What is ready reckoner rate in CBD Belapur, Navi Mumbai?

CBD Belapur in Navi Mumbai holds substantial importance as a prominent commercial hub, meticulously planned under the city planning of Greater Mumbai. The neighborhood encompasses key areas such as Swami Vivekanand Nagar, Sabhaji Nagar, and Belapur Village, catering to diverse residential needs. The land in CBD Belapur is allocated for various purposes, ranging from entertainment facilities to business centers, fostering a blend of retail and wholesale enterprises in close proximity. Additionally, the locality allocates ample space for social and cultural amenities, including schools, ashrams, and playgrounds, contributing to the well-rounded development of the community.

 

What are ready reckoner rates?

The ready reckoner rate is the minimum or lowest price at which the registration of a commercial or residential property, including apartments, plots or built-up houses, can take place during a sale or transfer. The Department of Registration and Stamps Maharashtra is responsible for notifying the ready reckoner rates in Navi Mumbai. It’s worth noting that various localities within the same city may have distinct ready reckoner rates. 

 

Ready reckoner rates in CBD Belapur, Navi Mumbai

In Maharashtra, ready reckoner rates are known as a ready reckoner. The state government notifies a minimum property amount through a registrar or a sub-registrar. The state government can set a minimum rate for land and other assets because the land is a subject of the state. In Navi Mumbai, a property transaction can not be done below the minimum rate and above the maximum ready reckoner rate. Given below are the ready reckoner rates of CBD Belapur in Navi Mumbai:

Land rate per square metre	Residential rate per square metre	Office rate per square metre	Shop rate per square metre	Industrial rate per square metre
Rs 20,800	Rs 55,500	Rs 67,100	Rs 81,400	Rs 67,100

 

Real estate trends in CBD Belapur, Navi Mumbai

Located in the center of Navi Mumbai, CBD Belapur is a bustling area that has experienced rapid expansion and development in recent times. CBD Belapur, renowned for its advantageous location, thoughtfully designed infrastructure, and commercial prominence, has emerged as a major center for real estate activities. This section looks at the latest developments and showcases the vibrant mix of commercial and residential real estate in this busy neighborhood.

 

CBD Belapur, Navi Mumbai: Location and connectivity

CBD Belapur enjoys exceptional connectivity within the city and beyond, facilitated by the Belapur CBD railway station on the Harbour Line, offering seamless access to various parts of Mumbai. This accessibility extends further with well-established connections through BEST and NMMT buses, ensuring efficient commuting options for residents. Despite being approximately 30 km from the Mumbai International Airport, CBD Belapur remains well-connected to this key transport hub.

Strategically positioned in the heart of Navi Mumbai, CBD Belapur stands out as a prime location, marked by its central convenience and accessibility. The node is intricately linked through major roadways, such as the Sion-Panvel Expressway, Palm Beach Road, and Thane-Belapur Road, fostering swift connectivity to Mumbai and other significant areas in Navi Mumbai.

A testament to its connectivity strength lies in the proposed Belapur Metro Station on Line 1 of the Navi Mumbai Metro, expected to open in 2021, further enhancing transportation options. CBD Belapur’s appeal is bolstered by its well-planned layout and comprehensive connectivity infrastructure, positioning it as a vibrant and well-connected urban center, catering to the diverse needs of both residents and businesses in Navi Mumbai.

 

CBD Belapur, Navi Mumbai: Residential properties

In CBD Belapur, 34% of the properties are commercial, while 53% are residential. Apartments with one, two, and three bedrooms make up 88% of all residential areas. In CBD Belapur, seven new residential complexes are now in the planning stages, with one currently under construction. Priyanka Developers and the Maruti Group are two of the area’s most reputable and high-quality builders and developers. There are parks, gardens, and amusement parks in this tidy, green area. The neighborhood is quite livable and the construction quality is excellent. In the CBD Belapur area, there are numerous business and industrial parks and centers, and there is a strong demand for housing.

