Versova, a lively part of Mumbai is nestled next to the Arabian Sea and is known for its rich cultural history. Thus, it is a sought-after place among home seekers. Investors prefer to buy properties in Versova not just for its pretty views but also for the potential to make money from real estate.
See also: What is the circle rate in Mahim, Mumbai?
Why invest in Versova?
Versova has seen big improvements in roads and better connections, making property values go up. Plus, Versova offers various housing options, from regular apartments to fancy houses with sea views. Despite the fluctuations in property prices over the past year, the area sees an increasing demand. Versova offers an attractive investment opportunity. The presence of bustling commercial hubs in the vicinity enhances Versova’s appeal, establishing it as a favoured destination for work and residence within Mumbai.
What are ready reckoner rates?
Ready reckoner rates are the minimum property values that the government sets for selling or transferring property in a certain neighbourhood. The government ensures that properties change hands at a fair market value by keeping a check on undervaluing or underreporting. These rates get a regular check and update from the government, looking at things like where the place is, how the infrastructure is growing and how much people seek property in the area.
Ready reckoner rates in Versova Mumbai
Versova, situated in the western part of Mumbai, India, is a suburban neighbourhood flanked by the Arabian Sea to the west and the Andheri suburb to the east. Known for its popularity as a residential area, Versova also boasts numerous commercial establishments such as shopping malls, restaurants and hotels. The determination of circle rates in Versova, Mumbai, hinges upon the property type—whether residential, commercial, or industrial—and its specific location within Versova.
| Ready reckoner rate per square metre | Residential construction cost per square metre | Commercial construction cost per square metre |
| Rs 1,15,780 | Rs 1,49,000 | Rs 1,63,900 |
Real estate trends in Versova Mumbai
Versova, nestled between Andheri and Juhu Beach in Mumbai’s Western Suburbs, stands out as a sought-after residential locale famed for its beaches, shopping hubs and vibrant nightlife. In recent times, real estate values in Versova have witnessed an upward surge. Presently, the average apartment price has climbed to Rs 26,475 per sqft, marking a 3.15% uptick from the previous year. The government’s substantial investment in bolstering the area’s infrastructure, encompassing roads, railways, and more further impacts the property market and prices. This infusion of development initiatives is notably enhancing Versova’s appeal as a desirable living space, thereby amplifying the demand for housing.
Versova Mumbai: Location and connectivity
Versova enjoys excellent connectivity with the rest of Mumbai through both road and rail networks. The Western Express Highway (WEH) cuts through Versova, linking it seamlessly with various parts of the city. In addition to this, several link roads connect Versova to other neighbourhoods. The Western Railway line hosts the Versova Railway Station and there are other railway stations within a short distance.
Notably, the Chhatrapati Shivaji Maharaj International Airport is conveniently situated just 8 km away from Versova. The Western Express Highway, a crucial road artery in Mumbai, eases travel to the city centre and other western suburbs. The Mumbai Metro Line 1 further enhances connectivity by linking Versova to Ghatkopar in the eastern suburbs. For local commuting, a well-connected bus depot operates in the area.
The upcoming Versova-Bandra Sea Link, currently in progress, is expected to alleviate traffic congestion between Versova and Bandra, providing a smoother commute. Another initiative, the Versova Coastal Road, seeks to create a scenic coastal route, contributing to both improved connectivity and the aesthetic appeal of the area.
In response to the growing need for affordable housing, Versova is witnessing the development of several social housing projects catering to low-income families. Notable landmarks in Versova include the historic Versova Fort, now a popular tourist spot, the pristine Versova Beach, known for its cleanliness and attractions such as the Nehru Planetarium, Essel World and Water Kingdom in Gorai.
Versova Mumbai: Commercial properties
Versova, a coastal suburb nestled in the western part of Mumbai, India, is known for its proximity to the Andheri-Dahisar Link Road. Not merely a residential area, Versova is steadily transforming into a bustling commercial centre, with a slew of upcoming projects and several already completed.
