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In Thane, what will be the ready reckoner rate in 2024?

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Maharashtra’s vibrant city of Thane is home to a robust residential and commercial real estate market. It is beneficial to be aware of the ready reckoner rate in Thane, as there are some intriguing real estate projects planned for the city. 

One of the first things you do as a committed buyer or investor searching for suitable properties in Thane is establish a budget for the acquisition. Understanding the ready reckoner rate in Thane is essential for budgeting and navigating the real estate market. What are the ready reckoner rates in Thane’s most sought-after areas? Read on to find out! 

What is the Thane-ready reckoner rate?

These are the lowest property rates set by the government for a specific area. They are called Ready Reckoner Rates, Circle Rates, or Guidance Values. Stamp duty and registration fees are determined based on these rates when purchasing or selling real estate in Thane. The ready reckoner rates are in effect from April 1 to March 31 each year. The latest reckoner rates experienced modifications and adjustments on March 31, 2022. 

In Thane, the government sets benchmark property rates known as Prepared Reckoner Rates. They play a significant role in real estate transactions and affect the market. Both buyers and sellers should understand these rates to guarantee a fair deal and make wise decisions. 

Factors influencing Thane’s ready reckoner rates 

Several factors influence the ready-reckoner rats in Thane. As a result, different property types and locations have different rats. For instance, upscale residential areas tend to have higher ready reckoner rates than developing neighborhoods. Simultaneously, commercial rates increase in comparison to residential rates. The following are the main variables influencing Thane’s ready reckoner rates: 

Location 

One of the main determinants of a property’s Ready Reckoner Rate is its location. Higher rates tend to occur in areas with superior infrastructure, proximity to amenities, and good connectivity. For instance, because of their accessibility and popularity, prime locations like Ghodbunder Road and Polhran Road fetch higher rates.  

Type of property

Also influencing the Ready rates is the type of property. The rates for residential, commercial, and industrial properties vary. When calculating the rates, other factors like the number of rooms, amenities, and construction quality are considered, along with the property’s size and quality. 

Consumer desire 

The Prepard Compensator. The demand for properties in a particular area affects rates. In high-demand areas, rates are likely to rise. Considerations such as proximity to commercial centers, academic establishments, and medical facilities augment demand, leading to elevated prices. 

Building infrastructure

The Ready Reckoner Rates directly impact the infrastructure development in a given area. Rates may go up because of better roads, more accessible public transportation, and the availability of necessities like electricity and water. Thane’s ongoing infrastructure, such as the metro line and roads, will be the primary driver of future rate increases. 

Thane ready reckoner rates for the residential market 

The following is a list of the most recent ready reckoner rates for Thane’s residential area, some of which are well-known.

Ready Reckoner rates in Thane (2024) for residential properties 
Places in Thane Residential property rates 
Ambernath Rs 46500
BadlapurRs 39900
BalumbhRs 79900
BhiwandiRs 40600
DombivaliRs 61000
Ghodbunder RoadRs 98600
KolshetRs 94600
KulgoanRs 43200
KalyanRs 69100
MurbadRs 32700
MajiwadaRs 124000
Mira BhavndarRs 74800
NaupadaRs 130900
Nizampur City Rs 34700
ShahpurRs 36300
ThaneRs 83800
Ulhasnagar (CAMP A-CAMP-3)Rs 42600

Impact of ready reckoner rate in Thane 

The most recent data shows that, as of March 31, 2022, the Ready Reckoner Rates in Thane have increased by an average of 8.8 percent. This increase has directly impacted the city’s real estate market. For example, residential properties in desirable areas such as Thane West and Ghodbunder Road have experienced a substantial rise in the mean price per square meter. 

The rise in Ready Reckoner Rates has also affected how affordable properties are in Thane. Due to the higher rates, buyers of homes now have to pay stamp duty and registration fees. Because of this, buying real estate in the city has become difficult for people with middle-class incomes. 

