India, Aug. 4 -- Thane, often referred to as Mumbai's satellite city and the second-largest city district in the Mumbai Metropolitan Region (MMR), is 78% more affordable than Mumbai in terms of real estate. However, while traditionally seen as distinct from Mumbai, Thane is beginning to mirror the city in key ways, most notably in its vertical growth. Its residential skyline now features 89 skyscrapers with 40 or more floors, a clear sign of the land scarcity-driven push for high-rise living, according to a report by real estate consultancy Anarock.

The report titled 'Thane: The Rising Star of MMR Real Estate' highlights Thane's housing price growth, a whopping 46% leap in average residential prices in just three years, from Rs.13,550 pe...