Ready reckoner rates in Ghansoli 2024

Ghansoli, nestled in Navi Mumbai, India, sits along the Thane-Belapur Road, creating easy links to Thane, Vashi, and Panvel. It’s not just a residential spot; it’s a bustling industrial centre hosting big players like Reliance Industries, Siemens, and Standard Alkali. Families find it appealing due to residential complexes.

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Living in Ghansoli won’t break the bank compared to other Navi Mumbai areas. Getting around is a breeze with solid road and rail connections to the rest of Navi Mumbai and Mumbai. Schools, hospitals, and essential services are well within reach, thanks to Ghansoli’s robust infrastructure. It’s on the upswing, promising more growth down the line. For this matter, everyday price is getting a hike.

What are ready reckoner rates?

Think of ready reckoner rates as the least amount of money for buying or selling a property in an area. They’re like a starting point, a money limit set by authorities to control property deals. These rates are crucial in real estate, serving as a standard for property transactions. Now, the tricky part is that these rates aren’t the same everywhere; they differ from one place to another. Things like how well an area is developed, the amenities it has, and how much people want to live there all play a role in figuring out these ready reckoner rates. So, understanding ready reckoner rates means getting how this detailed system works, and it’s a big deal because it affects the very basis of property transactions.

See also: Circle rate in Sion, Mumbai

Ready reckoner rates in Ghansoli, Navi Mumbai

In Ghansoli, Navi Mumbai, the prices for residential and commercial properties are not the same. They change based on how big the property is. Unlike some places, Ghansoli doesn’t split into different zones or phases for these property prices. Instead, the prices are the same across the whole area. When you register a property, these rates set the lowest amount it can be registered for in that specific area, and the local municipal corporation figures out these rates by looking at things like where the property is, what type it is, and what features it has.

Ready reckoner rate per square metre	Residential construction cost per square metre	Commercial construction cost per square metre
Rs 32,900	Rs 76,300	Rs 91,500

Real estate trends in Ghansoli

Ghansoli, a swiftly growing suburb in Navi Mumbai. People are drawn to this area because of its affordable, well-connectedness, and close to various amenities which has made it a hot spot for both homebuyers and investors. The average property price here is around Rs 2,000 per square metre which is a very high price jump. The surge in prices is because of better infrastructure, a growing demand for homes, and not much land available. Even with the recent price hikes, it is still a pocket-friendly choice for homebuyers when compared to other parts of Navi Mumbai because it is a bit farther from the city centre and hasn’t developed as much as some other suburbs.

Ghansoli: Location and connectivity

Ghansoli, surrounded by Thane Creek in the west, Airoli to the north, Rabale to the south, and Koparkhairane to the east, boasts the headquarters of Reliance Industries Limited (RIL), one of India’s major private companies. The Reliance Corporate Park is a vast area with RIL’s offices, homes, and recreational spaces. Additionally, Ghansoli houses the Trans Thane Creek (TTC) Industrial Area, a significant business hub in Navi Mumbai, hosting multinational giants like Procter & Gamble, Hindustan Unilever, and Siemens.

Connected by Thane-Belapur Road to Thane and Vashi, as well as Shil Phata-Mahape Road and Mulund-Airoli Road to other parts of Navi Mumbai, Ghansoli is accessible. The Ghansoli railway station on the Harbour Line of the Mumbai Suburban Railway facilitates easy commuting to major business districts like CBD Belapur and Vashi.

Looking ahead, there are exciting projects in the pipeline. Navi Mumbai Metro Line 1, linking Thane, Vashi, and Nerul, is under construction and set to operate in 2024. The Ghansoli-Airoli Bridge, connecting Ghansoli to Airoli, is in the planning stages and expected to be built in the coming years. The Ghansoli IT Park, a proposed development, aims to host various IT companies, generating numerous job opportunities.

In terms of completed projects, the Ghansoli Railway Station opened its doors in 2004, the Reliance Corporate Park was finalized in 2007, and the TTC Industrial Area took shape in the 1990s.

Ghansoli: Commercial properties

Ghansoli is on the rise as a bustling business hub in Navi Mumbai. A bunch of new and ongoing commercial projects in the area are pushing up the ready reckoner rate of Mandvi.

Check out these upcoming projects: Ghansoli Business Park, a 10-acre space with offices, shops, and eateries. Then there’s Ghansoli Tech Park, a massive 50-acre IT hub for various tech companies. And don’t forget Ghansoli Logistics Park, a whopping 200-acre site for warehousing and distribution.

But that’s not all—ongoing projects like Ghansoli Corporate Park (25 acre) and Ghansoli Trade Center (10 acre) are already up and running. Ghansoli Shopping Center (5 acre) is also in the works.

The demand for commercial spaces in Ghansoli is shooting up and this trend is expected to keep going up. Why? Well, a few key reasons: The growing need for commercial spots in Ghansoli, its proximity to Mumbai and Thane, excellent road and rail connections, and the presence of good infrastructure and amenities in Ghansoli.

All these factors make Ghansoli a hot spot for businesses. The increased demand for commercial spaces is pushing up Mandvi’s ready reckoner rate, and it looks like this trend will keep going strong. The cost of industrial, and office property has gone to Rs 85,700.