In the pipeline are a host of upcoming commercial ventures in Versova. One notable project is the proposed Versova Business Park, a sprawling 2.5 million square foot office complex earmarked for the Andheri-Dahisar Link Road. Additionally, there’s the Versova IT Park, a planned one million square foot IT hub strategically positioned near the Versova Metro Station. Another significant development is the proposed Versova Commercial Hub featuring office spaces, shops and dining establishments.
Adding to the commercial landscape are already finished projects such as the Versova Corporate Centre, a ten-story office edifice situated in proximity to the Versova Metro Station. Then there’s the Andheri-Versova Link Building, a towering 20-story office structure located on the Andheri-Dahisar Link Road. Lastly, the Versova Trade Centre is a 15-story commercial complex integrating offices, shops and restaurants.
As Versova thrives as a commercial hub, the demand for office spaces, shops and showrooms is increasing. However, the limited availability of land for commercial development is pushing prices upward.
Given its rapid commercial evolution, Versova anticipates a continual increase in the circle rate in the years to come. Boasting connectivity, amenities and tourist attractions, this locale stands as an appealing prospect for businesses and investors alike.
Versova Mumbai: Residential properties
Versova offers a range of residential options, from budget-friendly apartments to high-end penthouses. A one-bedroom flat in Versova typically costs around Rs1.5 crore while a three-bedroom flat averages around Rs 3 crore.
In recent years, the demand for housing in Versova has surged, driven by its growing popularity. Infrastructure improvements, including new roads and schools, contribute to the appeal. Versova’s proximity to Andheri West, a significant commercial hub in Mumbai, adds to its attractiveness.
The prices of flats in Versova vary based on factors such as location, size, and amenities. On average, the price range for BHK flats is as follows: 1 BHK flats: Rs 1 crore – Rs 2 crore, 2 BHK flats: Rs 2 crore – Rs 3 crore, 3 BHK flats: Rs 3 crore – Rs 4 crore, 4 BHK flats: Rs 4 crore and above.
Factors affecting property prices in Versova Mumbai
- Demand and supply: Versova is becoming a preferred destination for living because it’s close to employment hubs, better roads, and social amenities. Prices rise due to rise in demand for homes.
- Infrastructure developments: New roads, schools, and even a metro station are in the works, impacting the property market.
- Proximity to commercial hubs: Versova is near Andheri West, a big commercial area in Mumbai. Being close to jobs is preferred by working professionals.
- Lifestyle amenities and social infrastructure: Versova has well-developed social infrastructure, which also impacts property prices.
- Capital appreciation potential: Many investors consider Versova as a suitable investment destination owing to attractive returns.
- Economic conditions, government policies and regulations: The government sets regulations for development of buildings, making it a well-planned residential destination. Thriving the economy also helps boost prices in a certain area.
- Quality and age of properties: New houses in Versova cost more. People are willing to pay for the latest homes while older houses cost less. The quality and age of home also impact the prices.
- Location within Versova: If your home is near the beach or popular neighbourhood, property prices are likely to be high.
FAQs
What are ready reckoner rate?
Ready reckoner rates are the minimum rates established by the government for property transactions during registration.
How do you calculate the ready reckoner rate of any area?
To determine the ready reckoner rates, you can use the following formula: Ready reckoner rate= Part of the land ratio x land cost + flat area x building cost + common area x cost of construction.
What influences the ready reckoner rate of an area?
Ready reckoner rates are influenced by various factors, including the sector's location, infrastructure, provided amenities, and economic conditions.
How is the ready reckoner rate different from market value?
The ready reckoner rate represents the minimum property price the State government sets, while the seller determines the market rate.
Is it compulsory to pay house tax in Mumbai?
Yes, all property owners in Mumbai must pay property tax.
| 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 |
Saswat Kumar, a real estate writer, keeps up with the latest trends in residential real estate. He simplifies complex real estate jargon, making it accessible to all. Saswat’s data-driven analysis empowers buyers and investors to make informed choices in the housing market.
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