Nerul, a residential and commercial node in Navi Mumbai, Maharashtra, is situated along the Harbour Line, Trans-Harbour Lines, and Nerul-Uran Line of Mumbai’s local train network. It is known for its gardens, including the famous Rock Garden and state-of-the-art building structures. Well-developed localities surround Nerul and have excellent infrastructure, with schools, malls, hospitals, parks, and gardens contributing to its appeal. Its mix of high and mid-scale residential properties and vibrant retail markets further enhance its desirability.Â
See also: What is circle rate in CBD Belapur, Navi Mumbai?
Why invest in Nerul, Mumbai?
Nerul has various investment options due to the following reasons:
- Employment Hub: Growing commercial and industrial areas increase housing demand.
- Strategic Location: Well-connected to Mumbai, Thane, and is strategically located next to the Mumbai Pune highway and expressway.
- Infrastructure Development: Ongoing projects like the upcoming Navi Mumbai International Airport enhance connectivity and accessibility.
- Rental Demand: The demand for rental properties is rising, ensuring a steady income for investors.
What are ready reckoner rates?
Ready Reckoner Rates, are the minimum property transaction rates set by the government. In Mumbai, these rates are crucial in calculating stamp duty and registration charges, preventing undervaluation. They vary based on property category, location, and age, serving as benchmarks during property registration.
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.
- Navigate to the ‘Ease of Doing Business’ section.
- Locate ‘Check Ready Reckoner Rates’ and click ‘Know More.’
- Choose your city on the Map of Maharashtra.
- Select the village and taluka from the drop-down list.
- View the ready reckoner rate for your preferred locality.
Offline
To check Ready Reckoner Rates offline:
- Visit the sub-registrar office in your city.
- Contact authorised individuals for an offline list of Maharashtra’s ready reckoner rates.
- Provide property specifics to obtain information on ready reckoner rates.
Ready reckoner rates in Nerul, Mumbai
In Mumbai, the Stamps and Registration Department determines ready reckoner rates based on market value. Nerul, 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.
| Area | Residential construction cost per square metre | Commercial construction cost per square metre |
| Nerul | Rs 43,000 | Rs 55,500 |
The average price per square foot in Nerul is approximately Rs 15,518, with an average rent of Rs 53,906.
Real estate trends in Nerul, Mumbai
The real estate market in Nerul 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.
Nerul, Mumbai: Location and Connectivity
Nerul is a developed premium residential and commercial node along the Mumbai-Pune Highway in Navi Mumbai. It shares its neighbourhood with Sanpada, Juinagar, Kharghar, Seawoods, and CBD Belapur. With easy access to prominent schools, colleges, hospitals, and shopping malls, Nerul’s connectivity is further enhanced by its proximity to the Mumbai Highway, Kurla Terminus Railway Station, and the upcoming Navi Mumbai International Airport.
Nerul, Mumbai: Residential properties
Nerul offers a variety of residential options, including cooperative housing societies with lower levels and high-rise apartments. It is home to notable projects like Wadhwa Palm Beach Residency and Vighnahar Heights, which provide low-, mid-, and high-rise apartments among other horizontal and vertical residential building options. It also offers excellent medical and educational resources because of the proximity of Apollo Hospitals and educational institutions such as Apeejay School. Neighbourhood icons like Seawoods Grand Central Mall, Inorbit Mall Vashi, and Nerul Gymkhana Club add even more advantages to living in Nerul.
Nerul, Mumbai: Commercial properties
With proximity to significant industrial and office hubs like CBD Belapur, Sanpada Vashi, Kopar Khairane, Mahape, Ghansoli, and Airoli, Nerul attracts businesses seeking a well-connected base. Key job hubs, including International Infotech Park, Haware Fantasia Business Park, and TTC Industrial Area, are 5-15 km from Nerul. The area’s growth is evident with established and upcoming commercial projects, making Nerul a sought-after destination for businesses.
Factors affecting property prices in Nerul, Mumbai
In Nerul, several factors impact both the residential and commercial real estate markets, including:
Location and Connectivity
The property’s location affects ready reckoner rates; proximity to city centres and transit hubs impacts rates.
Value at Market
The market value of the property is the basis for calculating ready reckoner rates.Â
Type and Location of Property
Stamp duty rates vary depending on whether you buy land, a flat, an apartment, or a villa. Furthermore, the property’s location—rural versus urban—affects the rates.
Condition and Use of the Property
There are differences in stamp duty rates for commercial, industrial, and residential buildings. The property is ready to move into or still under construction, impacting property rates.
Owner’s Seniority
Certain states give senior citizens discounts or other benefits.
Owner’s Gender
In certain areas, stamp duty rates may vary based on the gender of the property owners; women may get some concessions.
FAQs
What factors affect ready reckoner rates in Mumbai?
Amenities, location, connectivity, types, status, usage of property, market value, age, and gender of the owner influence ready reckoner rates.
Who fixes ready reckoner rates in India?
The central government does not fix ready reckoner rates, but local government organisations are free to alter them on a regular basis.
What is the formula used by the government to calculate ready reckoner rates?
Property value: built-up area (in square metres), ready reckoner rates (in rupees per square metre)
Are ready reckoner rates the same for all areas in Mumbai?
No, ready reckoner rates vary across different areas in Mumbai based on factors like location, property types, owner age, market value, and infrastructure.
What is the difference between the circle rate and the market rate?
ready reckoner rates are government-determined benchmark values, whereas market rates are the selling price in a specific market at a given time.
| 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 |
