Nariman Point, a prestigious and sought-after business district in South Mumbai, is renowned for its towering skyscrapers, breathtaking harbour views, and bustling commercial activity. This iconic neighbourhood, known for its concentration of multinational corporations, financial institutions, and luxurious hotels, has evolved into a global financial hub and a symbol of Mumbai’s economic power.
See also: What is the ready reckoner rate in Colaba, Mumbai?
What are reckoner rates?
Reckoner rates, also known as ready reckoner rates, circle rates or guideline values, represent the minimum prices at which properties can be registered in a particular locality. These minimum prices, established by the Maharashtra state government and periodically adjusted to reflect market trends, serve as a benchmark for determining stamp duty and registration fees. While circle rates typically lag behind the actual market prices, they provide a transparent and predictable framework for property transactions, ensuring a regulated market environment.
Read also: Ready Reckoner Rate Mumbai: All you Need to Know
Reckoner rates in Nariman Point
The Maharashtra government has classified properties in Nariman Point as one of the most affluent neighbourhoods in Mumbai, placing it under Category A of the state’s property classification system. Consequently, the reckoner rates in Nariman Point are among the highest in Mumbai.
Breakdown of the current range of circle rates in Nariman Point:
| Circle rate per sq. m (Apartments and Flats) | Circle rate per sq. m (Offices and Shops) |
| Range: Rs. 4,13,700 to Rs. 5,76,300 per sq. m | Range: Rs. 5,18,000 to Rs. 6,99,000 per sq. m |
| Average: Rs.4,95,000 per sq. m | Average: Rs. 6,08,500 per sq. m |
It’s crucial to remember that these are just averages, and the actual reckoner rate for a specific property can be higher or lower depending on factors such as:
- Location within Nariman Point: Some buildings or streets within Nariman Point may command higher reckoner rates due to their proximity to amenities, sea views, or other desirable features.
- Size and age of the property: Larger and newer properties generally have higher reckoner rates.
- Amenities: Properties with amenities like high-speed internet, security systems, and power backup will have higher reckoner rates.
- Floor level: Higher floors in buildings often have higher reckoner rates due to their panoramic views and additional privacy.
How to calculate reckoner rates?
To calculate the ready reckoner rate for a property in India, you need to follow these steps:
- Identify the property’s built-up area and the location of the property.
- Determine the ready reckoner rate per square metre for that location, which is set by the state government or local authorities.
- Multiply the built-up area by the ready reckoner rate per square metre to calculate the ready reckoner rate for the property.
How to check Reckoner Rates in Nariman Point?
One of the ways to check reckoner rates is online by following the steps below:
- Visit the official website of the Department of Registration and Stamps, Maharashtra: https://igrmaharashtra.gov.in/Home
- Under the “Services” section, select “e-Services”
- Choose “Circle Rate Information System”
- Select “Mumbai” from the “District” drop-down menu
- Enter the locality (e.g.,Nariman Point) and the property type
- Click on “Submit”
The system will display the applicable circle rate for the selected property type and location.
Factors influencing property prices in Nariman Point
Nariman Point, a gleaming symbol of Mumbai’s economic power, has witnessed a significant rise in property prices in recent years. This upward trajectory can be attributed to a confluence of factors that elevate Nariman Point to the pinnacle of desirability for both residential and commercial investments.
Prime location and unparalleled connectivity
Nestled in the heart of Mumbai’s business district, Nariman Point boasts unparalleled connectivity. The Mumbai Suburban Railway network, BEST buses, and convenient access to major highways ensure effortless travel throughout the city. This unparalleled accessibility makes Nariman Point a coveted location for both residents and businesses.
World-class infrastructure and amenities
Nariman Point is a haven of luxury and comfort, boasting a well-developed infrastructure with high-quality roads, prestigious educational institutions, renowned hospitals, upscale shopping centres, and world-class recreational facilities. This exceptional infrastructure provides residents with a truly privileged living experience.
Hub of global businesses and high footfall
Nariman Point is the undisputed heart of Mumbai’s financial and commercial landscape. It houses the headquarters of leading multinational corporations, prestigious financial institutions, and renowned businesses. This vibrant ecosystem attracts professionals and entrepreneurs seeking to be in the heart of the action, generating substantial footfall and creating a thriving business environment.
Limited land availability and high demand
With limited land available for development in Nariman Point, the demand for existing properties remains consistently high, outpacing supply. This imbalance creates a premium market where property values continue to escalate.
Investment haven and attractive rental yields
Investing in Nariman Point offers lucrative returns. Consistent appreciation in property values and attractive rental yields make Nariman Point a highly sought-after investment destination. Investors can expect significant capital appreciation and stable rental income, making it a secure and profitable investment option.
Additional factors propelling growth
- Proximity to prominent business districts: Nariman Point’s proximity to thriving business hubs like Bandra Kurla Complex and Lower Parel attracts professionals seeking convenient access to their workplaces.
- Global lifestyle and cultural hub: Nariman Point offers a cosmopolitan lifestyle with renowned restaurants, art galleries, museums, and cultural institutions, attracting individuals seeking a vibrant and enriching life.
- Upcoming developments: Nariman Point is poised for further growth with planned infrastructure projects like the Coastal Road and Metro Line 3, which will further enhance connectivity and propel property values to even greater heights.
