Malabar Hill stands out as the most exclusive and upscale area in Mumbai, situated in the affluent south Mumbai region. Known for the residences of the Chief Minister of Maharashtra and reputed industrialists, this posh locality features luxurious villas. With world-class social amenities and state-of-the-art infrastructure, Malabar Hill enjoys a privileged status. Bordered by the Arabian Sea and famous for its seaside destination Chowpatty, Malabar Hill connects to mainland Mumbai through Nepean Sea Road. Offering essential amenities, robust infrastructure, and seamless connectivity, Malabar Hill caters to both property investors and home seekers. This article delves into the circle rates in Malabar Hill, Mumbai.
See also: Ready reckoner rate in Ghatkopar, Mumbai
What are circle rates?
In Maharashtra, these rates are commonly referred to as ready reckoner rates. Circle rates serve as a crucial tool in India for assessing the value of a property for diverse purposes, including property registration, taxation, and stamp duty calculation. They represent the minimum value at which a property can be officially registered in a specific area and are set by the revenue department of the respective state government. The circle rate operates as a reference point for evaluating the market value of a property, considering factors, such as size, age, location, and amenities.
Circle rates in Malabar Hill, Mumbai
In Mumbai, the determination of circle rates falls under the purview of the stamps and registration department, contingent upon the market value of the area. The city’s properties are categorised into 19 divisions or zones by the administration for this purpose. Notably, commercial properties carry higher circle rates in contrast to their residential counterparts. In Malabar Hill, Mumbai, the latest circle rates are:
| Flats/apartments (per square metre) | Residential land (per square metre) | Industrial land (per square metre) |
| Rs 3,39,500 – Rs 8,61,000 | Rs 1,85,700 – Rs 4,75,400 | Rs 3,39,500 – Rs 8,61,000 |
See also: Ready reckoner rates in Mumbai
How to check circle rates in Mumbai?
Online
To check circle rates online on IGR Maharashtra, follow these steps:
- Visit the official IGR Maharashtra portal.
- Navigate to ‘Online Services’ and select ‘e-ASR’.
- Choose the region of interest on the map page.
- Specify district and village details for the desired rates.
Offline
For offline verification of circle rates:
- Visit the local sub-registrar’s office.
- Request a copy of the Annual Statement of Rates (ASR).
- Provide property details for obtaining the ready reckoner rates.
- Calculate the property rate using the per square foot cost and total area.
Real estate trends in Malabar Hill, Mumbai
Malabar Hill is one of the most upscale neighbourhoods in south Mumbai. Here are some of the key real estate trends for this locality:
Malabar Hill, Mumbai: Connectivity
Malabar Hill is smoothly connected to Bombay Mazagaon, Tardeo, Bombay Girgaon, Parel, and Ballard Estate. Malabar Hill has pocket-friendly and readily available means of transportation like buses, trains, and auto rickshaws. The roads are well-structured and provide easy access to nearby places. Cabs, taxis, autos, buses, etc., are readily available in the neighbourhood. The closest bus stations to Malabar Hill are Darya Mahal, Sahyadri Guest House, and White House. The Mumbai Central Railway Station is 3.6 km from Malabar Hill. The nearest airport to Malabar Hill is Mumbai International Airport. It is an 18-minute drive from the locality.
Malabar Hill, Mumbai: Infrastructure
Malabar Hill is renowned for its world-class amenities and state-of-the-art infrastructure, providing a safe environment, especially for women. The locality ensures well-maintained streetlights, parks, roads, and other facilities. All essential amenities, including schools, malls, markets, and hospitals are close to the place. Malabar Hill hosts reputable educational institutions, such as The Progressive Learning Company, Educational Services Division of Hrd Corporation, Everest College, and Birla Open Minds International School, among others. Renowned hospitals in the area include DESA’S Hospital, St. Elizabeth’s Hospital, Bhatia Hospital, The B.D Petit Parsee General Hospital and more. Additionally, residents have access to popular malls like Chandralok Shopping Centre, Habit Fashion Store, Giftorium and Bayside Mall, ensuring a convenient living experience.
Malabar Hill, Mumbai: Tourism
Malabar Hill is an esteemed residential area, housing several prominent individuals, such as business tycoons Radhakishan Damani, Adi Godrej, Chandrasekaran Natarajan, the Sanghvi family, the Shah family, Cyrus Broacha, Shashi Ruia and family, the Birla family, Pallonji Mistry, the Petit family, the Jindal family, the Bilakhia family, and the Thakkar family, among others. Notably, it serves as the residence for the chief minister of Maharashtra. The locality is adorned with attractions like the Jain Temple, Hanging Garden, and Banganga Tank. Additionally, there is a crematorium near the sea in Malabar Hill, housing the samadhi shrines of renowned Indian saints, including Sri Siddharameshwar Maharaj, Sri Nisargadatta Maharaj, and his devoted disciple Sri Ranjit Maharaj.
Malabar Hill, Mumbai: Properties
The real estate landscape in the Malabar Hills area is diverse, encompassing residential, commercial, office, and industrial properties. Renowned for its opulent luxury apartments and homes, the area is characterised by high-end real estate that is coveted by the city’s affluent population. Additionally, Malabar Hills serves as a sought-after destination for both tourists and businesspersons. Notable real estate projects in the vicinity include Worli Sea Face, Inorbit Mall, MBM Towers, Maker Maxity, and others.
Malabar Hill, Mumbai: Price trends
There are several residential properties in Malabar Hill available for buying and renting. The average price of houses in the locality is Rs 55,566 per square foot (sqft), while the average rent is Rs 1 Lakh.
Why invest in Malabar Hill, Mumbai?
Investing in Malabar Hill, Mumbai, presents a unique opportunity for those seeking an exclusive residential address in south Mumbai. Renowned for hosting business tycoons, movie personalities, and iconic figures, Malabar Hill is currently home to residences that epitomise comfort and luxury. The locality boasts world-class social amenities, state-of-the-art infrastructure, and seamless connectivity to other parts of the city. Over the years, it has garnered attention from developers and investors alike. Being one of the city’s most developed regions, Malabar Hill offers the prospect of a high return on investment, making it an exceptionally lucrative area for investment.
FAQs
How is property value determined based on the circle rate?
Property value is calculated by multiplying the circle rate in the area by the property's built-up area in square metres.
What happens if the market value is lower than the circle rate?
If the market value is lower than the circle rate, the property must be registered based on the higher value, that is the circle rate.
What is the stamp duty value?
Stamp duty is calculated by taking into account various factors, including market value, transaction value, or circle rates set by the local government.
What factors influence the circle rate of an area?
Circle rates depend on various factors, including the location, infrastructure, amenities provided, and economic factors.
Which areas in Mumbai are considered the most expensive?
In terms of property prices, some of the most expensive areas in Mumbai include Malabar Hill, Bandra, Juhu, and Andheri.
Is it mandatory to pay house tax in Mumbai?
Yes, property tax payment is compulsory in Mumbai for all property owners.
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