In contrast, the average house prices in the MMR (Mumbai Metropolitan Region) stood at Rs 17,100 per sq. ft at the end of Q2 2025, as noted in ANAROCK’s 2025 “Residential Market Viewpoint Pan India” report.
ET Wealth Online explains how Thane has even outperformed some major Indian cities in terms of average price growth and capital appreciation.
Affordable in comparison to other Mumbai areas, more value for investment
According to ANAROCK’s recent report titled “Thane: The Rising Star of MMR Real Estate”, Thane is a staggering 78% cheaper than other Mumbai suburbs.
Currently, the average price of a 2BHK in Thane is around Rs 1.25 crore. A similar residential house in Mumbai’s central suburbs, which include Kurla, Ghatkopar, Bhandup, Mulund, and Powai, would set you back around Rs 2.11 crore, while in the western suburbs like Andheri, Borivali, Dahisar, Goregaon, Jogeshwari, Juhu, Kandivali, Khar, Malad, Santacruz, and Vile Parle, it skyrockets to a whopping Rs 2.36 crore.
Thane has also seen significant capital price appreciation over a 3-year and 5-year period. As the ANAROCK report states, the suburb has seen a 36% capital price appreciation over a 3-year period, which further rises to 58% in 5 years.
Essentially, capital price appreciation, or capital growth, indicates the hike in the market value of an investment over time. Think of it as the difference between your cost of acquisition for an asset and its current market value, which is an essential metric for those looking to sell their real estate in the region or those looking to buy real estate as an investment.
How is it different from the average rise in residential prices? Explains Aayush Puri, Head – ANAROCK Channel Partners (ACP) & ANACITY, “The average rise in residential prices measures the general increase in property prices across a locality, while capital price appreciation is the actual percentage gain for a specific property”.
“For instance, if, in an area, residential prices rise from Rs 5,000 to Rs 5,500 per sq ft between a specific period, you could say that the average price rise in that locality is 10%. But, if your flat’s value grows from Rs 50 lakh to Rs 56 lakh, you could say that your capital price appreciation is at 12%”, he further adds.
In other words, while the average rise in residential prices denotes how much prices, on average, have gone up in a region, capital appreciation is more asset-specific and depends largely on the price you bought the property at, and consequently, what price you sell it at.
Take a look at the capital appreciation that has taken place across various micro-markets in some of India’s metros between 2021 and 2024. As is evident, between 2021 and Q2 of 2025, other major areas of Mumbai, namely Chembur and Mulund, have seen capital appreciation of 53% and 50% respectively, less than Thane’s 58% in the last 5 years.
Source: ANAROCK Research & Advisory
Residential prices in Thane see a solid hike
Within Thane, Thane Central, Pokhran Road, Majiwada, Kolshet and Kasarvadavali emerged as the top micro-markets which saw the maximum rise in average residential prices. Take a look at the capital prices in each of these areas as of June 2025:
- Thane Central: Rs 23,000/sq.ft
- Pokhran Road: Rs 20,700/sq.ft
- Majiwada: Rs 19,400/sq.ft
- Kolshet: Rs 20,200/sq.ft
- Kasarvadavali: Rs 15,000/sq.ft
The average residential prices in India’s top 7 cities saw an annual appreciation of 6% to 27%, with Mumbai Metropolitan Region (MMR) at 9%. At a pan-India level, an annual growth of 11% was recorded, rising from Rs 8,070/sq.ft in Q2 2024 to Rs 8,990/sq. ft in Q2 2025.
On the other hand, in Thane, capital prices were at about Rs 16,000/sq. ft, nearly double the pan-India capital price appreciation levels. According to a 2024 ANAROCK report, Thane West had an average price of Rs 13,500 per sq. ft. as of H1 2024, up from Rs 10,317 per sq. ft. in 2019, signifying a 34% increase over 5 years from 2019 to 2024.
