The Bandra Kurla Complex (BKC) is a prominent upscale commercial and residential hub in Mumbai, covering 370 hectare. Developed by the Mumbai Metropolitan Region Development Authority (MMRDA), BKC serves as a growth centre, alleviating the concentration of offices in the eastern parts of Mumbai. Its strategic location and robust infrastructure have transformed it into a business and residential district, attracting significant investments. BKC’s development has decongested the Central Business District (CBD) in South Mumbai, making it a coveted destination for real estate ventures.
See also: Circle rate in Sion, Mumbai
Why should you invest in Bandra Kurla Complex?
Bandra Kurla Complex emerges as a lucrative investment destination owing to several factors:
- Employment hub: BKC provides numerous employment opportunities, attracting a working-class population.
- Strategic location: Its strategic positioning and excellent connectivity enhance its appeal.
- Infrastructure development: Continuous infrastructure development, including the upcoming BKC Metro Station, augurs well for the region.
- Rental demand: High demand for rentals, driven by key corporate giants and social amenities.
These factors position BKC as a preferred choice for both homebuyers and investors.
What are ready reckoner rates?
The ready reckoner rates are the minimum rates set by the government for property transactions in Mumbai. These are governed by the Inspector General of Stamps and Registration Department, Maharashtra (IGR Maharashtra) these rates are crucial for calculating stamp duty and registry charges. These are also known as circle rates or guideline rates in other parts of the country. The rates vary based on the market value of an area and the amenities available. Understanding the ready reckoner rates is essential for anyone involved in property transactions to ensure a fair and transparent valuation. The ready reckoner rates in Maharashtra was last revised in March 2022.
Factor on which the ready reckoner rate BKC depends on
- Market value: Circle rates are determined based on the property’s market value.
- Property usage: Commercial properties command higher circle rates than residential ones.
- Amenities: Facilities like schools, hospitals, and parks affect ready reckoner rates.
- Property location: Urban areas generally have higher circle rates compared to rural areas.
- Infrastructure: Well-developed infrastructure contributes to higher property values.
How to check Bandra Kurla Complex ready reckoner rates on IGR Maharashtra?
Online
To access ready reckoner rates online on IGR Maharashtra, follow these steps:
- Visit the official portal of the Department of Registration & Stamps Maharashtra (IGR Maharashtra).
- On the ‘Online Services’ section, under the Stamps section, click on on ‘e-ASR 1.9’.
- You will be redirected to the map page.
- Select Mumbai on the map.
- Select the district as Mumbai Upnagar and village as Bandra ( East) Andheri.
- Obtain the annual statement of rates for the Bandra Kurla Complex.
Offline
For offline verification of Ready Reckoner Rates:
- Visit the sub-registrar’s office in your area.
- Contact authorised personnel to request a copy of the Annual Statement of Rates (ASR).
- Provide property details such as location, area, owner’s name, etc.
- Calculate the property rate by multiplying the per sq ft cost with the total area.
Bandra Kurla Complex, Mumbai: Ready reckoner rates
| Locality | Residential (per sqm) | Office (per sqm) | Shops (per sqm) | Industrial (per sqm) | Open land (per sqm) |
| Bandra Kurla Complex | Rs 2,73,400 | Rs 3,27,400 | Rs 4,16,500 | Rs 2,73,400 | Rs 1,50,620 |
Bandra Kurla Complex, Mumbai: Real estate trends
The real estate market in Bandra Kurla Complex is intricately linked to its strategic location and connectivity. This section explores residential and commercial trends, considering upcoming developments and existing infrastructure in the area.
Bandra Kurla Complex, Mumbai: Location and connectivity
Bandra Kurla Complex (BKC) is an upscale commercial business hub strategically located to decongest the CBD in south Mumbai. It hosts major financial institutions and corporate offices, including The Capital, Pinnacle Corporate Park and Godrej BKC. Excellent connectivity via the proposed BKC Metro Station, proximity to Western and Eastern Expressway Highways, and a 20-minute drive to Mumbai International Airport make it an easily accessible and sought-after location.
Bandra Kurla Complex, Mumbai: Residential properties
BKC features malls catering to local market needs, such as Phoenix Market City in Kurla. Ongoing Metro development enhances its allure for both residential and commercial investments. Prominent schools, including Dhirubhai Ambani International School and Mount Litera International School, characterise BKC’s residential landscape. Home to the Mumbai Cricket Association’s cricket ground, the area also boasts well-developed medical infrastructure. The housing inventory primarily comprises 2BHK, 3BHK and 4BHK units, with an average price per sq ft of Rs 31,000.
Bandra Kurla Complex, Mumbai: Commercial properties
BKC’s exponential growth in commercial towers has made it an ideal location for the working class, providing employment opportunities to four lakh people. Surrounded by natural features such as the Mithi River and Mahim Creek, it has become a bustling real estate sector. BKC has become a significant office district, hosting prominent firms such as RBI, Amazon and TCS. With good connectivity to the BKC Metro Station and Bandra-Worli Sea Link, it remains a hotspot for commercial real estate investment.
With the Mumbai Coastal Road Phase-1 to be inaugurated by Prime Minister Narendra Modi on February 19, 2024, that will link Marine Drive to Worli and then go on till Bandra Worli Sea Link, it is likely that the real estate prices around Bandra and BKC will surge further.
According to Housing.com, the average price for apartment purchase in Bandra Kurla Complex is Rs 34,216 per sqft with the price range between Rs16,157 – Rs 58,947 per sqft. The average rent here is Rs 1 lakh , with the price range being Rs 60,000 to Rs 2 lakh .
FAQs
What is a ready reckoner rate?
A ready reckoner rate is the minimum property valuation the administration sets to calculate stamp duty and registry charges.
How do you check the circle rate in Maharashtra?
Visit the official website of the Maharashtra government’s Stamps and Registration department or contact the sub-registrar’s office for the latest information on circle rates.
Do I need to pay any fees to check ready reckoner rates in Maharashtra?
No, checking ready reckoner rates in Maharashtra is free and available on the official website.
How ready reckoner rates in Maharashtra are different from market rates?
The government sets ready reckoner rates based on property type, location, and amenities, while market rates are influenced by district administration and specific property features.
Which is the nearest metro to Bandra Kurla Complex, Mumbai?
The nearest metro station is Khar metro station, located 4.2 km away.
Is Bandra Kurla Complex, Mumbai, an excellent area to live in?
Yes, with good public transport, easy cab/auto availability, and proximity to schools, BKC is considered a desirable area. However, some challenges include frequent traffic jams and high pollution.
| 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 [email protected] |
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: [email protected]
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