Mulund, a bustling residential and business district in Mumbai, is well-known for its varied market, which includes electronics, lifestyle products and more. Nearby neighbourhoods like Thane and Nahur offer residential options, even though Mulund is predominantly used as a commercial centre. Mulund is considered a well-connected suburb due to its convenient Mumbai local train connectivity. Mulund offers an atmosphere that’s favourable for growth and investment, whether it’s for residential or commercial properties.
What is ready reckoner rate?
In a property transaction, the minimal price at which a property can be registered is called the ready reckoner rate, sometimes referred to as the ready reckoner rate or guideline value. Set by the municipality, it prevents property from being undervalued to evade taxes. Location, infrastructure and demand are only a few variables that affect the rate. It’s a valuable reference point for buyers and is essential for determining stamp duty and registration fees. Although it gives a fair market value for taxation purposes, there may be sporadic disparities in real estate transactions because it may only sometimes reflect the true market value.
How do you calculate ready reckoner rates?
Several aspects that affect the property’s value are evaluated to determine ready reckoner rates. While the exact calculation may differ depending on the region, the following are some typical elements taken into account while calculating ready reckoner rates:
- Location: The property’s location is a critical factor to consider. Ready reckoner rates for properties are typically higher in upscale or established regions.
- Infrastructure: Ready reckoner rates may be impacted by the state of the surrounding roads, public transportation, hospitals, schools and other facilities.
- Accessibility: The circular prices may be impacted by the proximity to vital services and facilities and the ease of access to business districts and job centres.
- Demand in the market: Ready reckoner rates can be influenced by the supply and demand characteristics of the local real estate market. Generally, higher rates correspond to more robust demand.
- Type of property: The circular rate may vary depending on the kind of property, whether commercial, industrial, or residential. For various sorts of properties, different rates may be imposed.
- Plot size and dimensions: A property’s size and dimensions, encompassing elements like frontage, depth and form, might impact the ready reckoner rate.
- Age and condition of property: The property’s age and state may be considered. A property’s circular rate may be higher if newer or better maintained.
Ready reckoner rates in Mulund, Mumbai
| Average price per square foot (Residential property) | Average rent (Residential property) |
| Rs 20,266 | Rs 51,884 |
Real estate trends in Mulund, Mumbai
The residential and commercial real estate markets in Mulund, one of Mumbai’s eastern suburbs, have been expanding. The region has profited from enhanced facilities, connections, and infrastructure. To draw in customers, developers have emphasised providing contemporary amenities and green areas.
Mulund Mumbai: Location and connectivity
Mulund, a suburb of Mumbai to the east, is well-known for having good internal connectivity. A bus network that serves the neighbourhood well improves transportation connections, and Mulund has its railway station on the Central Line of Mumbai’s suburban railway network. Further enhancing connectivity are the nearby train stations at Thane and Nahur. The Eastern Express Highway facilitates the road infrastructure, making commuting to South Mumbai and the suburbs easy. Accessibility is further improved via the Mulund-Thane Link Road. Air connectivity is available from 20 km away at Chhatrapati Shivaji Maharaj International Airport. Mulund’s advantageous position makes it possible to access different areas of Mumbai via various transit options quickly.
Mulund Mumbai: Commercial properties
Mulund is known for its dynamic corporate landscape. Mulund, a bustling commercial hub, is located in the eastern suburbs of Mumbai. Acknowledged for more than just its “computer market,” Mulund has developed into a thriving hub for several sectors, encompassing technology, banking, and retail. Notable business complexes include Mulund Goregaon Link Road, Marathon Max, and Nirmal Lifestyle Corporate Office. Mulund has a thriving business climate supported by several businesses, including financial institutions and IT firms. Mulund is a desirable location for a variety of business operations in addition to being a commercial hub. It provides easy access to neighbouring business districts, such as Powai, Bhandup, and Thane, all within a 7-kilometre radius.
