New home prices now significantly higher than resale homes; Mumbai premium hits 23%, Pune 22%, says report

New home prices are now significantly higher than resale properties across key Maharashtra markets, with the gap widening sharply over the past decade as buyers increasingly prefer modern projects with better amenities and infrastructure connectivity. According to a research report by 1 Finance Magazine, the premium for primary housing over secondary stock has reached 23% in Mumbai, 22% in Pune, and 8% in Thane, reflecting a structural shift in buyer behaviour.

The report, based on transaction data from 2016 to December 2025, shows that housing markets are no longer driven only by location. Instead, buyers are willing to pay higher prices for newer layouts, integrated townships, and projects located near upcoming infrastructure corridors, even within the same pin code.

Greater Mumbai continues to remain the costliest market, with the premium on new homes rising from about 5% in 2016 to 23% in 2025. Average primary prices in the city stood at around ₹35,602 per sq ft as of December 2025, indicating strong demand for redeveloped towers and newly launched projects over ageing housing stock.

The gap is even wider in certain neighbourhoods. In South Mumbai, the premium has increased to about 46%, while the Western suburbs show a premium of around 44%, driven by demand for high-rise developments offering parking, security, and modern amenities. In the Eastern suburbs, the premium jumped from just 2% in 2016 to about 30% in 2025, largely due to redevelopment and large integrated projects along key transport corridors.

Thane

Thane has emerged as one of the clearest examples of how infrastructure can reshape property prices. In 2016, new projects in the region were priced at a discount of nearly 25% compared to resale homes, but by 2025 the market had flipped to an 8% premium. The change has been supported by projects such as Metro Line 4, new ring roads, and the expansion of township developments, which have increased demand in areas connected to Mumbai.

Within Thane, some micro-markets have seen even sharper moves. Bhiwandi’s premium rose to about 60%, reflecting strong demand driven by logistics and industrial growth, while Thane city itself moved from a discount to a premium as buyers shifted toward larger, better-planned developments. Nearly 97% of new launches in late 2025 were 1, 1.5, or 2 BHK units, indicating strong demand from end-users rather than investors.

Pune has recorded the sharpest turnaround among the three markets. In 2016, resale homes in several parts of the city were priced higher than new launches, but by 2025 the situation had reversed, with the overall premium reaching about 22%. Pune Central now shows premiums of up to 50%, while growth corridors such as Hinjewadi, Wakad, and Wagholi have seen strong demand for new projects due to proximity to IT hubs and industrial zones.

According to the report, Maharashtra’s housing market is undergoing a structural repricing, with demand shifting toward newer, infrastructure-linked projects rather than older buildings in established locations. Analysts said pricing trends are increasingly being driven by micro-market dynamics, connectivity, and quality of construction, suggesting that the gap between primary and resale housing could remain wide in the coming years.