Navi Mumbai is a well-planned city near Mumbai, a part of the Mumbai Metropolitan Area (MMR). The city has a well-developed social infrastructure, especially various educational institutions. It is also a bustling employment hub with prominent multinational companies and offices. One of the top localities to invest in Navi Mumbai is Vashi, a neighbourhood located along the Mumbai-Pune Highway. Vashi is preferred owing to the availability of affordable housing options. If one is planning to buy a house in this locality, it is a wise idea to check the prevalent property rates. One must know the ready reckoner rates set by the state government, which will give a fair idea of the real estate prices.
See also: What is circle rate in CBD Belapur, Navi Mumbai?
What are Ready reckoner rates?
Ready reckoner rates, also referred to as ready reckoner rates in Navi Mumbai, are the rate of properties, including land, fixed by the Maharashtra government for a specific locality. During property registration, a buyer must pay stamp duty and registration charges based on the ready reckoner rates or the market rates at which the transaction took place, whichever is higher. The state government revises these rates based on various factors such as:
- Location: Ready reckoner rates in Vashi may be lower compared to an expensive neighbourhood in Mumbai. Thus, one should note that the ready reckoner rates vary based on the location of the property.
- Property usage: The ready reckoner rates also differ depending on the usage of the property. It is typically lower for residential properties compared to commercial properties.
- Amenities: The availability of infrastructure and other social amenities influence the property values in a neighbourhood.
- Property age: The property rates will differ depending on the age of the structure.
Ready Reckoner rates in Navi Mumbai
The ready reckoner rates in Navi Mumbai are classified into:
- Urban area: The urban area is classified as a region that comes under the purview of the municipal corporation, municipal council, Nagar panchayat and cantonment board area.
- Influence area: This area comes under municipal corporation, council, Nagar panchayat or cantonment board area. However, it includes significant development possibilities and can be classified as a growth centre.
- Rural area: The remaining regions other than the urban areas and influence areas come under the rural category.
Ready reckoner rates for Vashi, Navi Mumbai
| Area | Land rates | Residential rates | Office rates | Shop rates | Industrial rates |
| Vashi | Rs 54,700 | Rs 1,03,000 | Rs 1,20,200 | Rs 1,40,100 | Rs 1,20,200 |
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Ready reckoner rates in Navi Mumbai
The ready reckoner rates, or ready reckoner rates in Navi Mumbai are in the range of Rs 14,900 sqm to Rs 1,40,100 sqm.
How to check ready reckoner rates in Vashi, Navi Mumbai online?
Prospective homebuyers can check the ready reckoner rates in Vashi, or any locality of Navi Mumbai through the official portal of the Department of Registration and Stamps Maharashtra. Here is a step-by-step process to follow:
- Visit the Department of Registration and Stamps, Government of Maharashtra https://igrmaharashtra.gov.in/eASR/frmMap.aspx .
- Navigate to ‘online services’ section and click on ‘e-ASR’ option.
- The e-ASR (Annual Statement of Rates) will have different options, such as About, e-ASR 1.9, e-ASR 2.0, User’s Guide and FAQ. Select the one based on your requirements.
- When you click on the e-ASR option, it will direct you to a new page displaying the map of Maharashtra.
- Click on Thane district. Choose Thane Taluka from the dropdown and select Vashi from the Village section.
The ready reckoner rates for residential, office, shop, and industrial in the area will be displayed.
Ready reckoner rates in Vashi: Commercial and residential real estate trends
Vashi is a well-developed neighbourhood in Navi Mumbai, located along the Mumba-Pune Highway. It is surrounded by prominent localities, such as Kopar Khairane, Airoli, Ghansoli, Nerul, and CBD Belapur. The area enjoys good connectivity to Mumbai and neighbouring areas through key roads, such as Palm Beach Road, Vashi Flyover, and Thane-Belapur Road. It is around 25 km from the Chhatrapati Shivaji International Airport and around 24 km from the upcoming Navi Mumbai International Airport. Moreover, there are major offices, business parks, and industrial hubs in the vicinity, which attract several working professionals to Vashi. The area is favourable for living as it has schools, shopping complexes, healthcare centres, etc. It is a preferred destination for those looking to invest in residential and commercial properties.
Owing to these factors, Vashi is witnessing a steady demand for residential properties. There are several residential projects promoted by reputed developers. The average per-square-foot property prices in Vashi have seen an appreciation of nearly 10% in the past year. With new infrastructure developments and the growth of employment opportunities, the real estate market in the area is expected to receive a boost, resulting in an increase in property rates.
FAQs
How to check ready reckoner rates in Navi Mumbai offline?
One can visit the city's sub-registrar’s office and request for the list of ready reckoner rates for the city.
How can I check the ready reckoner rates in Vashi?
Visit the IGR Maharashtra website to check the ready reckoner rates in Vashi.
Which factors impact the ready reckoner rates in Navi Mumbai?
Ready reckoner rates in Navi Mumbai vary based on the property location, its usage, amenities in the locality, and market value.
Can ready reckoner rates in Mumbai be higher than the property's market value?
Usually, the market rates, the price at which a property transaction takes place, are higher than the ready reckoner rates in the city.
What is the difference between market price and ready reckoner rate?
While market prices are determined by sellers, the ready reckoner rates are determined by the local government as the minimum or base property price in an area to bring transparency in the market.
How are ready reckoner rates calculated?
Ready reckoner rates of an area are calculated based on the formula: Ready reckoner rate = part of the land ratio X land cost + flat area X building cost + common area X construction cost.
| 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 |
