Navi Mumbai, developed as a satellite city to Mumbai, has been flourishing with a fast pace since its inception due to growth in residential, and commercial real estate. Navi Mumbai has strong nodes with new areas becoming a preferred location for residential and commercial real estate business. Panvel is one of the strongest nodes in the city. Located in Raigad district, it is governed by the Mumbai Metropolitan Region body. The Panvel Municipal Corporation formed on October 1, 2016, is the first one in Raigad district. Panvel has transformed from old to new Panvel that has luxury townships and commercial outfits.
See also: Circle rate in Kharghar, Navi Mumbai
What is circle rate?
Circle rate is determined as the least value at which one can register a property during sale or transfer. The rate has impact on the stamp duty and registration charges at the time of purchasing the property. Circle rate is known by various names in the country, such as ready reckoner rate, guideline rate, etc. In Maharashtra, it is commonly known as the annual statement rate (ASR). The ASR is divided into three types — urban, rural, and influence areas.
How to check the Panvel circle rate?
To check the Panvel circle rate, login to the IGR Maharashtra website at https://igrmaharashtra.gov.in/Home .
Click on e-ASR under stamps, and on e-ASR 1.9 as e-ASR 2.0 as it is still under beta.
You will reach here:
Click on Raigad. You will reach the following page. Select the year from dropdown box, then Taluka and village. Click on enter.
You will get access to details, including assessment type, assessment range and rate in rupees.
Circle rates in New Panvel – Residential
| Locality | Rates |
| New Panvel | Rs 58,800 |
Circle rates in New Panvel – Commercial
| Locality | Rates |
| New Panvel | Rs 71,400 |
Circle rates in New Panvel – Shop
| Locality | Rates |
| New Panvel | Rs 90,600 |
What are the factors that determine the circle rate in Panvel?
- Property type: This includes apartment, flat, independent house, multi-storey buildings, agricultural land, non-agricultural land, etc.
- Infrastructure: Better infrastructure means better connectivity.
- Demand: The demand for the location also determines the rate.
- Potential for growth: If the area shows further growth prospects, the circle rate will get affected.
Panvel: Location and connectivity
Panvel is the first city when you enter Raigad from the west. It is surrounded by hills and lies on the banks of the Gadhi.
Panvel is located on the Mumbai-Bangalore National Highway (NH-4). It shares close proximity to the Mumbai-Pune Expressway and the Sion-Panvel Highway. The node is well-connected with all parts of the state and country through roads and railways. Panvel is connected to Mumbai through the Harbour Line. It is around 10 km from the upcoming Navi Mumbai International Airport (NMIA) and the soon to be inaugurated Mumbai Trans Harbour Link (MTHL).
Neighbouring localities in Panvel include Panvel west, Panvel, Khanda colony, Takka colony, etc. Reputed educational institutions, such as DAV Public School, Pillai College of Engineering, Pillai Institute of Management Studies, Delhi Public School, etc., are in Panvel. It also has medical care facilities like the MGM Institute of Health Sciences, Lifeline, Panacea, Paramount, etc., among others.
Why should you invest in Panvel?
The Special Economic Zones around Panvel and expansion of the Jawaharlal Nehru Port Trust provides a lot of employment opportunities in the area. It also has various gated communities with required amenities. When you explore Panvel as a destination for residential space, you can find options in low, mid, and high residential complexes with options like affordable housing, 1, 2, 3 BHK to luxurious 4BHKs, penthouses, and villas.
Panvel: Real estate price
According to Housing.com, the average price for buying an apartment in Panvel is Rs 8,203 with price range between Rs 2,666 and Rs 16,629 per square feet. If you are looking at renting a property here, the average rent is Rs 22,629, with price range between Rs 2,000 and Rs 100,000.
FAQs
How is property value calculated?
Property value = build up area in square metres X circle rate for the locality per square metre (in Rs).
Why is annual statement rate (ASR) important?
The property is registered with the stamps and registration department based on the ASR.
Which city is Panvel node a part of?
Panvel node is a part of Navi Mumbai.
Which are the neighbouring areas of Panvel?
Neighbouring areas of Panvel include Khandeshwar, Takka colony, Panvel west, etc.
When can the circle rate of a property go up?
If the real estate market shows demand, the circle rate in the area will go up.
Where can you pay the Panvel property tax?
The Panvel property tax can be paid online to the Panvel Municipal Corporation or can be paid offline by visiting the ward office.
| 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]
Related Posts
Ready Reckoner Rate in Kharghar, Navi Mumbai.
Ready reckoner rate in Byculla, Mumbai.
What is the ready reckoner rate in Juhu, Mumbai?.
What is the ready reckoner rate in Mira Road, Mumbai?.
What is the ready reckoner rate in Colaba, Mumbai?.
What is the ready reckoner rate in Mahim, Mumbai?.
