Uran in Mumbai is becoming a popular area that combines city comforts with a coastal charm. Its strategic positioning, notably anchored by the Jawaharlal Nehru Port Trust, elevates it into a pivotal economic hub. The area is undergoing rapid infrastructure evolution, witnessing continual advancements in transportation and civic facilities. Uran’s high demand originates from its proximity to key transportation routes, ensuring effortless journeys to both Mumbai and Navi Mumbai. Real estate prices are increasing, making it a good opportunity for investors who want their property value to grow. The combination of increasing property values, improving infrastructure, and the allure of coastal living makes Uran a promising investment destination on Mumbai’s real estate map.
What are ready reckoner rates?
Ready reckoner rates, in real estate, represent the minimum value at which a property can be registered during a transaction. In Uran, Mumbai, these rates are pivotal in property dealings. Local authorities determine them and influence property prices and stamp duty calculations. Understanding ready reckoner rates is crucial for buyers and sellers, shaping the dynamics of real estate transactions. These rates reflect the government’s assessment of a property’s worth, impacting the financial aspects of property transactions in Uran, Mumbai.
Ready reckoner rates in Uran Navi Mumbai
The ready reckoner rates in Uran, Mumbai, hinge on several factors. A comprehensive system has divided the city into 19 zones and 221 sub-zones. The ready reckoner rate is significantly influenced by property use—whether residential or commercial—and the type of property, such as apartments, flats, independent houses or plots. These factors influence the complex system that sets the ready reckoner rates in Mumbai’s varied real estate market.
| Ready reckoner rate per square metre | Residential construction cost per square metre | Commercial construction cost per square metre |
| Rs 10,000 | Rs 4,000 | Rs 5,000 |
Real estate trends in Uran Navi Mumbai
Nestled on the eastern coast of Mumbai, Uran emerges as a promising locale for real estate investment. Its strategic location offers a blend of urban conveniences and tranquil surroundings. Connected by road and rail, Uran enjoys proximity to the upcoming Navi Mumbai International Airport, enhancing its accessibility quotient. The JNPT port, a significant economic hub, further amplifies Uran’s commercial viability. Here are the essential trends in the locality that you should be aware of before considering any investments.
Uran Navi Mumbai: Location and connectivity
Along Maharashtra’s eastern coast within Navi Mumbai’s Raigad district, Uran is a strategic coastal town approximately 70 kilometre southeast of Mumbai, straddling the Dharamtar Creek. Uran is conveniently located at the crossroads of the Mumbai-Panvel Highway and the Panvel-Uran Road, seamlessly connecting it to Mumbai and other areas in Navi Mumbai, making the location easy and quick.
Uran is well-connected through roads, railways and waterways. The Mumbai-Panvel Highway, a vital link between Mumbai and Pune, passes through Uran, making travel between the cities convenient. Additionally, the recently opened Nerul-Uran rail line, a part of the Mumbai Suburban Railway’s Harbour Line, improves local transportation by expanding the network in Navi Mumbai.
Boats regularly travel between Uran and Mumbai’s Gateway of India and other nearby coastal areas, making water transportation popular in Uran. Uran is eagerly awaiting the Navi Mumbai International Airport, which is set to start operating in 2024. This upcoming development is expected to transform Uran into a key transportation hub, boosting real estate growth in the area.
The new Mumbai-Trans Harbor Link, a 22-kilometre bridge currently being built, is set to reduce travel time between Uran and Mumbai significantly. This development will strengthen Uran’s overall connectivity, marking a positive shift for the area’s future. Uran is on track for a promising future with its strategic location and improving infrastructure.
Uran Mumbai: Commercial properties
Modern office spaces catering to diverse business needs, such as IT, finance, and professional services, are sprouting across Uran, embodying its evolution into a business hub. At the forefront of this transformation is the Nhava Sheva Free Trade Zone (NSFTZ), a sprawling special economic zone (SEZ), one of India’s most significant. This enclave is drawing the attention of both multinational giants and domestic enterprises.
The Navi Mumbai International Airport opening in 2024 is expected to be a crucial turning point. It is anticipated to boost economic growth in Uran by sparking the development of new commercial complexes, hotels, and logistics facilities around the airport. In addition to this, the planned Uran Business District (UBD) is designed to bring together various business activities, creating a central hub for corporate offices, retail spaces, and hospitality facilities.
Among the critical commercial projects, Nhava Sheva Business Centre, Uran Business Park, RMS International Business Park and Khandeshwar Business Park are making their mark. Noteworthy commercial properties include CIDCO Bhavan, Jijamata Udyan and Uran Market. The corporate landscape boasts the presence of heavyweights like Reliance Industries, ONGC, L&T, Bayer and Cadbury.
