Ready reckoner rate in Lower Parel, Mumbai

Lower Parel, a commercial suburb located 9.5 kilometres from the centre of South Mumbai, has undergone a major transformation recently. From its former status as the location of textile mills, it has evolved into an economically active area with a mix of commercial and residential spaces. Lower Parel has grown to be a popular area for home buyers and investors thanks to the high-end buildings created by reputable firms like Zeus Housing and Construction, Soundline Realty, orbit, and Indiabulls. This article discusses the circle rates in Lower Parel, Mumbai, and the factors that affect them.

See also: Circle rate in Ghansoli, Navi Mumbai

 

Lower Parel: Why to invest? 

Lower Parel stands out as a lucrative investment destination for several reasons:

• Employment Hub: Lower Parel is a significant employment hub with numerous commercial establishments, making it an attractive location for businesses and professionals.
• Strategic Location: The strategic location of Lower Parel is excellent; it is ten kilometres from South Mumbai and near important job centres like Mahalaxmi, Dadar, and Woeli.
• Rental Demand: High demand for rental properties with safe connectivity is seen in Lower Parel, where there are several possibilities for accommodation.
• Diverse Community: Residents of Lower Parel coexist peacefully in an inclusive neighbourhood despite coming from a variety of languages and religious origins.
• Entertainment and Recreation:  The neighbourhood is a desirable place to live because of its vibrant nightlife, parks, and blend of appropriate residential neighbourhoods.

 

What are circle rates?

Circle rates or Ready Reckoner Rates, represent the minimum price a property must be registered during its transfer. Set by state governments and revised based on market dynamics, these rates vary within cities and among different localities. In Mumbai, the Stamps and Registration Department, governed by the Ready Reckoner Rates, plays a crucial role in property transactions by determining the minimum rates for various areas.

 

Ready reckoner rates on IGR Maharashtra: How to check 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).
• Proceed to the ‘Online Services’ section.
• Click on ‘e-ASR’ and then ‘Process’ to redirect to the map page.
• Select the district and village or search using the survey number or location.
• Obtain the annual statement of rates for the desired region.

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.

 

Lower Parel: Circle rates

In Lower Parel, the stamps and registration department determines ready reckoner rates based on market value. The circle rates for Lower Parel are as follows:

 

Area	Flats/Apartments (per sq metre)	Residential Land (per sq metre)	Industrial Land (per sq metre)
Lower Parel	Rs 1,78,300 – Rs 5,23,600	Rs 48,800 – Rs 2,36,100	Rs 1,78,300 – Rs 5,23,600

 

The average price per square foot in Lower Parel is approximately Rs 40,590, with an average rent of Rs 1 lakh.

 

Lower Parel: Real estate trends

The real estate market in Lower Parel 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.

 

Lower Parel: Location and connectivity

Lower Parel is one of the vital commercial suburbs of Mumbai, positioned centrally between Naigaon, Chinchpakoli, Worli and Sewri. Lower Parel houses upscale residential and commercial buildings. Well-connected via Tulsi Pipe Road, NM Joshi Marg, Mumbai Monorail and Western Suburban Railway Line, it is also expected to benefit from the proposed Lower Parel Metro Station on Line 3 (Colaba Bandra – SEEPZ), enhancing connectivity.

Lower Parel, Mumbai: Residential properties

Lower Parel, nestled in South Mumbai, has undergone significant redevelopment, featuring high-rise buildings and shopping malls. It is home to multinational companies and trendy establishments and offers a mix of corporate offices, upscale residential complexes, and vibrant entertainment options. Well-connected through buses, trains, and the upcoming Mumbai Metro Line 3, Lower Parel’s proximity to Worli, Dadar, Mahalaxmi and Prabhadevi adds to its appeal with its amenities and commercial activities. It caters to the diverse needs of its residents, making it a sought-after residential destination in the city’s heart.

Lower Parel, Mumbai: Commercial properties

Lower Parel boasts commercial spaces like the Phoenix Mall on the Phoenix Mills compound and luxurious high-street retail stores. It is home to premium schools such as Holy Cross High School and JBCN International School and state-of-the-art hospitals like Global Hospital and King Edward Memorial Hospital. Major office complexes like Marathon Futurex, Mafatlal Industrial Estate and Kamla Mills Compound house companies like HDFC Bank, Yes Bank, HP, Zee Media, SBI Capital, Thomas Cook and Deloitte.

The ongoing construction of the Lower Parel bridge aims to improve connectivity and reduce traffic congestion. Several minor projects for enhancing connectivity and developing existing infrastructure are under discussion, while new projects for commercial availability are in progress.

 

Lower Parel, Mumbai: Factors affecting property prices

Circle rates vary based on market value, amenities, property usage, construction type, and location. Higher rates in well-developed locations often reflect the demand for properties with improved infrastructure and facilities. 

Several factors influence property prices in Lower Parel

• 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 than rural areas.
• Infrastructure: Well-developed infrastructure contributes to higher property values.
• Economic factors: Over time, the state of the market, employment prospects, and economic growth all have a significant impact on property prices.

 

FAQs

How do I find circle rates in my area?

Contact the local revenue department or municipality or check the official website of the Department of Stamps and Registration for accurate information.

Where can I check Mumbai’s circle rates?

Visit the Department of Registration and Stamps website to check the rates, or ask for the Annual Statement Rates (ASR) at the sub-registrar’s office.

Can the ready reckoner rate in Maharashtra be higher than the property's market value?

No, the ready reckoner rate cannot exceed the property's market value.

Are there any changes in the ready reckoner rate in Mumbai in 2023?

No, the rates were last updated in March 2022 and there have been no changes since then.

What is the best place in Lower Parel to hang out on weekends?

High Street Phoenix and Palladium Mall are ideal for shopping, Smaash offers action-packed activities and Kamala Mills is a fun night-out destination with various bars and restaurants.

Is Lower Parel a posh area?

Yes, Lower Parel is a posh area with great residential options, shopping malls, stores, restaurants, and pubs.

Is Lower Parel safe to stay in?

Yes, it is a safe area with suitable residential and commercial spaces, restaurants, and offices that contribute to the security of the locality.

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