Prices of the under-construction properties increase 19.5% QoQ, reaching a whopping INR 16455 psf: Magicbricks
Thane, October 10, 2024: According to Magicbricks’ latest PropIndex Report (July-September 2024), housing supply in Thane has declined by 16.9% QoQ, while property prices have surged 9.8% QoQ, reaching INR 13,165 psf, one of the highest in the country. Despite rising prices, home search activity in Thane increased by 2.5% QoQ from July to September 2024. The report also highlights Thane’s appeal as a prime investment destination, driven by significant infrastructure projects such as the Thane Metro and MMRDA road initiatives.
Under-construction properties witnessed a sharp 19.5% QoQ price increase, with rates climbing to INR 16,455 psf in Q3 (Jul-Sep 2024), up from INR 13,774 psf in Q2 (Apr-June). In contrast, prices for ready-to-move apartments decreased by 10% QoQ, falling to INR 11,778 psf from INR 13,121 psf in the previous quarter. Additionally, the supply of ready-to-move apartments declined by 7.93%, while under-construction property listings surged by 33.6% on the Magicbricks platform.
The report also shared that the average price of builder floors stands at INR 8,800 psf, multistorey apartments at INR 14,000 psf, residential houses at INR 15,200 psf, and luxurious villas at INR 17,000 psf. Key localities such as Western Thane, Majiwada, and Kolshet have seen significant customer interest due to their proximity to Mumbai, robust infrastructure, and the rise of commercial projects. Demand for 2 BHK units and properties averaging INR 13,200 psf continues to grow, reflecting increased interest in premium homes.