Emerging trends and future prospects
Nariman Point, the glittering crown jewel of Mumbai’s business district, is constantly evolving to stay ahead of the curve and cater to the ever-changing needs of its residents and businesses. Several emerging trends are shaping the future of this iconic location:
The rise of integrated developments
Recognising the desire for a more seamless and integrated lifestyle, developers are focusing on creating mixed-use projects that seamlessly blend residential, commercial, and recreational spaces within Nariman Point. This trend fosters a vibrant community atmosphere, promotes walkability, and enhances convenience for residents and professionals alike.
Redefining public spaces
The government and developers are prioritising the creation of more welcoming and engaging public spaces within Nariman Point. This includes the development of parks, plazas, and gardens designed to enhance the quality of life for residents, encourage outdoor activities, and foster a sense of community.
Hyperconnectivity on the horizon
With upcoming infrastructure projects like the Coastal Road and the expansion of the Mumbai Metro network, Nariman Point is poised to become even more accessible and connected. This improved connectivity will significantly impact the area’s attractiveness for both businesses and residents.
The sharing economy takes root
The sharing economy is making its mark on Nariman Point’s real estate market. Platforms like Airbnb are offering alternative accommodation options, providing greater flexibility for both owners and guests. This trend is expected to continue, catering to the growing demand for short-term rentals and flexible living arrangements.
Embracing sustainability
As environmental consciousness continues to grow, developers in Nariman Point are integrating sustainable features into their projects. This includes the use of rainwater harvesting systems, solar panels, and energy-efficient appliances. These eco-friendly measures cater to the increasing demand for sustainable living options and contribute to a more responsible and resource-efficient future for the district.
Why invest in Nariman Point?
Nariman Point, the glittering crown jewel of Mumbai’s financial district, offers a unique and multifaceted investment opportunity catering to discerning individuals and investors seeking both financial gain and an exceptional lifestyle.
Capital appreciation
- Proven growth trajectory: Nariman Point has witnessed a consistent and significant rise in property values over the past decades, with historical data showcasing an average annual appreciation exceeding 15%. This upward trend is expected to continue due to high demand, limited land availability, and ongoing infrastructure developments like the Coastal Road and Metro expansion.
- A tangible asset: Owning property in Nariman Point offers a tangible asset and a hedge against inflation, diversifying your investment portfolio and mitigating risk.
Generational wealth building
- High rental yields: Rental yields in Nariman Point typically range between 5-7%, significantly higher than other major cities in India. This translates to consistent rental income, enabling investors to build wealth over generations.
- Long-term stability: The exceptional demand for residential and commercial properties in Nariman Point ensures long-term rental stability, minimising vacancy periods and maximising your rental income potential.
Unmatched lifestyle
- Living at the centre of power: Nariman Point offers a prestigious and exclusive living environment, surrounded by renowned corporations, prestigious financial institutions, and leading businesses.
- World-class amenities: Residents enjoy a plethora of world-class amenities like upscale shopping centres, renowned restaurants, art galleries, and museums, fostering a vibrant and enriching lifestyle.
- Seamless connectivity: Nariman Point boasts unparalleled connectivity through the Mumbai Suburban Railway, BEST buses, and upcoming metro lines, making it easy to access other parts of the city and essential services.
Diverse nvestment opportunities
- Luxury apartments: Nariman Point experiences a growing demand for luxurious apartments with breathtaking sea views and state-of-the-art amenities, offering investors entry into a high-end market with significant capital appreciation and rental income potential.
- Commercial properties: Investing in commercial properties like offices or retail shops can generate substantial rental income due to the high footfall and concentration of businesses in Nariman Point.
- Co-working spaces: The increasing demand for flexible workspaces creates a lucrative opportunity for investors to capitalise on the growing trend of co-working spaces catering to professionals and entrepreneurs.
- Redevelopment projects: Investing in redevelopment projects allows investors to benefit from the potential for significant value creation as older buildings are transformed into modern residential and commercial complexes.
Nariman Point presents a gateway to luxury, prosperity, and a distinguished lifestyle. With its strategic location, strong economy, and promising future outlook, it offers a compelling investment opportunity for individuals and investors seeking long-term financial growth and a unique living experience at the heart of Mumbai’s financial power.
FAQs
What is Nariman Point?
Nariman Point is a business district located on the southern tip of Mumbai, India. It was built on land reclaimed from the Arabian Sea in the 1940s and is now home to some of the country's most prestigious business headquarters and iconic buildings, including the Air India Building, Express Towers, Oberoi Trident Hotel, and Mantralaya.
How do I get to Nariman Point?
Nariman Point is well-connected by public transportation. You can take the Mumbai Metro to Churchgate Station, which is just a short walk away. Alternatively, you can hail a taxi or rickshaw from any location in Mumbai.
Is Nariman Point safe?
Nariman Point is generally considered a safe area. However, as with any major city, it's important to be aware of your surroundings and take precautions like avoiding deserted areas at night.
What is the best time of year to visit Nariman Point?
The best time to visit Nariman Point depends on your preferences. If you want to avoid the monsoon season (June-September), then the winter months (October-February) are ideal. The weather is pleasant with sunny skies and cool temperatures. However, this is also the peak tourist season, so expect larger crowds and higher prices.
What are the demographics of Nariman Point?
Nariman Point is a predominantly business district, with a small residential population. The majority of residents are wealthy professionals and their families.
What is Nariman Point famous for?
Nariman Point is primarily famous for being the central business district of Mumbai.
Is Nariman Point and Marine Drive the same?
No, Nariman Point and Marine Drive are not the same, although they are closely linked. Nariman Point is a specific area within Mumbai, known for its business district, seafront location, and luxurious hotels whereas Marine Drive is a six-lane concrete promenade along the coast of Mumbai, passing through Nariman Point and other areas.
| 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 |