Mulund Mumbai: Residential properties
Though Mulund’s booming business sector is the primary draw, the neighbourhood’s residential area has grown significantly. Mulund, consisting of residential and commercial areas, provides a variety of housing choices. The residential landscape reaches nearby localities including Bhandup, Thane, Nahur, and Kanjurmarg. Apartments, standalone homes, and builder floors are among the residential options available in these areas. A variety of 2 and 3 BHK flats can be found in Mulund, and independent homes and builder floors are becoming more and more popular. Professionals employed in the surrounding commercial districts fuel Mulund’s demand for residential real estate, making it a desirable place to live and work.
Mulund, Mumbai: Why to invest?
Mulund, located in Mumbai, has gained popularity as a real estate investment destination due to several factors. Here are some reasons why Mulund is viewed as a desirable location for real estate investment:
- Strategic location: Mulund has excellent access to the rest of the city thanks to its advantageous location on Mumbai’s mainline railway. Professionals can have decent connectivity because it is near business hubs like Powai and BKC.
- Infrastructure development: Projects for ongoing and planned infrastructure development, such the road networks and metro line, can greatly improve the area’s accessibility and allure.
- School and medical facilities: Mulund is a desirable place for families and individuals seeking a well-rounded living environment because of its excellent healthcare and educational resources.
- Green areas: Compared to certain other areas of Mumbai, Mulund is renowned for its parks and green areas, which offer a calmer atmosphere. Those seeking a balance between the city and the outdoors may find this appealing.
- Retail and commercial areas: One factor adding to the area’s appeal is the existence of business and retail spaces. Living close to commercial districts and retail malls might make life easier for locals.
- Residential space needs: Property values may increase if there is a growing demand in Mulund for residential spaces because of things like employment possibilities, lifestyle amenities, and general quality of life.
Factors affecting property prices in Mulund Mumbai
In Mulund, Mumbai, several factors affect the cost of real estate. Both macroeconomic and local factors can impact real estate market dynamics.
These are a few crucial elements:
- Location and connectivity: Being close to central commercial districts, transportation hubs, and highways can have a substantial effect. The appeal of a place is increased by its convenient access to main roads and public transportation.
- Infrastructure Development: New roads, metro lines, and other amenities are examples of ongoing and planned infrastructure improvements that can raise property values.
- Commercial Development: Exposing office buildings, commercial centres, and industrial zones can drive professionals and businesses to the area, driving up real estate values.
- Demand and supply: Maintaining a balance between supply and demand is paramount in the real estate market. Real estate prices typically rise due to limited supply and high demand.
- Social Infrastructure: The availability of top-notch research institutes, medical facilities, retail establishments, and leisure areas might affect real estate values.
- Regulating Environment: Changes in taxation, regulations, or incentives are examples of government actions that can directly affect real estate values.
- Interest Rates: Variations in interest rates can impact how affordable house loans are, which can affect demand and pricing for real estate.
FAQs
What is the ready reckoner rate in Mulund, Mumbai?
Ready reckoner rates in Mulund vary based on the specific locality, property type, and size.
How are ready reckoner rates determined in Mulund?
The local government authorities in Mulund set ready reckoner rates based on factors like location and property category.
Do ready reckoner rates differ for residential and commercial properties in Mulund?
Yes, ready reckoner rates vary for residential and commercial properties in Mulund.
Are ready reckoner rates the same for all localities within Mulund?
No, ready reckoner rates differ for different localities within Mulund based on their demand and development status.
How do ready reckoner rates impact property transactions in Mulund?
Ready reckoner rates influence the minimum value at which a property can be registered during a transaction in Mulund.
Are ready reckoner rates subject to change in Mulund?
Yes, ready reckoner rates can be revised periodically by the local authorities in Mulund based on market conditions and other factors.
Do ready reckoner rates affect stamp duty and registration charges in Mulund?
Yes, ready reckoner rates directly impact stamp duty calculation and registration charges during property transactions.
Are there any exemptions or discounts available on ready reckoner rates in Mulund?
Exemptions or discounts on ready reckoner rates may be available in specific cases, such as for affordable housing projects.
Can individuals challenge or appeal against ready reckoner rates in Mulund?
Property owners may sometimes have the option to challenge or appeal against ready reckoner rates in Mulund through the designated authorities.
Where can you find the latest ready reckoner rates for Mulund, Mumbai?
The latest ready reckoner rates for Mulund can be obtained from the local revenue or municipal office or through online portals provided by the government.
| 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 |