Post on 28-Jun-2020
PropIndex | Magicbricks
Residential Market Insights
New Projects driving demand in peripheral locations
Thane Market had a decent quarter, with price index moving up by 1.1% QoQ with new supply tapered in the city. Asa satellite city to Mumbai with local railways and road connectivity, the Thane market had seen rapid growth. Still,due to the lack of any significant commercial development, the city's long term growth seems capped.
Having said that, the upcoming metro lines bring Mumbai closer to Thane. The development of Powai, Kanjurmarg,and Mulund as commercial hubs drove the demand of residential sector in Thane being an affordable market.
While the Ready to move segment has grown just under 7% in the last 5 years, falling much behind inflation,Under-construction segment's strong price growth with development from Grade A developers of Mumbai haspropped up the city's realty sector.
5 YearChange YoY QoQ
1.1%1.3%6.8%
5 YearChange YoY QoQ
2.3%3.8%26.7%
"Under-constructionsegment witnessed amuch stronger growth,registering 26.7% priceincrement in last 5
years"
Thane Q4 2019
Parameters India Thane
Demand+ +4.0% +4.0%Supply++ +1.5% -0.5%Price Index+++ +1.2% +1.1%
"City prices grew by amoderate 6.8% in thelast 5 years, with a1.1% QoQ growth"
Notes: + represents the QoQ change in volume of propertysearches on Magicbricks website in Q4 2019 ++ represents the QoQ change in volume of active listingson Magicbricks website in Q4 2019 +++ represents the QoQ change in the weighted averageprice at India and city level..
Key Developers based onactive listings
Lodha Group
Kalpataru
Dosti Realty
Puranik Builders
Runwal Developers
Rustomjee
Hiranandani Group
Raunak Group
Godrej Properties
Neelkanth Group
Key Projects based on con..
Lodha Amara Kolshet Road
Haware Citi Kasarvadavali
Dosti Vihar Pokhran Road
Regency Sarvam Titwala
Lakeshore Greens Palava
Rustomjee Urbania Majiwada
Lodha Heaven Dombivli East
Mohan Nano EstatesAmbernath West
Lodha Luxuria Majiwada
Poddar Evergreens Badlapur East
Price Bracket (INR/sqft)
< 5000 5000-8000 8000-11000 > 11000
RM UC RM UC RM UC RM UC
1.8%2.1%
3.8%3.4%
4.0%
-0.1%
1.2%
-0.3%
YoY changes in various price segments
Market Dynamics
Ready to Move Price Index
Under Construction Price Index
- Line 4 and Line 5 of the Mumbai Metro,as well as the newly announced ThaneMetro, is likely to drive the next phase ofgrowth in the Thane residential market,and keep it in competition with the NaviMumbai market.
- Strong preference for 1BHKs in Thane isindicating buyer 's price sensitivity, andany further price increases will forcedevelopers to shift to 1BHKconfiguration developmentsincreasingly.
- Ghodbunder Road to again be the focusof development as the metroconstruction progresses.
"While the UC segmentgrew more than 1% forall budget segments,RM segment had
marginal price declinesfor 'greater than INR8,000 per sqft'segments."
Key Trends to Watch Out
2014
2015
2016
2017
2018
2019
2020
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Avg. Price psf
2013
2014
2015
2016
2017
2018
2019
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Avg. Price psf
Average Price INR psf
Average Price INR psf
Note:The above table represents the top developers by numberof active listings on Magicbricks website in Q4 2019
Source: Magicbricks Research
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q4 2019
Source: Magicbricks Research
Notes:1. Ready to move price index represents the weighted average price of completed properties listed in the city on Magicbricks website as on Q4 20192. The data represents price trend for properties in multistorey and builder floors only Source: Magicbricks Research
Notes:1. Under-construction price index represents the weighted average price of under-construction properties listed in the city on Magicbricks website as on Q4 20192. The data represents price trend for properties in multistorey and builder floors only
Source: Magicbricks Research
Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties on Magicbricks website in Q4 2019 for various price buckets
Source: Magicbricks Research
Page 1© magicbricks.com
1 BHK55%
3 BHK9%
Above 3 BHK1%
2 BHK35%
DEMAND
Demand Supply Analysis Thane Q4 2019
Affordable properties attracting demand
1BHK configuration most preferred in a costly marketPrice appreciation starting tocause demand-supplymismatches
In Q4 2019, the consumers continuedgalvanizing towards the affordable propertiesalthough price appreciation is bringinginvestment ticket size in established localitiesof Thane such as Ghodbunder Road and Thanewest on the same levels as of popular peripherallocations of Mumbai such as Dahisar andMira-Bhayandar.
"1BHKs strongly dominated theThane market, forming 55% ofthe searches, as buyers lookedfor affordable properties in acostly market. 2BHKs followed
with 35% searches."
- 1 and 2 BHK searches have dominated the cityin the quarter, crowding out higher BHKconfigurations, with 3BHK and above receivingjust 10% of the searches.
- 4 BHKs and above form just 1% and 2% of thedemand and supply in the Thane market,indicating buyer resistance to shifting towardsthe premium segment.
- A similar affordability story played out inpreference for price segments, with almost 40%of the buyers preferring apartments costing lessthan INR 5,000 per sqft. However, a slightsupply-side mismatch was evident, with Thanemarket offering less than 25% of its propertiesin the 'less than INR 5,000 per sqft' segment.
