Panvel- A beautiful city located in the Mumbai Metropolitan Region is best known as ‘City of Forts’ or ‘the gateway of the Konkan coast’. Panvel lies approximately 40 kilometers east of Greater Mumbai and is surrounded by the mountains of Matheran. It lies adjacent to the proposed Navi Mumbai International Airport forming its eastern boundary.
Due to its closeness to Mumbai, the city houses many travelers who love trekking and those who are bird enthusiasts. Many historical monuments and tourist spots like Karnala fort, Bet El Synagogue, Matheran, Gadeshwar dam etc are also located in Panvel.
In the past few years, Panvel has seen a fast pace of growth in terms of infrastructure development and connectivity. Due to this, the real estate market has also witnessed considerable developments across various segments, including affordable, mid-segment and luxury housing, as well as commercial complexes.
So let’s understand why Panvel is emerging as a hot investment destination among property buyers:
Panvel is surrounded by major highways like Mumbai-Pune Expressway, Sion-Panvel Expressway, NH 4B and NH 66 while NH 4 also passes through Panvel. The railway station of Panvel is also one of the most important junctions on the Konkan Railway.
Panvel is well connected to other areas of Mumbai via road transport. There are two main bus stands in Panvel, one is ST stand on the National Highway and another is NMMT stand near Railway Station. With the development of proposed Navi Mumbai International Airport, Panvel in future will grab more attention among property buyers.
Panvel is surrounded by Maharashtra Industrial Development Corporation (MIDC) managed regions like Patalganga, Taloja, Nagothane, Roha, Khopoli, Bhiwandi. Panvel is also home to some of the major industry giants like Larsen & Toubro Limited, Reliance, Hindustan Organic Chemicals Ltd., ONGC, IPCL providing mass employment to people living in the adjacent areas. The JNPT port is also located near Panvel.
Apart from that proposed infrastructure developments, like the Navi Mumbai International Airport, Mumbai Trans-Harbour Link, Virar-Alibaug Multi-Modal Corridor, etc., are other factors increasing the demand for residential and commercial real estate in this area.
Also, the Mumbai Trans-Harbour Link is expected to ease traffic congestion along existing transport corridors and will be an alternate route that provides quick connectivity to this region from Mumbai and other areas.
Real estate market
According to a realty expert, “With the government showing support by implementing policies like the PMAY (Pradhan Mantri Awas Yojana), along with the infra development, are motivating developers and the private sector to contribute more to affordable housing.”
For example recently, renowned realtors like Wadhwa Group and Godrej Properties has announced quality affordable homes in Panvel with an integrated township project. The real estate market of Panvel has been on a boom more since the Defence ministry has given it’s in principle nod for the proposed Navi Mumbai Airport.
In recent times, many known developers have flocked to this region, with a hope to cash-in on Panvel’s potential and thus are building affordable and luxury townships in this area.
Property rate and trend
Prospective home buyers who are looking to buy homes or want to make investment in real estate can get an option to choose from a variety of residential units like 1,2 and 3 BHK in budget-friendly rates as well as villa floors with world class amenities.
Real estate experts predicts that, property rates in Panvel, are expected to appreciate by 15 to 20 percent in the next five years, with the face infrastructure developments are taking place in the region.
Talking about the property price in this region, earlier it was Rs 1,500 to Rs 2,000 per sq ft but as soon as the Navi Mumbai International Airport was announced, the rates fluctuated to Rs 4,500 to Rs 5,500 per sq ft. And, after the Bhoomi poojan, rates have further gone up, to Rs 6,500 per sq ft and above, depending upon the project and area.
Moreover, Panvel’s greenery and open spaces also provide a quality lifestyle to home seekers which they look while making real estate investment.