THANE AND BEYOND
The reducing number of COVID-19 cases, lower lending rates, increased focus on New Thane Growth Centres and the approval of Light Urban Rail Transit System (LURTS) helped restore the lost momentum in Thane’s housing market. Consequently, residential sales in the city grew by nearly 20 percent, QoQ, in Q4 2020.
Ghodbunder Road, Kolshet Road, Majiwada and Kapurbawadi garnered maximum housing traction amid improved supply of quality projects. However, sales in areas beyond Thane were relatively lower due to the non-operational train network. Mid-sized 2 BHK units in Rs 50-80 lakh budget remained favoured, majorly in projects with a one-year completion timeline.
New supply improved with builders gradually understanding the market pulse and tiding over the supply-chain disruptions. Around 25 housing projects including phases were introduced in the micro-markets of Ghodbunder Road, Kalyan, Dobivili and Badlapur. Grade B developers including, SPN Group, Acme Housing, Sundaram Builders and Shrikrupa developers added some new inventory to the market.
The unsold housing stock in Thane grew by nearly 30 percent from 27,000 units in Jul-Sep 2020 to 30,000 units Oct-Dec 2020, and the quarters required to sell this stock stand at 17. Ghodbunder Road, Kalyan, Kolshet Road, Kapurbawadi, Karjat, Neral and Badlapur remained acutely laden with maximum unsold inventory.
The rental market in Thane continued to reel under pressure in Q4 2020 with home leasing enquiries still around 20 percent lower than Oct-Dec 2019. Except for a marginal increase in demand in Kapurbawadi, Manpada, Vartak Nagar, and Hiranandani Meadows, the city’s rental trend remained subdued. The average rents in the above areas stood at Rs 25-30 per sq ft.