Top Micromarkets by consumersearches
Propensity of demand and supply in terms of searchesand listings by localities
1 BHK39%
2 BHK46%
3 BHK13%
Above 3 BHK2%
SUPPLY
8000-1100025%
5000-800022%
> 1100029%
< 500024%
SUPPLY Price buckets in INR per sqft
Top Micromarkets by activelistingsa
8000-1100019%
5000-800020%
> 1100021%
< 500039%
DEMAND Price buckets in INR per sqft
Notes:1. Demand represents property searches on Magicbricks website during Q4 2019, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q4 2019, segregated by BHK configuration
Source: Magicbricks Research
.Notes:1. Demand represents property searches on Magicbricks website during Q4 2019, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q4 2019, segregated by price buckets
Source: Magicbricks Research
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q4 20192. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q4 20192. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q4 20192. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Thane East
Shilphata
Bhiwandi
Vangani
Titwala
Karjat
Neral
© OpenStreetMap contributors
Demand/SupplyDemand
Dombivali 4177 - 8547
Kalyan 3139 - 8098
Ghodbunder Road 7208 - 12756
Ambernath-Badlapur
3103 - 5085
Ghodbunder RoadPrime
8636 - 21339
11
32
23
74
45
Ghodbunder Road 7208 - 12756
Dombivali 4177 - 8547
Ghodbunder RoadPrime
8636 - 21339
Kolshet 8831 - 14237
Majiwada 8377 - 13621
11
22
33
44
55
Micro-Market Price Range Q4 Rank Q3 Rank
(Price in INR per Sqft)
Micro-Market Price Range Q4 Rank Q3 Rank
Page 2© magicbricks.com
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q4 20192. Color of the bubble represents price change in Q4 2019, with 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 to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Locality NameAvgPrice
QoQChange
Boisar
Asangaon
Palghar
Neral
Karjat
Badlapur West
Badlapur
Badlapur East
Mumbra
Ulhas Nagar
Ambernath East
Titwala
Ambernath West
6.1%
6.0%
6.1%
-1.6%
-2.1%
4.5%
-0.5%
5.9%
2.4%
5.9%
-1.4%
4.1%
3.7%
5.9%
-4.4%
-6.9%
4,544
4,395
4,195
4,183
4,179
4,176
4,132
4,114
3,805
3,804
3,662
3,397
3,380
3,364
3,175
3,171
< INR 5,000 psf INR 5,000-8,000 psf INR 8,000-11,000 psf > INR 11,000 psf
Price Analysis Thane Q4 2019
- Most of the significant peripheral localities - Dombivli, Kalyan, Ambernath, and Badlapur, which are also major industrial and employment centres of Thane,witnessed positive price changes for the quarter.- Price decline was mostly witnessed along the premium pockets located along the Ghodbunder Road.- The mid-segment consisting of localities in the 'INR 5,000-8,000 per sqft' price segment had most of its localities witnessing price increments.
Source: Magicbricks Research
Ambernath West-1.6%
Dombivli East3.8%
Ulhas Nagar-0.5%
Thane East2.8%
Shilphata6.1%
Bhiwandi6.1%
Mumbra5.9%
Titwala-2.1%
Neral3.7%
© OpenStreetMap contributors
Locality NameAvgPrice
QoQChange
Kalwa
Kasarvadavali
Owale
Bhayanderpada
Anand Nagar
Brahmand
Waghbil
Kavesar
Ghodbunder Road
Balkum Village
Dhokali -3.0%
3.9%
-0.6%
1.7%
-1.1%
1.2%
1.1%
-7.1%
4.0%
-1.9%
1.2%
10,990
10,860
10,396
10,226
10,172
10,074
10,002
9,532
9,258
9,078
9,038
Locality Name Avg PriceQoQ
Change
Vartak Nagar
Majiwada
Kolshet Road
Manpada
Thane West
Patlipada
Kapurbawdi
Pokhran Road
Vasant Vihar
Hiranandani Estate
Thane East
Pokharan Rd No 2
Teen Hath Naka
-6.9%
0.3%
2.8%
-2.5%
5.9%
2.8%
-6.5%
-5.2%
-3.3%
5.9%
1.8%
1.5%
-2.9%
3.7%
-0.9%
-0.5%
18,424
15,232
15,105
14,902
13,306
13,132
13,004
12,672
12,666
12,389
12,250
11,862
11,822
11,669
11,562
11,504
-7.5% 7.5%
Avg Price Change %ge
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q4 2019. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q4 2019, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
Q4 2019 Price changes for the city's major localities
Locality Name Avg PriceQoQ
Change
Dombivli
Dombivli East
Dombivli West
Kalyan
Kalyan East
Kalyan West
Palava
Shilphata
Thakurli 6.1%
6.1%
-3.2%
3.8%
6.0%
4.1%
2.0%
3.8%
2.0%
7,278
6,227
6,170
6,562
5,433
6,294
6,796
6,181
6,424
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Prateek Pareek | Assistant Managersurabhi.arora@magicbricks.com devendra.lohmor@magicbricks.com ankur.upadhyay@magicbricks.com prateek.pareek@magicbricks.com
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
For more information and research related queries, please contact:
-5% -2.5% 0% 2.5% 5%
Page 3© magicbricks.com