager Pratit Kumar Das Upama Sen Lopa Raval
siddhart.goel@magicbricks.com nikunj.joshi@magicbricks.com Research Analyst Research Analyst Research Analyst

Please go t o https://property.magicbricks.com/microsite/buy/propindex/ t o access the full dashboard.

Disclaimer: The data presented in the report is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as t o the accuracy, reliability, and completeness of any information and does not
accept any liability on the information which may or may not be subject t o change from time t o time due t o Governmental or non Governmental regulations/directions.

© m agicbricks .com P age 5