Anyone working in the residential real estate industry in Thane needs to be aware of the Ready Reckoner Rates. These rates are vital in real estate transactions because they give properties a uniform valuation. It is best to consult a real estate advisor and stay with the latest rates for accurate information. 

MahaRERA marks 1,824 residential projects as ‘expired’ across the state

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About 1,824 residential projects in the state were declared as “expired” due to exceeding completion dates set by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

These projects will now require 51% of the buyer’s consent to ensure that appropriate completion dates are extended. 103 of these projects were completed on time in 2017, 541 next year and 1,180 in 2019.

According to an official, many projects were not completed, even after a one-year extension under section 6 of the Real Estate (Regulation and Development) Act. “All of these projects will now require the consent of 51% of the buyers in accordance with Section 7 (3) of the Act”.

Developers are now restricted to promotions-

Due to the Act, developers of these projects are prohibited from selling, advertising, or promoting them before applying for an extension. Of the 1,824 projects listed by MahaRERA as overdue or expired, 350 project renewals have been submitted. However applications of these projects are currently pending or under scrutiny.

MahaRERA has extended the deadline to September for projects that were supposed to be completed in March. “The rest of the projects had deadlines before 2020 year, when the pandemic hit,” a MahaRERA spokesman said. A majority of the projects are based in Pune, Mumbai, Thane and Raigad.

An additional 1,500 projects may be under the scanner since their deadline expired in March 2021. Developers of these projects may now benefit from a one-year renewal under RERA Section 6.

Strong message to arrogant developers-

The developers felt that the authorities should make decisions appropriately as the market was down and there were difficulties in getting documents on time.

Anuj Puri, Anarock Property Consultants chairman said, the MahaRERA’s decision was a strong signal for arrogant developers who were postponing projects. “Home buyers have been waiting to gain possession of projects for the past three years. The last year was unique as the pandemic resulted in disruptions in the supply chain and inaccessibility of buildings. The year 2020 should be considered as an exception.”

Credai Maharashtra President Sunil Furde said, “MahaRERA was right to point out the status of unfinished projects. However, many projects remain “unfinished” for technical reasons. The authorities need to consider and evaluate this aspect as well. In addition, the projects for Credai members listed on the portal were completed on time. The “completion certification” for these projects has been received from municipal corporations before the registered dates. There are projects that have been completed, but completion certificates were received later.”

Also read:-

Developers collecting money without agreement is violation- TNRERA

You can now apply for completion certificates online – Noida Authority

Thane: Connectivity-Based Popular Realty Destination

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Connectivity is considered as one of the major factors which makes Thane in Mumbai as one of the top most and popular realty destination. In fact connectivity fuels Thane’s popularity.

Connectivity holds the growth-key of Thane

Connectivity holds the growth-key of Thane.

A few couple of years or decades back, Thane remained as an unpopular suburb in the Mumbai Metropolitan Region, right now this has become one of the most popular suburbs in the region.

Though the well planned development and schemes of the Authority plays a key role in the growth of Thane, the main role is played by the connectivity which has attracted more population to the city. Along with the infrastructure growth the connectivity of the area got developed.

The area is all set to be a fully–developed city in all spheres. With easier connectivity to Brahamand, Ghodbunder Road, Owala and Patlipada, the city becomes a hub for all the other areas of the city. Moreover there is a simultaneous and concurrent growth of commerce and infrastructure in the city. Continue reading →

Mumbai offers little hope for home buyers.

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In a recent report, Jones Lang LaSalle said that Mumbai seems to be in a tighter spot with Rs275 billion being sunk in land since FDI (foreign direct investment) was allowed in real estate in 2005; most of which has failed to yield returns. Even many investments done in South Bombay once named as one of the hottest and costliest property location in the world have met the same fate. Read Mumbai has sunk Rs275 billion in lands since 2005, the reason is known to all. Sky high prices have put off customers. In Mumbai, an average flat costs more than Rs10,000 per sq. ft. and even in Navi Mumbai, in less populated areas, there are many projects that have flats priced at over Rs1 crore.

