Ready reckoner rates in Mahim

Mahim is an upmarket residential-cum-industrial locality in south Mumbai overlooking the Arabian Sea, situated on the western line of the Mumbai Suburban Railway network. This locality comprises multi-storey residential buildings and independent houses alongside some commercial establishments. The presence of employment hubs within the vicinity and excellent connectivity to other areas drive the residential demand in this area. Mahim is situated adjacent to Matunga, Bandra, and Dadar. Many completed, as well as under-construction, high-rise residential projects in the locality are Shrishti Sea View, Kanakia Miami, PrinceCare Zinnia, Jewel Crest and Khandwani Mehrabad.

Table of Contents

What is a ready reckoner rate?

The ready reckoner rate is the minimum or lowest price at which commercial or residential property registration, including apartments, plots, or built-up houses, can occur during a sale or transfer. The Stamps and Registration Department of Mumbai is responsible for notifying the circle rates in Mumbai. It’s worth noting that various localities within the same city may have distinct circle rates.

rReady reckoner rate in Mahim, 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.

Ready reckoner rate for commercial properties (Rs /sqm)

Ready reckoner rate for residential properties (Rs /sqm)

Rs 2,36,000-4,63,000 /

Rs 2,57,000-6,16,000

Rs 2,15,000-3,81,000

Real estate trends in Mahim

Mahim is a locality that embodies the perfect blend of tradition and modernity. Nestled in the city’s heart, Mahim has witnessed a fascinating evolution in recent years, becoming a sought-after destination for homebuyers and investors. The main local real estate trends are highlighted in this section.

Mahim: Location and connectivity

The western and central lines ensure excellent connectivity to key areas of Mumbai and Thane. Mahim and Matunga Road are the nearest railway stations on the western line, while Matunga is the closest station on the central line. Western suburbs are easily accessible via SV Road, Western Express Highway, and Sion-Bandra Link Road. Moreover, Mahim enjoys convenient connections to the eastern suburbs, Navi Mumbai, and Thane through the Eastern Express Highway and LBS Marg. Anticipated to enhance transportation further, the under-construction Colaba – Bandra-SEEPZ Metro is expected to be operational by the end of 2021, bolstering connectivity to the airport and other Mumbai areas. Notably, Mumbai International Airport is situated within a 7 kilometer radius from Mahim. The locality is also home to prominent educational institutions such as Billabong High International School, Bombay Scottish School, Victoria High School, DG Ruparel College, Xavier Institute of Engineering, and Indian School of Media. In addition, residents have access to well-known malls like Nakshatra, High Street Phoenix, Palladium, and Atria Mall within 5-7 km. Major hospitals in and around Mahim include SL Raheja, PD Hinduja, Lilavati, and Watumull. Key recreational spaces like Mahim Bay, Matunga Gymkhana, SMAAASH, and Dadar Club add to the overall appeal of the locality.

Mahim: Residential properties

Mahim boasts a diverse range of residential properties that cater to various preferences and lifestyles. The real estate market in Mahim has seen a surge in development, offering a mix of modern apartments, heritage residences, and upscale condominiums. Mahim is home to several high-end residential towers offering luxurious apartments with modern amenities. These properties often provide panoramic views of the city or the Arabian Sea. The apartments are designed with contemporary architecture and come equipped with state-of-the-art facilities such as swimming pools, fitness centers, and landscaped gardens. There are gated communities in Mahim that offer a sense of security and exclusivity. These residential complexes often include a range of amenities such as clubhouse facilities, playgrounds, and dedicated parking spaces.

Mahim: Commercial properties

Mahim accommodates various small-scale commercial and industrial units and is conveniently situated near significant employment centers like Bandra Kurla Complex, Indiabulls Finance Centre, Peninsula Business Park, and Peninsula Corporate Park. Additionally, it lies within a 5-10 kilometer radius of other notable commercial hubs such as Lodha Excelus, Lodha Supremus, World Trade Centre, Maker Chambers, Mumbai Port Trust, and Bombay Stock Exchange. Furthermore, Mahim enjoys robust road and rail connectivity to prominent IT and business hubs including Andheri, Goregaon, Malad, and Kandivali.

Factors affecting property prices in Mahim

Numerous factors contribute to shaping property prices in Mahim, Mumbai, necessitating careful consideration for informed property purchase or investment decisions. The key factors encompass:

Location: The proximity to essential amenities and connectivity to major areas wield significant influence on property prices.
Infrastructure development: Areas endowed with well-developed infrastructure typically command higher property prices due to the enhanced quality of living they offer.
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.
Future development plans: Anticipated infrastructure projects and forthcoming developments in the vicinity can exert a noteworthy impact on property prices in the long term.
Economic factors: Economic growth, employment opportunities, and overall market conditions play a pivotal role in shaping property prices over time.

Why should you invest in Mahim?

Investing in Mahim, Mumbai, is a lucrative opportunity driven by factors that enhance its real estate appeal. Mahim seamlessly integrates residential and commercial spaces, creating an ideal living environment in this vibrant and bustling locality. Situated on the western line of the Mumbai Suburban Railway network, Mahim boasts multi-storey residential buildings, independent houses, and proximity to employment hubs, amplifying the demand for properties. The diverse community, cultural richness, and varied real estate options, including modern apartments and heritage residences, make Mahim enticing for both homebuyers and investors. The strategic location, connectivity, and ongoing infrastructural developments underscore Mahim’s potential for sustained property value appreciation, making it a compelling choice in Mumbai’s dynamic real estate market.

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 rate, you can use this formula. Circle 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?

Circle 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.

What does the ready reckoner rate in Mumbai depend upon?

The ready reckoner rate in Mumbai depends upon the current market value of the area and available amenities and other facilities in the area.

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Nisha A Rawat

Nisha A Rawat, diligently tracks the residential real estate trends and offers valuable insights in her articles. She’s skilled at making real estate terminology easy to understand, ensuring accessibility for all. Nisha’s articles are well-researched and analytical.