Bandra West, once a residential hub for the Portuguese, has transformed into a sought-after destination, particularly among Bollywood celebrities. Khar West, the Arabian Sea, Bandra East, and Mahim surround this upscale locality in south Mumbai. Known for its mix of high and mid-scale residential properties and vibrant retail markets, critical areas in the neighbourhood include Santosh Nagar, Ranwar and Old Kantwadi. Notable landmarks such as the Bandra-Worli Sea Link, Bandstand Promenade and iconic churches add to the charm of this well-developed locality.
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Why invest in Bandra West, Mumbai?
Bandra West presents a compelling investment proposition for several reasons:
- Employment hub: Proximity to Bandra-Kurla-Complex (BKC), Kalina, and Kurla.
- Strategic location: Excellent connectivity through the Bandra Railway Station and just eight kilometre away from the Mumbai International Airport.
- Infrastructure developments: Ongoing and planned projects like the Bandra Metro Station on Line 2.
- Rental demand: High demand for residential and commercial properties ensures a steady rental income.
What are Ready reckoner Rates?
The ready reckoner rate is the minimum rate of property transactions set by the government. Also known as the Ready Reckoner Rate, these rates serve as benchmarks during property registration, preventing undervaluation. In Mumbai, these rates are crucial for calculating stamp duty and registration charges. They vary based on property category, location and age, guiding stamp duty charges for state governments and aiding the Central government in assessing income tax from property transactions.
How to check Ready Reckoner Rates in Maharashtra?
Online
To check Ready Reckoner Rates online on IGR Maharashtra:
- Visit the official Department of Registration and Stamps Maharashtra website.
- Click on the ‘Ease of Doing Business’ section.
- Scroll and locate ‘Check Ready Reckoner Rates,’ then click ‘Know More.’
- Click on the name of your desired city on the Map of Maharashtra.
- From the drop-down list, choose the village and taluka.
- The ready reckoner rate for your preferred locality, like Juhu in Mumbai Suburbs, will be displayed on-screen.
Offline
- Go to the sub-registrar office in your city.
- Contact authorised individuals to receive an offline list of Maharashtra’s ready reckoner rates.
- Share property specifics (area, location, owner’s name, etc.) to obtain information on ready reckoner rates in Maharashtra.
- Obtain an offline list of ready reckoner rates, including details of your respective property.
Ready reckoner Rates in Bandra West, Mumbai
In Mumbai, the Stamps and Registration Department determines ready reckoner rates based on market value. Bandra West, known for its mix of residential and commercial properties, witnesses higher ready reckoner rates for commercial properties, reflecting its status as a bustling business and residential hub. These rates, subject to periodic adjustments, significantly influence property transactions within Bandra West.
Area | Flats and apartments cost per square metre | Office cost per square metre |
Bandra West | Rs 132,000 – Rs 450,000 | Rs 151,000 – Rs 495,000 |
The average price per square foot in Bandra West is approximately Rs 47,818, with an average rent of Rs 1 Lakh.
Real estate trends in Bandra West, Mumbai
The real estate market in Bandra West is intricately tied to its strategic location and connectivity. Let’s explore the trends in residential and commercial properties, considering upcoming developments and infrastructure in the area.
Bandra West, Mumbai: Location and Connectivity
Situated as an upscale locality in south Mumbai, Bandra West enjoys proximity to Khar West, the Arabian Sea, Bandra East, and Mahim, making it a prime real estate destination. Connectivity is robust with the Bandra Railway Station serving the area, and the upcoming Bandra Metro Station on Line 2 is expected to enhance it further. Notable landmarks such as the Bandra-Worli Sea Link and Bandstand Promenade contribute to the area’s charm. Additionally, major educational institutions, healthcare facilities such as Lilavati Hospital and retail markets such as Turner Road and Hill Road further elevate Bandra West’s appeal.
Bandra West, Mummabi: Residential Properties
The residential properties in Bandra West are diverse, offering a mix of high and mid-income properties. Some key projects in the area include Westbay, Beau Pride and Corner View, developed by prominent builders such as Sheth Creators, Supreme Universal Builders and Wadhwa Group Renowned malls such as Link Square Mall and Veena Beena Shopping Centre add vibrancy to the social and retail infrastructure. Bandra West is also home to prominent educational institutions like St Stanislaus High School and Rizvi College of Engineering, making it an attractive residential destination. The well-lit, pothole-free streets, along with the green belt formed by public and private parks, contribute to the overall attractiveness of Bandra West for homeowners. The upcoming Bandra-Kurla-Mankhurd metro corridor and Mumbai Metro Line 2 are also expected to enhance connectivity, making it an even more desirable residential location.
Bandra West, Mumbai: Commercial Properties
Bandra West’s commercial properties thrive on its strategic location and evolving infrastructure. The establishment of Bandra-Kurla Complex (BKC) in the mid-2000s attracted primary equity and technology firms like Blackstone, Google, and Amazon, positioning Bandra as a preferred business district. With a surge in demand for office spaces, commercial properties in Bandra West have higher ready reckoner rates, reflecting the area’s status as a business hub.
Factors Affecting Ready reckoner Rates in Bandra West, Mumbai
Several factors influencing ready reckoner rates in Bandra West that are crucial for potential investors. Here are key considerations:
- Market value: The ready reckoner rates are calculated based on the property’s market value.
- Property type: Stamp duty rates vary for flats, apartments, villas and land.
- Property location: Rates differ based on whether the property is in urban or rural areas.
- Status of property: Whether the property is under construction or ready for possession influences stamp duty rates.
- Property usage: Different stamp duty rates apply for residential, commercial, and industrial properties.
FAQs
What are Ready reckoner Rates?
Ready reckoner rates are government-set minimum values for property transactions during registration, ensuring fair valuation and legal compliance.
What factors affect ready reckoner rates in Mumbai?
Ready reckoner rates are influenced by amenities, locality, infrastructure, property types, market value and more.
Are Ready reckoner Rates the same for all areas in Mumbai?
No, ready reckoner rates vary across different areas in Mumbai based on factors such as location, infrastructure and property type.
How do we calculate the ready reckoner rate in Mumbai?
Multiply the rate with the flat’s built-up area to calculate the property’s total market value.
How often are Ready reckoner Rates updated in Mumbai?
Ready reckoner rates in Mumbai undergo periodic revisions based on market conditions and government regulations.
Where can I check Mumbai’s Ready reckoner Rates?
Visit the Department of Registration and Stamps website or ask for the Annual Statement Rates (ASR) at the sub-registrar's office.
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 |