Introduction
Home buyers looking for affordable residential opportunities in Thane West can now explore Shanti Nagar as a potential option. Located close to the major areas like Naupada, this small residential community is bustling with nearby healthcare facilities, recreational spots, and more. But before you start looking for properties here, check the latest ready reckoner rate in Shanti Nagar, Thane.
Table of Contents
- The Ready Reckoner Rate
- Factors That Determine the Rate of Ready Calculation
- 2024 Ready Count Rates Per Sq Meter in Shanti Nagar
- Property Demand
- Why Invest in Residential Properties?
If you are looking at real estate investments anywhere in India, you must have heard the term ready reckoner rate or circle rate. These are the minimum rates at which the property cannot be transacted. But why are these rates so important and how can the Ready Reckoner Rate in Shanti Nagar, Thane West, influence your home-buying decision?
Shanti Nagar is located in the Thane district of Maharashtra. Shanti Nagar is near Naupada in the west of Thane. Let’s know more about the ready calculation rate in this area. Let us also see the importance and effect of circle rates.
The Ready Reckoner Rate
The lowest rate at which a property’s value is assessed is known as the ready reckoner rate, and is also called the circle rate or guideline value in various Indian states. Ready Reckoner Rate (RRR), also known as circle rate, guide value, or collector rate in various regions. A standard value is regulated and assessed by the state government for real estate assets such as land, commercial plots, and residential properties.
RRR is the minimum benchmark price at which a property is registered for a particular area. This serves as the lower baseline value below which property transactions do not occur.
If the market price of the property is higher than the RRR, stamp duties and registration fees will be based on the market rate. Conversely, if the market price is less than the RRR, all formalities (including stamp duties and registration fees) will be subject to the RRR.
Factors That Determine the Rate of Ready Calculation
- Location: Geographical location significantly affects property values.
- Infrastructure: Quality infrastructure, including roads, transport networks, schools, hospitals, and shopping centers, plays a vital role.
- Demand & Supply: The dynamics of demand and supply in a particular region affect the RRR.
- Amenities & Amenities: Proximity to parks, recreation centers, green spaces, and other amenities can affect property values.
- Property Type: Different property types (residential, commercial, industrial, agricultural) may have different RRR’s
- development: The development of infrastructure like roads, schools, hospitals, and shopping centers directly impacts the ready reckoner rate. Shanti Nagar, Thane has seen significant infrastructural development recently, attracting more buyers and investors.
2024 Ready Count Rates Per Sq Meter in Shanti Nagar
Shanti Nagar is an affordable residential area in the Sri Nagar sub-region of Thane district. The location shares proximity to major areas like Naupada and Nehru Nagar. To help you understand the current real estate prices in Shanti Nagar, Thane, we have tabulated the ongoing ready reckoner rates in these areas in the table below.
| Locality | Residential | Office | Shops | Industrial | Open land |
| Nehru Nagar | Rs 54900/per sq m | Rs 156600/per sq m | Rs 181300/per sq m | Rs 261600/per sq m | Rs 181300/per sq m |
| Naupada | Rs 1,26,500/per sq m | Rs 1,45,700/per sq m | Rs 1,58,400/per sq m | Rs 1,58,400/per sq m | Rs 50,100/per sq m |
Property Demand
- Shanti Nagar, Thane has good connectivity to residential areas in the main business districts of Thane and the Mumbai Metropolitan Region (MMR).
- Thane is a booming property destination that sees the presence of renowned developers with luxury residential projects. Also, the commercial real estate market here has seen a spike in recent times due to infrastructure development plans.
- Shanti Nagar in Thane West is in increasing demand for properties due to its proximity to employment opportunities and amenities. This high demand has led to an increase in the ready count rate. Buyers are willing to pay a premium for properties in this sought-after area.
Why Invest in Residential Properties?
According to a report, the average price to buy an apartment in Thane (W) is Rs. 13,559, which is priced at Rs. 1,333 per sq. ft and Rs. 37,500 between. If you are looking to rent a property here, the average rent is Rs. 33,135, the rental price is Rs. 10,000, and Rs. 1 lakh between.
According to the broker’s data provided, the average square feet price to buy an apartment in Naupada is Rs. 17,346. The price range to buy an apartment in Naupada is Rs. 4,722 per sq ft and Rs. 30,434 between. Alternatively, if you are looking to rent an apartment here, the average rent is Rs. 22,051. The lowest rental price is between Rs. 6,000 to Rs. 35,000.
Conclusion
State governments publish new ready reckoner rates every year based on different regions of the states. These rates vary across states, cities, and regions. The readiness rate is calculated by taking into account various factors.
While calculating stamp duty and registration fees, the government uses the RRR or the actual transaction value (whichever is higher). For more information, visit Openplot.com.
Also read: Gothivali: Latest Ready Reckoner Rate in Gothivali, Thane?