Thane's inflated property market

Okay, this is genuinely concerning.

A builder in Thane, lets say Redmond builders has 10 towers of 42 stories each with 8 flats on each floor,

Remove the refuge areas the no. of flats comes to somewhere around 3200 (40*8*10)

Talking to local real estate guys, I have found out each Redmond buildings have on average 10 flats for resale per building currently, that's 100 flats inventory.

Most of them are sitting empty, not even rented, the owners are literally paying maintenance and property tax, out of their pocket with no income from the flats.

Most resellers want 90-95 lakhs some are even quoting 1 crore + stamp duty and other registration charges, no negotiations.

So the final cost is anywhere around 1 to 1.12 crore for a 415-425 carpet area flat

Is this sustainable? is there a bubble?

Based on simple rental yield math, the flats are realistically not worth more than 60-65 lakhs all inclusive and that too is a stretch

The parking apparently is in a separate tower that you have to take a electric buggy to reach. Just imagine, you have to take a car ride to get to your car ride 😂

I mean I'm not able to process this, can someone please help me justify what's going on!!! Who is actually buying these flats?!!

Tl;dr matchbox 1 BHK flats with inconvenient parking being sold for 1 cr with huge resale inventory still pending for sale. Are we in a bubble, if not please help me wrap my head around these prices.