October 29, 2025: “Mumbai is brutal for people with a salary of less than Rs 6 lakh per year. The struggle is daily and savings are negligible,” said a human-resources professional working for a multinational company. Her words capture a growing reality — Mumbai’s affordability crisis is pushing residents to seek homes beyond the city limits, particularly in Thane.
According to data from real estate platform Zapkey, around 33% of new homebuyers in major Thane projects are from Mumbai. Once dismissed as a small town, Thane has evolved into a sought-after residential hub. Its transformation began between 1995 and 2000 under the leadership of municipal commissioner T. Chandrashekhar, who spearheaded rapid infrastructure improvements and curbed illegal construction, laying the groundwork for modern urban growth.
The appeal today lies in value for money. While average home prices in Mumbai hover around Rs 33,000 per sq ft, often for ageing standalone buildings, Thane offers modern gated communities at nearly half the cost—around Rs 18,000 per sq ft. Major developers have maintained discipline, ensuring affordability without compromising on amenities or design.
Two primary buyer groups are driving this shift. The first comprises Mumbai renters looking to own homes, as the EMI for a Thane flat often equals their current rent. The second includes residents of old Mumbai buildings seeking a better lifestyle with open spaces, gardens, and modern amenities—something scarce in the city.
Though Thane’s residential development has outpaced office growth, its population boom and rising infrastructure promise gradual change. In the coming decade, as companies establish offices there, more residents are expected to live and work locally.
For many, a Rs 6 lakh annual salary may barely suffice in Mumbai—but in Thane, it’s a chance to live with dignity and space.
Source: Mumbai Mirror
