By Arosh John, Founder, John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief, Thane Real Estate News (TREN)
Thane–MMR | January 2026
Real estate appreciation is not automatic. In the resale market, price growth behaves like a reward for certainty—certainty of upkeep, certainty of governance, certainty of paperwork, and certainty that the building will age well.
In Thane–MMR, I have seen apartments in excellent locations underperform simply because the project ecosystem became a risk. The flat may be good. The location may be right. However, if the society system is unstable, serious buyers will aggressively discount.
This is a practical, on-ground editorial on what slows resale performance in some projects—and how buyers and investors can avoid hidden friction.
1) Maintenance Defaulters Break the Project’s Cashflow
Most resale negotiations start with a simple reality check: How does the building look and feel today? That experience depends on money—specifically, regular maintenance collections.
When a large number of members default on maintenance, the society’s operating discipline weakens. The consequences are predictable:
- Housekeeping frequency drops
- Lift downtime increases
- Seepage and waterproofing issues keep getting postponed
- STP, pumps, DG sets, and common lighting become “temporary repair” items
- Painting cycles and façade upkeep get delayed
- Vendor quality reduces because payments are late
Over time, the building starts looking tired. Buyers then price in future repairs and future disputes. Resale appreciation slows because the asset feels harder to own and harder to exit.
2) Committee Politics and Weak Governance Reduce Buyer Confidence
This is the most underestimated factor. A well-built project can still lose resale power if governance becomes chaotic.
Typical red flags include:
- Committee factions and constant internal conflict
- Opaque vendor appointments and payment decisions
- Delayed audits and unclear accounts
- “Everything is political” culture around basic approvals
- Informal tenant influence creates decision paralysis
- Deliberate price-suppression narratives inside the society
A resale buyer does not just buy a flat. The buyer buys into a system. If the system appears unstable, serious end users and loan-backed buyers hesitate. That hesitation translates into lower pricing and longer sales cycles.
3) Poor Upkeep Becomes a Permanent Discount
Upkeep is not decoration. It is a value signal.
Buildings that command premium resale pricing usually share one trait: they look maintained even after years. That does not happen by luck. It happens because societies run upkeep like a business.
Projects underperform when you consistently see:
- Shabby lobbies and common areas
- Damaged tiles, weak lighting, and tired landscaping
- Broken amenities that stay broken
- Parking disorder and rule enforcement failure
- Security and housekeeping reduced to minimum standards
Once a building earns a “poorly maintained” label in the broker and buyer ecosystem, the discount becomes sticky.
4) Paperwork Friction Scares End-Users and Banks
In the resale market, paperwork is not a back-office detail. It is a pricing lever.
Resale performance slows when buyers sense uncertainty, such as:
- Unclear completion or occupancy status
- Delayed conveyance and unclear land title transfer to the society
- Unresolved handover items between the developer and society
- Ongoing disputes over defects, amenities, corpus, parking, or handover terms
- Repeated documentation delays during resale transfers
A clean paperwork ecosystem brings cleaner buyers. Cleaner buyers bring better pricing.
5) Developer–Society Disputes Keep the Project “Stuck”
Some projects remain in a prolonged dispute cycle. The building becomes a legal story rather than a lifestyle product.
When the narrative around a project is dominated by:
- Defect liability fights
- Unpaid corpus issues
- Amenity delivery disputes
- Litigation or repeated notices
- Stalled closure activities post-handover
The resale market reacts by becoming cautious. Caution reduces urgency. Reduced urgency slows appreciation.
6) Tenant-Heavy Towers Can Create Short-Term Thinking
High tenant occupancy is not automatically negative. However, in several underperforming buildings, heavy tenant churn creates:
- Faster wear and tear in lifts, corridors, and common areas
- Weaker community ownership culture
- Lower willingness to approve capex spending
- “Keep it cheap” decision-making, even when upgrades are needed
Premium resale buyers often prefer buildings with more owners, because upkeep standards are usually tighter and decisions are more long-term.
7) Micro-Location Mechanics Matter More Than People Admit
In Thane, micro-location often beats pin-code branding.
Two projects in the same locality can perform very differently due to:
- Weak approach roads or messy turning access
- Peak-hour chokepoints at junctions
- Waterlogging pockets
- Noisy edges near heavy traffic corridors
- Commercial spillover or encroachment pressure
- Poor last-mile walkability for daily needs
These factors may not be visible during one site visit. They show up in daily life—and daily life shapes resale sentiment.
8) Oversupply and Developer Discounting Reset Resale Benchmarks
Some projects underperform not because they are bad, but because the local market is crowded.
Resale growth slows when:
- Too many similar towers launch nearby
- Investor inventory is high, and exits compete with each other
- Newer phases or nearby projects keep discounting
- Distress deals inside the project set low “anchor” prices
Scarcity supports premiums. Oversupply forces negotiation.
9) High Monthly Outgo Reduces the Flat’s Net Value
Buyers may not call it yield, but they calculate affordability beyond EMI.
If the project has:
- High maintenance charges
- Frequent special contributions
- Repeated capex surprises due to weak sinking-fund planning
The monthly ownership experience becomes heavy. Many buyers then demand a price correction to compensate for future outgo. Resale underperformance follows.
The Practical Buyer’s Checklist (Use This Before You Buy)
This checklist is designed for real resale outcomes, not brochure comfort.
A) Money and Governance
- What percentage of members are chronic maintenance defaulters?
- Are accounts audited on time, and are audits clean?
- Is the sinking fund adequate and used for planned capex?
- Are key AMCs active and reliable (lifts, DG, pumps, STP)?
- Do decisions look structured, or permanently political?
B) Building Health
- Any recurring seepage patterns (terrace, external walls, toilets)?
- Lift downtime frequency and vendor responsiveness
- Quality of common area upkeep, lighting, and safety
- Parking discipline and rule enforcement
- Condition of amenities and actual usage
C) Paperwork and Transfer Ease
- Is the project status and approvals clarity clear in resale discussions?
- Conveyance status clarity at the society level
- Any ongoing developer disputes or litigation culture
- Share certificate and the resale transfer process speed and predictability
If a project fails in two out of three buckets—governance, building health, paperwork—resale performance usually slows, even if the flat is good.
Closing Note
In Thane–MMR, the best-performing apartments are not always the most advertised ones. They are the ones that remain boringly well-run for a decade. Resale premiums are often the market’s way of rewarding operational discipline.
Also READ: How to Avoid Tenant Disputes & Protect Your Property in Thane–MMR
About the Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and the Editor-in-Chief of Thane Real Estate News (TREN). With over a decade of hands-on experience across Thane’s residential and premium resale market, luxury villas, and NRI investment advisory, he is widely followed for his practical, ground-truth view of how pricing actually moves in Thane—micro-market by micro-market. Known for combining deal-level market intelligence with documentation discipline, Arosh helps buyers and investors navigate the full cycle: shortlisting, negotiation, legal and society checks, loan readiness, and resale exit strategy. Through TREN, he also tracks how infrastructure, policy, and project governance translate into real outcomes for end-users and investors—making him one of Thane’s most trusted voices for credible, insight-led real estate guidance.
Disclaimer
This article is for general information and buyer education. It does not constitute legal advice. Buyers should independently verify project approvals, society records, and transaction documentation with qualified professionals before making any decision.
