Panvel is, presently, the most improved area around all the hubs of Navi Mumbai. It is located along a passageway which is seeing a lot of development and thus it is turning from a second home destination into a realty hub, and one of the most affordable places to invest in Navi Mumbai. It is on the outskirts of Mumbai and offers several advantages for home seekers- good connectivity, several upcoming infrastructure projects, green surroundings and above all affordable prices.
Panvel’s residential market witnessed a spurt after the announcement of the international airport in Navi Mumbai in 2010. The region has residential options, right from affordable units to studio apartments, to one, two, three bedrooms apartments with lifestyle amenities. There are also bungalows, plots, villas and projects that cater to the luxury segment.
Development Fuels the Property Market-
Fali Poncha, Director- residential and land (Mumbai), Knight Frank (India) Pvt Ltd, agrees that though Panvel is a middle class area it has a great future. “ The development of the Panvel railway station-cum-commercial complex, Mumbai’s integrated special economic zone (SEZ) at Raigad district, the expansion and upgrade of Jawaharlal Nehru Port Trust- (JNPT), and the announcement of the new international airport at the Kopra-Panvel area are boosting Panvel’s real estate sector”, he explains.
CIDCO- the special planning authority has prepared an interim development plan for the pilot project for 23 villages in Panvel tehsil for future development. Moreover, with improved train frequency from Panvel to CST, widening of Sion-Panvel highway and the metro being planned in Kharghar, one can expect a lot of development in the next few years. Panvel is witnessing several new developments in the form of gated-colonies and townships, with good amenities. With green surroundings and ample space home buyers are attracted towards this city with affordable housing.
Hence with proper planning, Panvel is coming up as a realty hub and a good place to invest in. Panvel is developing at a rapid speed; another development being planned is the Nhava Sheva Sewri Sea Link, which will shorten the travelling time. There has been tremendous improvement in the road and rail connectivity of Panvel with other neighbors like Mumbai and Thane. It also has a good mix of social infrastructure in the form of schools, hospitals and entertainment facilities.
The property prices have almost doubled in five years and the future rate of returns will rise with the commencement of work on the new airport. With development and affordability as its trump cards ‘Panvel’ is the must location for reaping the benefits of investments in the real estate market in days to come.
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