Ghansoli: Residential properties

Ghansoli, a swiftly growing locality in Navi Mumbai, boasts a blend of homes, businesses, and industries. It connects seamlessly to the rest of Mumbai through roads and railways, featuring schools, hospitals, and various amenities.

Several factors contribute to the increasing ready reckoner rates in Ghansoli. Its proximity, just 20 km from Mumbai, makes it a favoured choice for commuters. Ghansoli’s excellent road and rail connections to Mumbai and substantial investments by the Navi Mumbai Municipal Corporation in infrastructure development make it attractive to investors and homebuyers alike. The presence of IT companies has heightened the demand for residential properties in Ghansoli.

In essence, Ghansoli emerges as a promising real estate investment hub. Its robust connectivity, solid infrastructure, and proximity to Mumbai are expected to sustain the upward trajectory of property prices in the coming years.

Factors affecting property prices in Ghansoli Navi Mumbai

So talking about the factors that are affecting the property rates of the place are as follows:

Location: Nestled in the Thane district of Navi Mumbai, Ghansoli boasts a strategic location within this planned city. Its robust infrastructure stands as a testament to modern development. Resting on the eastern edge of Mumbai, Ghansoli is embraced by the Thane Creek to the south and the Mumbai Harbour to the west. The suburb enjoys seamless connectivity to the rest of Mumbai through a network of well-maintained roads and a railway system. The Thane-Belapur Road, linking Thane to Belapur, weaves through Ghansoli, while the Mumbai-Pune Expressway also graces this suburban landscape. For daily travellers, the Ghansoli railway station, part of the Mumbai Suburban Railway’s Central line, stands as a gateway to swift travel.
Infrastructure: Surveying Ghansoli’s infrastructure reveals a tapestry of well-paved roads, educational institutions, healthcare facilities, and vibrant shopping hubs. The streets bear witness to meticulous maintenance, complemented by public parks and gardens that offer residents spaces for relaxation and recreation. The educational landscape is diverse, featuring both government and private schools. The healthcare needs of the community are met by the Ghansoli General Hospital, a government healthcare facility, along with several private hospitals. Shopaholics find solace in the Inorbit Mall and the Viviana Mall, adding a touch of retail therapy to the suburb’s allure.
Demand and supply: The real estate pulse in Ghansoli beats to the rhythm of demand and supply dynamics. Positioned as a relatively affordable suburb within Mumbai’s expanse, Ghansoli attracts a steady demand for properties. With an average price of around Rs. 13,612 per square foot, it stands as a more economical option compared to Mumbai’s average property price of Rs 20,000 per square foot. This price divergence fuels the expectation that the demand for Ghansoli’s real estate will continue its upward trajectory, riding on the coattails of Mumbai’s expanding population.
Amenities and facilities: Properties adorned with amenities like swimming pools, gyms, and clubhouses often command a higher price tag, responding to the heightened demand from discerning buyers and tenants. The market trends and economic nuances further sway the real estate landscape. Interest rates, a key player in the borrowing game, can influence property demand. Inflation, the silent force, nibbles at the value of money and consequently affects property prices. The ebbs and flows of GDP growth, a barometer of economic health, contribute to the undulating real estate landscape. Government policies, shaping the supply of land and availability of financing, add another layer of complexity to the Ghansoli real estate market.

Understanding these complex factors allows potential buyers and sellers to waltz through the Ghansoli real estate market with a wise eye, making informed decisions in this dynamic landscape.

Why invest in Ghansoli?

Ghansoli has experienced a notable increase in real estate development over the years and is becoming one of the fastest-growing areas in Navi Mumbai, drawing in numerous homebuyers and investors. A key factor that is increasing Ghansoli’s real estate growth is its reasonable pricing; the property price of the area here falls between Rs 7,000 and Rs 12,000 per square foot, making it a perfect spot for buyers searching for budget-friendly properties.

Residential property prices in Ghansoli

For property purchase

Location	Average price/sqft	Price range/sqft
Ghansoli	Rs 13,024	Rs 2,111 – Rs 26,153

For property rent

Location	Average price/sqft	Price range/sqft
Ghansoli	Rs 42,763	Rs 14,500 – Rs 95,000

FAQs

What are ready reckoner rates?

It mainly sets the price of the property or area below which property can be sold. So to avoid any illegal property marketing happening.

How to calculate the ready reckoner rate of any area?

To determine the ready reckoner rate, 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 area, development, provided amenities, government policies, and economic conditions.

How is the ready reckoner rate different from market value?

The ready reckoner rate represents the minimum property price set by the State government, while the market rate is determined by the seller.

Is it compulsory to pay house tax in Mumbai?

Yes, all property owners in Mumbai must pay property tax.

Which area in Ghansoli Mumbai is the most expensive?

Sector 11 area is the most expensive; its square foot value can reach up to Rs 18,000 to 31,222 per square foot.

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]

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Anil Shah

Anil Shah, is your go-to source for property market insights. He excels at understanding and explaining the latest trends in residential real estate and making complex real estate concepts easier to grasp. Anil’s fact-based analysis helps buyers and investors make sound decisions in the housing sector.