Thane Rises as Hub for Commercial & Mixed-Use Real Estate

Thane is no longer just a city that people pass through on their way to Mumbai; it’s becoming a destination in its own. The once-quiet suburb has grown into one of the most vibrant real estate centers in the Mumbai Metropolitan Region (MMR), where new commercial and mixed-use projects are reshaping the skyline and adding energy to everyday urban life.

With busy workspaces, vibrant retail centers, and well-planned neighborhoods, Thane is increasingly becoming a city where people can live, work, and thrive together.

Thane’s Transformation into a Self-Sufficient City

Thane has emerged from the shadows of Mumbai in the last 20 years and has blossomed into a commercial hub anchored by luxurious residential complexes, schools, hospitals and recreational spots. Real estate momentum is being steered by strong infrastructure projects and growing corporate interest in the area. The area offers a significant cost advantage to young and established businesses alike: compared to established business districts such as  BKC and Lower Parel, where the rent of Grade-A space is Rs. 250 and Rs. 350 per sq. ft per month, key areas of Thane such as Wagle Estate, Ghodbunder Road and Pokhran Road offer more affordable rentals of Rs. 60 and Rs. 90 per sq. ft per month.

Also Read: Swamiraj Signs INR 180 Cr Deal for Thane West Project

In terms of commercial and mixed-use projects, Thane’s trajectory is on the up-and-up – many developers are considering large format retail spaces, malls and projects that will attract a variety of hotel brands across the luxury to budget categories, in Thane’s bustling commercial and upmarket residential localities. Rapid urbanisation, growing incomes and booming homegrown businesses are signalling the need for more mixed-use developments that go beyond the necessities and towards aspirational needs” says Hiren Chheda, Founder & Managing Director Ekatva Group & Chairman Commercial Development MCHI Thane.

Market Momentum in Offices and Retail

The MMR office market has a leading position in the Indian market as it has 169 million sq ft of available space or 17 percent of the total of the country as of mid-2025. Leasing activity has been strong, led by IT/ITES, BFSI, and global occupiers. What stands out is Thane’s cost advantage, significantly, Grade-A offices in Thane are priced significantly lower than that of the core Mumbai. In key business areas like BKC and Lower Parel, the rent of Grade-A space is Rs. 250 and Rs. 350 per sq ft per month; whereas, in key areas of Thane like Wagle Estate, Ghodbunder Road, and Pokhran Road, the rent is Rs. 60 and Rs. 90 per sq ft per month.

Retail is also finding new ground. According to CBRE, India recorded 3.2 million sq ft of retail leasing in H1 2025, with Tier-I cities leading. This reflects brands’ strong growth in urban areas. For Thane, this means promising prospects for malls, entertainment centres, and high-street retail found in mixed-use developments.

“The real estate momentum in Thane is being driven by strong infrastructure projects and growing corporate interest. For developers like us, this is the perfect time to invest in sustainable, future-ready projects that will redefine the city’s skyline over the next decade,”said Ruchit Mehta, Partner, Mehta Realty.

Also Read: Wagle Estate Redefines Thane's Walk-to-Work Lifestyle

Developers Driving the Growth Story

The leading developers and architectural companies are taking a ride on this wave. Ekatva Group, a renowned name in the business of commercial development, is the developer of memorable commercial ventures namely, Odyssey IT Park, Orion Business Park, and Opal Square. The spaces are well supplied with quality amenities and with the community. Some of their big clients include large organisations such as IndusInd Bank and Reliance Nippon Insurance which indicates the potential of Thane to be a locational destination.

Today Group, with over 20 completed projects and another 20 lakh sq ft under construction, is bringing its expertise from Navi Mumbai to Thane. Bhavesh Shah, Joint Managing Director, Today Group noted, “Integrated developments are the future. People don’t just want a home or an office; they want a complete ecosystem that supports their lifestyle and eases commuting.”

APICES Studio Pvt. Ltd. has been adding architectural excellence to Thane’s skyline since 2004. Under Ar. Hardik Pandit, Director of APICES Studio Pvt. Ltd, the firm uses a modern, sustainable approach. “Spaces transform people, and adaptive design is crucial for addressing density and liveability challenges,” he said.

The other aspect that is promoting growth in Thane is the entry of foreign investors and institutional capital in commercial property. Knight Frank India recorded that the private equity investment in the Indian real-estate sector reached 30,000 crore (USD 3.6 billion) in FY 2024-25 with close to 35% of the investments made in office properties in the MMR. Thane, with a robust demand and competitive rentals, is fast emerging as the preferred submarket for them. This injection of capital also guarantees a steady influx of Grade-A developments and instils long-term confidence in the city’s commercial real estate sector, laying the groundwork for long-term growth.

The Road Ahead for Thane’s Growth

The combination of infrastructure, affordability and corporate mobility makes that a big opportunity. The demand of grade-A office space will continue to increase with the increase in disposable income that implies a retail boom. Integrated developments such as with work, living and leisure spaces are expected to increase as the world is going towards the live-work-play style.

Redefining Thane’s Real Estate Landscape

From being a suburban outpost, Thane is evolving into a major commercial and mixed-use hub. With infrastructure upgrades, investor confidence, and developer vision converging, the city is on course to redefine urban living in the MMR.