Uran Mumbai: Residential properties
Apartments are the most common housing choice, offering a variety of sizes and layouts to suit different budgets and preferences. Villas, on the other hand, provide a more luxurious and secluded lifestyle with spacious accommodations. Row houses strike a middle ground by offering individual units with shared walls. Knights Residency has 1 and 2 BHK apartments ranging from 500 to 630 square feet. Unimont Imperia offers a 1 BHK apartment with a 560-square-foot area. Plot Wale Dronagiri presents residential plots varying from 1,000 to 3,000 square feet. Tulsi Sagar provides 1 and 2 BHK apartments spanning 620 to 970 square feet. RK Vaishnavi Emperia features a 1 BHK apartment covering 285 square feet.
Shree Dronagiri meets various requirements by offering a combination of apartments and plots. Shree Balaji Shree Laxmi Coop Housing Society presents 1 BHK apartment with a size of 193 square feet. Meanwhile, Pranav Corner provides 1 BHK apartments that vary in size, ranging from 174 to 280 square feet.
In this area, property prices vary. For instance, 1 BHK apartments can be found for costs between Rs 25 lakh and Rs 50 lakh. If you’re looking for a 2 BHK apartment, expect to pay somewhere between Rs 40 lakh and Rs 70 lakh. Villas in Uran are generally priced from Rs 1 crore to Rs 2 crore, and row houses typically range from Rs 60 lakh to Rs 1 crore.
Factors affecting property prices in Uran Mumbai
Several factors contribute to the fluctuation of property prices in Uran, Mumbai. When contemplating property purchase or investment, it is imperative to consider these aspects:
Uran’s property prices hinge on several key factors:
- Location and Connectivity: Uran’s strategic position, proximate to Mumbai and the upcoming Navi Mumbai International Airport, lures investors and homebuyers. The town’s accessibility has notably improved, courtesy of advancing road and rail networks.
- Infrastructure Development: The ongoing development of significant infrastructure projects, like the Navi Mumbai International Airport and the proposed Mumbai-Trans Harbor Link, is expected to boost real estate growth in Uran. Anticipations revolve around improved transportation links, better living conditions, and a likely investment increase.
- Demand for Residential and Commercial Properties: A steady surge in demand for residential and commercial properties is evident. Fueled by Uran’s expanding population, evolving infrastructure, and improved connectivity, its tranquil beaches, parks, and eateries allure those searching for a peaceful lifestyle from Mumbai’s hustle.
- Affordability: Uran still maintains relatively affordable property prices compared to other established areas in Navi Mumbai. This renders it appealing to first-time homebuyers, financially prudent investors, and families aspiring for a quality life without breaking the bank.
- Government Initiatives: The government is putting much effort into making Uran a central hub in Navi Mumbai. This is expected to attract more investments and lead to a rapid increase in real estate activities. With various infrastructure projects, efforts to renew urban areas, and business incentives in place, Uran is becoming more and more appealing to investors and people looking to buy homes.
- Economic Growth and Employment Opportunities: Navi Mumbai’s growing economy and the rise of various industries are leading to more job opportunities. This is attracting professionals to the region and increasing the demand for housing. As a result, property prices in Uran are experiencing a significant impact due to this ripple effect.
- Supply of Properties: The availability of residential and commercial properties intricately shapes property prices. A balanced supply-demand equation is instrumental in maintaining both stability and price growth.
- Interest Rates and Economic Factors: Changes in property prices are influenced by interest rates and the overall state of the economy. When interest rates are low, it becomes easier for people to afford homes, leading to increased demand and, in turn, higher property prices. On the flip side, the market tends to decrease during economic downturns, causing property prices to soften or decline.
Why invest in Uran Mumbai?
Uran is picking up as a top investment spot for its nearness to the busy Jawaharlal Nehru Port, the future Navi Mumbai International Airport, and MTHL. With strong infrastructure growth and great transportation, Uran offers a promising real estate market. It’s a lucrative opportunity for investors eyeing to encash the growth boosted by the upcoming infrastructure and connectivity projects.
FAQs
What are ready reckoner rates?
Ready reckoner rates are the minimum rates established by the government for property transactions during registration.
How do you calculate the ready reckoner rate of any area?
To determine the ready reckoner rates, you can use the following 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 are influenced by various factors, including the sector's location, infrastructure, provided amenities, and economic conditions.
What is the ready reckoner rate of flats in Navi Mumbai?
The ready reckoner rate for flats in Navi Mumbai varies between Rs 14,900 to Rs 1.40 lakh.
How is the ready reckoner rate different from market value?
The ready reckoner rate represents the minimum property price the State government sets, while the seller determines the market rate.
Is it compulsory to pay house tax in Navi Mumbai?
Yes, all property owners in Navi Mumbai must pay property tax.
Which area in Navi Mumbai is the most expensive?
Belapur, Palm Beach Road, and Nerull area are the most expensive places in this area because of the premium property, localities, and sophistication.
| 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 |