 

CBD Belapur, Navi Mumbai: Commercial properties

CBD Belapur East boasts a well-balanced blend of social and retail infrastructure, providing a comprehensive array of amenities. The area is home to prominent educational institutions such as PES Central School, Bharati Vidyapeeth English Medium School, DP Vidya Niketan School, Bharati Vidyapeeth College of Engineering, YMT College of Management, and IIM Indore Mumbai Campus. In addition to academic facilities, CBD Belapur East features a network of healthcare services, including nursing homes, hospitals, and dispensaries such as Apollo Hospitals, MGM Hospital, and AS Nanesh Hospital.

The locality is also characterized by various retail complexes, enhancing the overall lifestyle experience for residents. Notable shopping destinations include Bhoomi Mall, Kalpataru Shopping Complex, and Ekta Vihar Shopping Centre. CBD Belapur further stands out as a hub for government establishments, hosting significant entities like Navi Mumbai Municipal Corporation, CIDCO, Special Crime Branch, Chief Commissioner of Central Excise, MTNL, Cotton Corporation of India Ltd, and the headquarters of Konkan Railway. This area is also home to several nationalized banks, including the Reserve Bank of India, SBI, and PNB, contributing to its financial prominence.

Additionally, CBD Belapur houses diverse business processing outsourcing (BPO) companies such as WIPRO, Silkroot, ChoiceConnex, and Kaizen, further solidifying its status as a thriving business district. These offices are strategically positioned along major roads like Uran Road, Sakaram Patil Rod, and Mumbai Highway. Bounded by Seawoods to the west, Kharghar to the east, Panvel Creek to the south, and Nerul to the north, CBD Belapur enjoys a central location within Navi Mumbai. Key projects in the area include Progressive Sea Lounge, Hill View Residency, Maruti Paradise, and C Teja Signature, with developers like Progressive Group, Priyanka Developers, and Maruti Group contributing significantly to the locality’s growth and development.

 

Factors affecting property prices in CBD Belapur, Navi Mumbai

Numerous factors contribute to shaping property prices in CBD Belapur, Navi Mumbai, necessitating careful consideration for informed property purchase or investment decisions. The key factors encompass:

Location: The proximity to essential amenities and connectivity to major areas wield significant influence on property prices.

Infrastructure Development: Areas endowed with well-developed infrastructure typically command higher property prices due to the enhanced quality of living they offer.

Demand and Supply: The interplay between demand and supply dynamics serves as a crucial determinant of property prices. High demand coupled with limited supply often results in price appreciation. 

Future Development Plans: Anticipated infrastructure projects and forthcoming developments in the vicinity can exert a noteworthy impact on property prices in the long term.

Economic Factors: Economic growth, employment opportunities, and overall market conditions play a pivotal role in shaping property prices over time.

 

Why should you invest in CBD Belapur, Navi Mumbai?

Investing in CBD Belapur, Navi Mumbai, is a compelling choice for a well-planned and strategically located urban center. Developed as a Central Business District (CBD) by Greater Mumbai town planners, CBD Belapur combines crucial commercial areas with diverse residential spaces. With residential properties constituting 53% of the area and a mix of reputed builders, CBD Belapur offers a promising investment landscape for both residential and commercial ventures. Recent trends show a 4.3% decrease in property rates, signaling a favorable market for entry or potential returns for sellers. Understanding these fluctuations is crucial for informed decisions in Navi Mumbai’s dynamic real estate market, making it an opportune moment for both buyers and sellers in CBD Belapur.

 

FAQs

What are ready reckoner rates?

Ready reckoner rates are the minimum rates set by the government for registering property transactions.

How to calculate the ready reckoner rate of any area?

To calculate the ready reckoner rates, you can use this 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 depend on various factors including the location of your sector, infrastructure, amenities provided, and economic factors.

What is the range of ready reckoner rate in Navi Mumbai?

The ready reckoner rates in Navi Mumbai range between Rs 14,900 sq meter to Rs 1,40,100 sq meter.

How is the ready reckoner rate different from market value?

The ready reckoner rate is the minimum price of the property, determined by the State government. In comparison, the market rate is decided by the seller.

Is it compulsory to pay house tax in Navi Mumbai?

NMMC stands for Navi Mumbai Municipal Corporation. The NMMC property tax must be paid on more than 3.25 lakh homes registered under it.

Which area in Navi Mumbai is the most expensive?

In Navi Mumbai, some of the most expensive areas include Belapur, Palm Beach Road and Nerul.

 

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