Andheri East, located along the Western Express Highway, is a locality in Mumbai that seamlessly blends residential and commercial spaces. Surrounded by neighbourhoods like Vile Parle, Powai, Andheri West and Goregaon East, Andheri East offers a mix of offices, stores, restaurants and apartments. With employment hubs such as Chakala and Marol, excellent railway and metro connectivity and airport proximity, Andheri East is a sought-after destination in the real estate market. This article details circle rates in Andheri East, Mumbai, and the factors influencing them.
What are circle rates?
Circle rates, or ready reckoner rates, are the government’s minimum property transaction values for various neighbourhoods. They act as a baseline for calculating stamp duty and registration charges. In Mumbai, these rates, available on the IGR Maharashtra portal, are pivotal in ensuring fair valuation and legal compliance for property transactions.
How to check circle rates?
Online
To check circle rates online on IGR Maharashtra, follow these steps:
- Visit the official IGR Maharashtra portal.
- Navigate to ‘Online Services’ and select ‘e-ASR.’
- Choose the region of interest on the map page.
- Specify district and village details for the desired rates.
Offline
For offline verification of circle rates:
- Visit the local sub-registrar’s office.
- Request a copy of the Annual Statement of Rates (ASR).
- Provide property details for obtaining the ready reckoner rates.
- Calculate the property rate using the per sq ft cost and total area.
Circle rate in Andheri East, Mumbai
In Mumbai, the Stamps and Registration Department determines ready reckoner rates based on market value. Andheri East, a mix of residential and commercial, sees higher circle rates for commercial properties, reflecting its status as a bustling business hub. These rates are subject to periodic adjustments, shape property transactions within the area and are essential for prospective buyers and investors. The average price per square foot in Andheri East is approximately Rs 20,161, with an average rent of Rs 56,018.
Area | Residential properties’ cost per square metre | Commercial properties’ cost per square metre |
Andheri East | Rs 1.14 lakh – Rs 2.44 lakh | Rs 1.25 lakh – Rs 2.68 lakh |
Real estate trends in Andheri East, Mumbai
The real estate market of Andheri East is a result of its strategic location and connectivity. Let us explore the trends in residential and commercial properties, considering the upcoming developments and infrastructure in the area.
Â
Andheri East, Mumbai: Location and connectivity
Andheri East boasts excellent connectivity via railway, road and metro. Residents enjoy easy access to different parts of the city with Jogeshwari-Vikhroli Link Road, Western Express Highway and Andheri-Kurla Road. The Chhatrapati Shivaji Maharaj International Airport is a mere 3 km away. The dedicated metro station on the Versova-Andheri-Ghatkopar Line and Andheri Railway Station further enhance transportation options, making it a well-connected locality.
Â
Andheri East, Mumbai: Residential properties
Andheri East stands out for its robust social infrastructure and offers a mix of educational, healthcare and entertainment facilities, making it an attractive residential option. It houses reputed schools like Bombay Cambridge International School, healthcare centres like Holy Spirit Hospital, and shopping destinations like Prime Mall and Infiniti Mall. The locality offers recreational spots like Mahakali Caves, Jogeshwari Caves and Juhu Beach within an 8 km radius. The planned metro extension and upcoming residential projects further contribute to the desirability of residential properties in Andheri East.
Â
Andheri East, Mumbai: Commercial properties
Andheri East’s real estate sector presents a blend of affordability and accessibility. The area features a mix of apartment complexes, independent houses and commercial establishments. Circle rates impact property rates and influence buyer-seller transactions. The increased rates in some areas have impacted affordable housing projects, leading to a slowdown in their construction. However, Andheri East remains a sought-after locality with high demand, particularly for commercial properties. The upcoming connectivity-bound development projects and self-sufficient social infrastructure further contribute to the desirability of commercial properties in Andheri East.
Factors affecting property prices in Andheri East, Mumbai
Understanding the factors influencing property prices in this area is essential for prospective buyers and investors. Key factors include:
- Property usage: Residential, commercial or industrial purposes can impact stamp duty rates.
- Market value: The ready reckoner rate is determined based on the property’s market value.
- Property type: Different rates may apply to flats, apartments, villas or land.
- Amenities: Facilities in the locality influence rates, with well-developed areas commanding higher values.
- Property location: Rates vary based on whether the property is in rural or urban areas.
- Property status: Whether under construction or ready for possession can impact stamp duty rates.
- Owner’s age and gender: Some regions offer concessions based on the age or gender of the property owner.
Why invest in Andheri East, Mumbai?
Andheri East presents a compelling investment proposition for several reasons:
- Employment hub: Hosts business parks and industrial zones like SEEPZ and MIDC.
- Strategic location: Its proximity to Bandra Kurla Complex (BKC) is 9 km away and well-connected to major commercial hubs.
- Infrastructure development: Ongoing projects like the Colaba-Bandra-Seepz Metro Line 3, redevelopment of Andheri Railway Station, and planned bridge constructions make it an ideal choice for residents and investors.
- Rental demand: Good connectivity and upcoming developments make it attractive for working professionals.
FAQs
What are circle rates?
Circle rates are minimum government-set values for property transactions during registration, serving as benchmarks for stamp duty and registration charges.
What factors affect circle rates in Mumbai?
Amenities, usage of a property, market value, property type, property location, property status, owner’s age and gender and future development plans influence circle rates.
Are circle rates the same for all areas in Mumbai?
No, circle rates vary across different neighbourhoods in Mumbai.
How do you check circle rates in Mumbai?
Circle rates in Mumbai can be checked on the Inspector General of Registration and Controller of Stamp, Maharashtra State or IGRMaharashtra portal.
How does the circle rate distinguish it from the market rate?
Circle rates are government benchmarks, while market rates sell prices in a specific market at a given time.
When were the circle rates in Mumbai last updated?
The rates were last updated in March 2022.
Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |