Ready reckoner rate in Ghatkopar, Mumbai

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Ghatkopar, situated in the eastern suburbs, is a well-established residential locality divided into Ghatkopar East and Ghatkopar West by the Central line of the Mumbai Suburban Railway network. Renowned for its outstanding connectivity, robust infrastructure, and high-quality amenities, Ghatkopar stands out as an excellent place to reside. Whether you are a prospective homebuyer, or investor, understanding the locality’s key real estate trends and ready reckoner rates is crucial. So, read on to learn more.

See also: Ready Reckoner Rate in Andheri, Mumbai

 

What are ready reckoner rates?

Also known as circle rates in other parts of the country, ready reckoner rates play a vital role in India, serving as a fundamental tool for evaluating the value of a property for various purposes, including property registration, stamp duty calculation, and taxation. They signify the minimum value at which a property can be formally registered in a specific area and are set by the revenue department of the respective state governments. The ready reckoner rate acts as a benchmark for determining the market value of a property, taking into account factors, such as size, location, age, and amenities.

 

Ready reckoner rates in Ghatkopar, Mumbai

In Mumbai, the determination of ready reckoner rates falls under the purview of the stamps and registration department, contingent upon the market value of the area. The city’s properties are categorised into 19 divisions or zones by the administration for this purpose. Notably, commercial properties have higher circle rates in contrast to their residential counterparts. In Ghatkopar, Mumbai, the latest circle rates are:

 

Flats/apartments (Per square metre) Residential land (Per square metre) Industrial land (Per square metre)
Rs 97,020 – Rs 2,18,510 Rs 39,420 – Rs 1,15,370 Rs 1,02,810 – Rs 2,18,510

Read also: Ready reckoner rates in Mumbai

 

How to check ready reckoner rates in Mumbai?

Online

To check ready reckoner rates online on IGR Maharashtra, follow these steps:

  • Visit the official IGR Maharashtra portal.
  • Navigate to ‘Online Services’ and select ‘e-ASR’.
  • Choose the region of interest on the map page.
  • Specify district and village details for the desired rates.

Offline

For offline verification of ready reckoner rates:

  • Visit the local sub-registrar’s office.
  • Request a copy of the Annual Statement of Rates (ASR).
  • Provide property details for obtaining the ready reckoner rates.
  • Calculate the property rate using the per sqft cost and total area.

 

Real estate trends in Ghatkopar, Mumbai

Here are some of the key locality trends for Mumbai’s Ghatkopar.

Ghatkopar, Mumbai: Connectivity

Situated at a central location, Ghatkopar enjoys exceptional connectivity to major areas in and around Mumbai. The central line, Eastern Express Highway and LBS Marg provide links to southern and eastern Mumbai, as well as Thane. Additionally, the Eastern Express Highway, coupled with convenient access to Tilak Nagar Railway Station (Harbour Line), ensures connectivity to Navi Mumbai. The metro, Andheri-Kurla Road and Santacruz-Chembur Link Road connect Ghatkopar to the airport and the western suburbs. The ongoing construction of Metro lines-4 (Wadala-Ghatkopar-Mulund-Kasarvadavali) and 6 (Lokhandwala-Jogeshwari-Vikhroli-Kanjurmarg) will further streamline commuting to Thane and other Mumbai areas. Moreover, Ghatkopar is conveniently located within 7 km from the Mumbai International Airport.

Ghatkopar, Mumbai: Infrastructure

Ghatkopar is richly endowed with a plethora of social amenities, encompassing esteemed educational institutions, healthcare facilities and vibrant shopping centres. Notable schools in the vicinity include Somaiya Vidyavihar, Ramniranjan Jhunjhunwala College, Garodia International Centre for Learning, SPN Doshi Women’s College, ICFAI Business School (IBS), St. Joseph’s High School and Hiranandani Foundation School. For shopping enthusiasts, major malls, such as R City, Phoenix Marketcity, and R Odeon offer a diverse retail experience. In terms of healthcare, Ghatkopar is served by renowned hospitals like Sarvodaya, Ghatkopar Hindu Sabha, Godrej Memorial, Kohinoor, and Dr LH Hiranandani. Additionally, residents can engage in recreational activities at Godrej Hill Side Club, Ghatkopar Jolly Gymkhana, and Hakone Entertainment Centre.

Ghatkopar, Mumbai: Residential properties

Ghatkopar, Mumbai, is witnessing significant demand for residential properties owing to its robust connectivity to various parts of Mumbai and proximity to key IT and commercial hubs like Kurla, Andheri, Vikhroli, and Powai. The residential real estate landscape in this locality is primarily characterised by multi-storey apartments. Notable completed and ongoing high-rise residential projects in the area include Terraform Dwarka, Wadhwa The Address, Kalpataru Aura, Runwal Orchard Residency, and MICL Aaradhya Nine.

Ghatkopar, Mumbai: Commercial properties

Ghatkopar, Mumbai, despite being primarily a residential neighbourhood, enjoys proximity to major commercial centres, such as Andheri MIDC, Bandra Kurla Complex, Godrej and Boyce Industry Estate, Lodha i-Think Techno Campus, Godrej One, Kensington SEZ, and Kailas Business Park. In addition to this, the area boasts excellent connectivity to various IT and business hubs in Mumbai, Thane, and Navi Mumbai, including SEEPZ SEZ, Nirlon Knowledge Park, NESCO IT Park, Mindspace Airoli, Mindspace Malad, Indiabulls Finance Centre, Peninsula Business Park, Reliance Corporate Park, Millennium Business Park, Wagle Industrial Estate, and TCS Olympus Centre.

 

Why invest in Ghatkopar, Mumbai?

Ghatkopar, a well-established residential enclave in Mumbai’s eastern suburbs, beckons investors with a compelling blend of strategic advantages. Its exceptional connectivity, anchored by the Central line, Eastern Express Highway, and upcoming Metro lines, ensures seamless travel to key Mumbai areas and commercial hubs. Despite its residential focus, Ghatkopar sits in proximity to major business centres like Bandra Kurla Complex, and Andheri MIDC, making it a prime location for professionals and enterprises. Boasting robust infrastructure, renowned educational institutions, and healthcare facilities, Ghatkopar offers a vibrant lifestyle. The surging demand for residential properties, characterised by multi-storey apartments and notable projects, further cements its appeal in Mumbai’s real estate landscape.

 

FAQs

How is property value determined based on the ready reckoner rate?

Property value is calculated by multiplying the ready reckoner rate in the area by the property's built-up area in square metres.

What happens when the market value is lower than the ready reckoner rate?

If the market value is lower than the circle rate, the property must be registered based on the higher value, which is the ready reckoner rate.

What is the stamp duty value?

Stamp duty is calculated by taking into account various factors, including market value, transaction value, or ready reckoner rates set by the local government.

Which factors influence the ready reckoner rate of an area?

Ready reckoner rates depend on various factors, including the location of your sector, infrastructure, amenities, and economic factors.

Which area in Mumbai is considered the most expensive?

In terms of property price, some of the most expensive areas in Mumbai include Malabar Hill, Bandra, Juhu, and Andheri.

Is it mandatory to pay house tax in Mumbai?

Yes, property tax payment is compulsory in Mumbai for all property owners.

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

 

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