Add to that the confusion created by the new DCR (development control rules). Many builders now have to make fresh plans to accommodate the proposed changes about FSI; and the worst affected are those whose projects are already underway. Many of the launches have been put on hold, and construction has been stalled in many places. And for people who have already invested in these projects, the longer the deadlock lasts, the more they have to pay.

Buy or not to buy? Despite a profusion of analyses and research reports on housing prices and their future direction, home buyers remain as confused as ever. So it is little wonder that 37 lakh of flats remain vacant in Maharashtra, of which 4.79 lakh are in Mumbai. The Census Directorate data says that even Thane district has more than 5 lakh vacant flats.

“Why doesn’t the government or RBI (Reserve Bank of India) understand that the more they squeeze liquidity by raising interest rates, it raises returns on black investments even higher. If our country can bring down black element out of property, rents will fall, property prices will fall,” said a commentator.

The home-buyer, however, is at a loss. The Budget came as a flop, and a recent Crisil report says that prices of steel and cement will go up, which will probably be passed down to the end-user. And then, there is the proposal to hike on leave-license, which is going to make rentals expensive. There are some who expect matters to improve.

Pankaj Kapoor, MD, Liases Foras also had echoed similar thoughts. “The high prices are not fault of only the builders. The hike in stamp duty was uncalled for and it is too revenue-centric and indicates a short term vision.” Read Maharashtra Stamp duty hike: “Neither can you afford to own a home, nor take it on rent”

However, as most experts say, one can buy a home any time. “You never know what will happen next. And honestly, there is little evidence to suggest that customers have waited for better home loan or price options when they have to buy a home—because it is a necessity. So if you want to own a home, there is no bad time,” said an analyst.

Maharashtra Govt. Launches E-Portal for Building Plans

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THANE : In a step that could lift the curtain of secrecy surrounding the process of construction projects, chief minister Prithviraj Chavan on Monday inaugurated a web-based portal for issuing clearances for new building plans.

The software of the portal is designed to issue timebound clearances.The commencement certificates has been the preferred project of Thane municipal commissioner R A Rajeev , who faced criticism from members of the standing committee at the time he was introducing the domain to the CM. The domain, “tmc.tp”, will improve clarity by permitting proposals for building projects to be sanctioned online in a specified time-frame.

A member of Shiv Sena opposed the manner in which the civic chief chose to “ignore” the elected council. Designed by software professional Prashant Ugemuge, Nagpur based, the portal will give the commissioner daily updates on the status of each proposal and can question any delay by the subordinate officials . In the beginning, proposals would now be examined by a surveyor or an assistant director online who will then put his seal of approval.

Sheth Developers concentrating again on Vivacity Mall

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250 Bishopsgate, London, E1
Since the demand of commercial real estate is increasing due to the increase in retail activity, Sheth Developers, a property firm tied up approximately half the space at its upcoming 1 million sq ft mall in India’s financial capital.

Sheth developers are Mumbai based developers. They have lined up retailers Hypercity and Shopper’s Stop. Also Cinepolis, which is a Mexico-based multiplex chain, is lined up as tenants for the ‘Vivacity’ mall at Thane which is currently under-construction. All this information was gathered by some reporters on Monday from the vice-president for marketing & leasing of Sheth developers.

He also admitted that although the firm had slowed down construction work due to the market slump, they are now back into operation since their leasing team is getting tremendous response now.

This mall has a total of 670,000 sq ft area as the saleable area and it scheduled to start operations by August 2011.

Peninsula Land to raise QIP

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Real estate company Peninsula Land is planning to raise a qualified institutional placement of five hundred crore rupees for acquiring land in Mumbai. Peninsula Land has already recognized five plots in Parel, Lower Parel, Kanjurmarg and Thane. The raised capital will be used for acquiring new properties. The company currently has a board approval to raise up to seven hundred and fifty crore rupees and will make a decision on the final amount to be raised in its annual general meeting.