Real estate investment has gained popularity among people in India. Ghodbunder (GB) Road in Thane West is a promising location, boasting business parks, luxury residences, industrial estates and vibrant micro-markets. With its essential amenities, robust infrastructure and convenient connectivity, this prime locality appeals to both property investors and prospective homebuyers. This article delves into the ready reckoner rates in Ghodbunder Road, Thane West.
Check the ready reckoner rate in Thane’s Majiwada area
What is the ready reckoner rate?
The ready reckoner rate, also referred to as the circle rate, has a substantial influence on property prices within a locality. It is the government’s evaluation of the minimum rate at which a property should be registered. This assessment considers factors, such as infrastructure, location, amenities and demand in the area. Understanding the ready reckoner rate is essential for both buyers and sellers. For buyers, it assists in determining the fair value of a property. Conversely, sellers can use this rate as a reference point to set a competitive price for their property.
Ready reckoner rate in Ghodbunder Road, Thane West
Below are the ready reckoner rates for residential, commercial, office and industrial properties in Mauje Kawesar, located adjacent to both sides of GB Road, Thane West.
Plot/Land | Residential properties | Commercial properties | Office spaces | Industrial spaces |
Rs 24,500/sqm | Rs 1,18,800/sqm | Rs 1,48,600/sqm | Rs 1,36,500/sqm | Rs 1,36,500/sqm |
Why do you need to understand the ready reckoner rate in Ghodbunder Road, Thane West?
The ready reckoner rate is a pivotal factor that dictates property pricing and transactions in the Indian real estate market. The following section elaborates on the importance of understanding the ready reckoner rate of a specific locality before making investments.
Valuation of property
The ready reckoner rate serves as a reference point for property valuation, aiding both buyers and sellers in determining the fair market value of a property. By comparing the actual transaction price with the ready reckoner rate, individuals can identify undervaluation and overvaluation.
Tax assessment
The ready reckoner rate influences property taxation, with municipal corporations and local authorities using this rate to assess property taxes. Higher rates may result in increased tax liabilities for property owners.
Stamp duty calculation
Stamp duty, a tax imposed on property transactions, is calculated based on the ready reckoner rate. This tax varies from one state to another. Utilising the ready reckoner rate enables buyers and sellers to accurately calculate the stamp duty payable, thus, avoiding discrepancies.
Transparency
The ready reckoner rate promotes transparency in real estate transactions, serving as a deterrent against illegal deals and black money. With a standardised rate, the government can mitigate illegal practices and ensure a fair and transparent real estate market.
How to check the ready reckoner rate in Thane?
- Visit the IGR Maharashtra website at https://igrmaharashtra.gov.in/Home.
- Click on ‘e-ASR’ and on ‘e-ASR 2.0’.
- On the map of Maharashtra, select ‘Thane’ as district and taluka. Choose the village for which you want the ready reckoner rates.
- You will be able to see the detailed list of ready reckoner rates in the chosen village.
Factors affecting ready reckoner rate in GB Road, Thane West
Location
The location of a property is one of the primary factors affecting the ready reckoner rate. Ghodbunder Road, Thane West, is a prime location with excellent connectivity to Mumbai and other parts of Thane. The proximity to important landmarks, such as hospitals, schools and shopping centres, impacts the property prices.
Amenities
The presence of amenities, like gyms, swimming pools, parks and community halls, in residential complexes influences the ready reckoner rate. Properties with better amenities have higher rates as they offer a better quality of life.
Infrastructure
The availability of infrastructure facilities, like water supply, electricity, roads and public transportation, affects the ready reckoner rate. Ghodbunder Road has witnessed significant infrastructure development in recent years, which has positively impacted property prices in the area.
Market trends
The overall market trends, including the performance of the real estate sector, government policies and economic conditions impact the ready reckoner rate. It is essential to stay updated with the latest market trends to make informed decisions.
Demand and supply
The demand and supply of the real estate market play a crucial role in determining property prices. If the demand for properties in GB Road, Thane West, is high and the supply is limited, it can lead to an increase in the ready reckoner rate.
Why invest in Ghodbunder Road, Thane West?
As one of Thane’s prominent residential hubs, Ghodbunder Road has experienced rapid development in recent years. The area features a range of affordable, mid-range and premium projects, with developers, such as Hiranandani, JVM, Raunak, Cosmos and Dosti Group, actively engaged in various developments.
GB Road has been appealing to potential homebuyers due to its lower property rates. However, the area is witnessing swift price appreciation alongside skyrocketing development and excellent infrastructure. The planned monorail network, intended to serve as a feeder system to the proposed metro project in Thane, is set to enhance connectivity on Ghodbunder Road. The metro corridor, finalised by the MMRDA, will connect Wadala to Kasarvadavali along Ghodbunder Road. These forthcoming projects are poised to transform the landscape of the area.
In a nutshell
Real estate investment has gained momentum in India, with Ghodbunder Road in Thane West emerging as a promising location. Offering business parks, luxury residences, industrial estates and vibrant micro-markets, GB Road attracts property investors and prospective homebuyers. Understanding the ready reckoner rate is crucial for investing in this area, as it determines property pricing. The rate serves as a benchmark for property valuation, influences taxation and stamp duty calculations and promotes transparency in real estate transactions. With upcoming infrastructure projects, like the planned monorail and metro corridor, Ghodbunder Road is poised for significant transformation, making it a wise investment choice for the future.
FAQs
What is the ready reckoner rate and why is it important?
The ready reckoner rate, also known as the circle rate, is the minimum value at which a property can be registered, as determined by the state government. It serves as a benchmark for property valuation and influences taxation and ensures transparency in real estate transactions.
How can I check the ready reckoner rate for a specific area in Thane?
You can check the ready reckoner rate online through the IGR Maharashtra website. Log on to https://igrmaharashtra.gov.in/Home, navigate to ‘e-ASR’, select Thane as the district and village and you will find the detailed list of ready reckoner rates.
Which factors influence the ready reckoner rate in Ghodbunder Road, Thane West?
Several factors influence the ready reckoner rate in GB Road, Thane West, including the location, availability of amenities, infrastructure development, market trends and demand-supply dynamics in the real estate sector.
How does the ready reckoner rate affect property transactions?
The ready reckoner rate determines the fair market value of a property, calculating the stamp duty and influencing property taxation. It ensures that buyers and sellers are dealing fairly and transparently.
Why should I consider investing in GB Road, Thane West?
Investing in Ghodbunder Road, Thane West, is a wise decision due to its rapid development, lower property rates and upcoming infrastructure projects. These factors indicate the potential for significant growth and appreciation in property value in the future.
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 |