Sion in Mumbai is a superb place for residence or exploration due to its central location and rich cultural, educational, and religious attractions. The vibrant local markets offer an extensive selection of shopping and dining experiences. Students across the city enroll in Sion’s educational institutions, encompassing engineering and art colleges. Additionally, significant religious landmarks within the neighborhood, like Sion Fort, Hanuman Mandir, and St. Anthony’s Cathedral, offer a glimpse into the profound cultural heritage of Mumbai.
What are ready reckoner rates?
The ready reckoner rate is the minimum or lowest price at which the registration of a commercial or residential property, including apartments, plots or built-up houses, can take place during a sale or transfer. The Stamps and Registration Department of Mumbai are responsible for notifying the ready reckoner rates in Mumbai. It’s worth noting that various localities within the same city may have distinct ready reckoner rates.Â
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Ready reckoner rates in Sion, Mumbai
Mumbai’s ready reckoner rates are officially communicated for 19 designated zones, determined by the prevailing market value. These rates hold crucial significance when engaging in the sale, purchase, or mortgage of a property. Â
| Ready reckoner rate for commercial property (Rs./sq.m) | Ready reckoner rate for residential property (Rs./sq.m) |
| 1,53,000-2,65,000 /Â
1,83,000-3,31,000 |
1,28,000-2,33,000 |
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Real estate trends in Sion, Mumbai
Recognised for its advantageous positioning and outstanding transportation links, Sion offers a varied selection of real estate options, ranging from contemporary residential units to commercial establishments. Its close proximity to crucial business centers, educational facilities, and essential services positions Sion as a reflection of the evolving nature of urban living in Mumbai. This section emphasizes the primary trends observed in the local real estate landscape.
Sion, Mumbai: Location and connectivity
Sion Railway Station, part of the Central Line, and Chuna Bhatti Railway Station, on the Harbour Line, serve as pivotal transport hubs, ensuring widespread connectivity for daily commuters. Additionally, Dadar Railway Station, situated 3 km away, and Lokmanya Tilak Terminus Station, located 7 km away, play crucial roles for long-distance train travel. The Eastern Express Highway and Sion Flyover are heavily traversed thoroughfares, facilitating extensive access to both South Mumbai and the Eastern suburbs. The International Airport, positioned 9 km away, is reachable within approximately 30-40 minutes. Furthermore, the ongoing construction of Line 3 (Colaba-Bandra-SEEPZ) of the Mumbai Metro is anticipated to introduce metro connectivity to the region, potentially by 2021.
Sion hosts several educational institutions, including South Indian Education Society High School, Trinity International School, and GNVS Institute of Management. Recognized healthcare facilities such as Lokmanya Tilak Municipal General Hospital, K. J. Somaiya Hospital & Research Centre, and Smt. S.R. Mehta & Sir K. P. Cardiac Institute contributes to the area’s well-established infrastructure. Moreover, reaching prominent retail hubs in Lower Parel, specifically High Street Phoenix and Palladium Mall, takes approximately half an hour.
Sion, Mumbai: Residential properties
Sion in Mumbai boasts a well-established physical infrastructure, encompassing well-maintained roads, reliable electricity, and water supplies. Located in Central Mumbai, Sion is a recognized residential area closely surrounded by other established neighborhoods such as Dadar, Matunga, Wadala, Antop Hill, Chembur, and Kurla. Residential developments in the region predominantly consist of multi-storey apartment buildings, both completed and under construction. Notable apartment complexes include Trans India Freeway 37, Kalpataru Residency, Ahuja O2, and Sheth Beaumonte, among others. Sion Mumbai maintains a relatively average Livability Index, benefitting from convenient transit links and access to essential services. However, challenges arise due to factors like population density, traffic, and limited open space. Despite these considerations, Sion offers a diverse array of cultural, educational, and religious attractions, although residents and visitors may encounter issues related to traffic and congestion.
Sion, Mumbai: Commercial properties
Sion is in close proximity to various industrial estates and commercial complexes located in Dadar, Lower Parel, Prabhadevi, Mahim, and Kurla. Additionally, it is situated near the prominent employment hub of Bandra Kurla Complex (BKC), approximately 5-6 km away. The area also benefits from robust connectivity with the business districts of Nariman Point and Colaba, which are nearly 15 to 17 km away. Consequently, Sion stands as an appealing residential destination.
Factors affecting property prices in Sion, Mumbai
Numerous factors contribute to shaping property prices in Sion, Mumbai, necessitating careful consideration for informed property purchase or investment decisions. The key factors encompass:
- Â Â Location: The proximity to essential amenities and connectivity to major areas wield significant influence on property prices.
- Â Â Infrastructure Development: Areas endowed with well-developed infrastructure typically command higher property prices due to the enhanced quality of living they offer.
- Â Â Demand and Supply: The interplay between demand and supply dynamics serves as a crucial determinant of property prices. High demand coupled with limited supply often results in price appreciation.
- Â Â Future Development Plans: Anticipated infrastructure projects and forthcoming developments in the vicinity can exert a noteworthy impact on property prices in the long term.
- Â Â Economic Factors: Economic growth, employment opportunities, and overall market conditions play a pivotal role in shaping property prices over time.
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Why should you invest in Sion, Mumbai
Investing in Sion, Mumbai, offers a unique opportunity to be part of a historically rich and culturally diverse locality. With a residential ready reckoner rate ranging from Rs 1.28 to 2.33 lakh per square meter, Sion stands as a vibrant area in the center of Mumbai, boasting thriving marketplaces, esteemed educational institutions, and significant religious sites. The strategic location of Sion, coupled with excellent connectivity, makes it an excellent city to live or visit.Â
Despite population density and traffic congestion, Sion remains popular for its lively atmosphere, cultural offerings, and unique Mumbai experience. Investing in Sion is not only a good investment but an opportunity to be part of a culturally rich and strategically located neighborhood with a mix of historical charm and modern amenities.
FAQs
What are ready reckoner rates?
Ready reckoner rates are the minimum rates set by the government for registering property transactions.
How to calculate the ready reckoner rate of any area?
To calculate the ready reckoner rates, you can use this formula. Ready reckoner rate = Part of the land ratio x land cost + flat area x building cost + common area x cost of construction.
What influences the ready reckoner rate of an area?
Ready reckoner rates depend on various factors including the location of your sector, infrastructure, amenities provided, and economic factors.
How is the ready reckoner rate different from market value?
The ready reckoner rate is the minimum price of the property, determined by the State government. In comparison, the market rate is decided by the seller.
Is it compulsory to pay house tax in Mumbai?
The owners of residential properties in Mumbai are liable to pay property tax Mumbai to the Brihanmumbai Municipal Corporation (BMC) every year.
Which area in Mumbai is the most expensive?
In terms of property prices, some of the most expensive areas of Mumbai include Malabar Hill, Cuffe Parade, Tardeo, Juhu, Bandra West, Worli, Colaba and Powai.
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