The past few years have been a consolidation phase for Thane

April 2025

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In his first interview after the Change of Guard, Immediate Past President, CREDAI MCHI Thane, Jitendra Mehta reminisces about the timeline of his Presidency with Consulting Editor Kamlesh Pandya

As the designation changes – now you are Immediate Past President – how do you look at the recent past?

Over the past few years, from mid-2021 to March, 2025, Thane’s real estate market has been on a steady upward grind; cementing its status as a hotspot in the Mumbai Metropolitan Region (MMR). It mirrors my tenure as President, CREDAI MCHI Thane.

During the change of guard ceremony, Past President Ajay Ashar said the Immediate Past President’s role is more important...

Ajay Bhai is our mentor, and I take his words very seriously. For Sachin Mirani, I am always there, whatever the challenge. We are a team, and responsibility continues regardless of the change in designation.

Your thoughts on how Thane’s real estate has evolved during your tenure?

Thane's real estate market is booming, thanks to several infrastructure projects that are driving growth and development in the area. The positive sentiment is not just hype; the numbers and trends back it up. Residential real estate has been the star performer. Demand spiked noticeably, with a 6.8% quarter-on- quarter increase reported in Q1 2023 alone, according to media reports.

How do you see the way ahead?

Thane's real estate market is booming and will continue to do so. This is because of several trends dominating the scene. For one, the growing demand for residential properties:

Thane has witnessed a consistent rise in demand for residential properties, driven by factors like job opportunities, improved infrastructure, and affordable housing options.

Thane offers a wide choice in terms of property...

Yes, and we see this happening in the future in emerging Micro Markets; areas like Ghodbunder Road, Kolshet Road, and Pokhran Road among others. These emerging micro markets are gaining popularity, offering a mix of affordable and luxury housing options. These micro markets provide ample opportunities for home seekers, as also for investors to get growth and investment.

There is a growing demand for luxury flats?

Yes, there is a growing interest in luxury flats, with buyers seeking premium amenities, world-class designs, and high-end specifications. Developers are introducing luxury projects to cater to this demand.

Your take on Thane property’s investment potential?

Thane's real estate market presents a promising investment potential, with property prices appreciating steadily. The city's continuous growth, improving infrastructure, and rising demand for residential and commercial spaces make it an attractive investment destination.

Growth of Thane’s real estate with technological advancements

The real estate industry in Thane is embracing technological advancements, enhancing the home-buying experience. Virtual property tours, online booking platforms, and smart home automation are becoming increasingly popular.

Your analysis of different segments of housing?

The past couple of years have seen Thane real estate market witness a surge in demand for Luxury Flats, driven by factors like improved infrastructure and business/ job opportunities. The numbers are still growing, and affordable housing options obviously, lead the demand numbers. Affordable Housing is a significant sector in Thane, with the city witnessing a surge in demand for budget-friendly homes, especially among middle-income homebuyers. The government's initiatives, such as the Pradhan Mantri Awas Yojana (PMAY) and affordable housing policies, have also contributed to the growth of this sector, although this is mostly seen in Thane’s peripheral areas.

The winner is...?

The Mid-Segment market is the silent player – with some of the largest numbers of actual sales being from this segment. Affordable is largely in peripheral areas; Luxury is a growing trend that is not yet in the ‘large number of sales’ league – the market is largely comprised of mid-segment home buying.

How would you define your tenure?

Overall, the past few years – mirroring my tenure as President, CREDAI MCHI Thane - have been a consolidation phase for Thane. Property prices were up 10-15% on average, demand outstripping supply in key pockets, and investor interest surging. It’s not a bubble; it’s a market maturing fast, riding infrastructure tailwinds and its own appeal as a liveable, workable alternative to Mumbai’s chaos.

Your words to the new President Sachin Mirani?

As I pass on the Baton to my good friend Mr Sachin Mirani, I wish the incoming President and the new team at CREDAI MCHI Thane the very best. Here’s to better days ahead!

Jitendra Mehta is Immediate Past President, CREDAI MCHI Thane

Source: Thane Realty News

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