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Panvel: from a second home destination, to a realty hub

Panvel: from a second home destination, to a realty hub

Yashodeep Shivalkar, a banker who shifted from Chembur to Panvel five years ago, is extremely happy with his decision. Owing to its affordable property rates, Shivalkar was able to buy a spacious two-bedroom-hall apartment in Panvel. “Since then, property rates have increased exponentially in this area. The expressway makes it easy for me to commute to Pune and Kolhapur. As for the main city, it takes merely 20 minutes to reach Chembur,” elaborates Shivalkar, adding that the region is also well-connected by rail networks. “The area is green and there are many parks, which my kids love. There are good international schools in the vicinity. For shopping and entertainment there is Orion mall and several good restaurants too,” he adds.

Panvel, which is around 40 kms away from Mumbai, is located in the Raigad district of Maharashtra. It also adjoins Navi Mumbai and Thane district.

Panvel’s residential real estate 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 and studio apartments, to one, two and three-bedroom apartments with lifestyle amenities. There are also bungalow plots, villas and projects that cater to the luxury segment.

 

See also: Affordable housing: a game changer

 

No longer a second home destination

Infrastructure has also improved considerably, over time. “A special economic zone (SEZ) at JNPT (Nhava Sheva), a Rs 4,000-crore port and numerous infrastructure projects, have made Navi Mumbai a fast-developing hub. Navi Mumbai has slowly and steadily become an ideal location for first-time buyers and is no longer considered as a second home destination,” maintains Girish Shah, director of the Wadhwa Group.

“Panvel is well-connected to all the railway nodes of Mumbai. Future projects like the upcoming international airport, the Mumbai Trans-Harbour Link and the Panvel-Uran rail connectivity, will improve commuting. The rapid development of the SEZ and other projects, is also bound to create numerous employment opportunities. This will have a domino effect, resulting in an increase in the demand for residential properties and an escalation in prices,” adds Shah.

 

Developments fuel the property market

Fali Poncha, director – residential and land (Mumbai), Knight Frank (India) Pvt Ltd, agrees that although Panvel is a middle-class area, it has a promising future.

“The development of the Panvel railway station-cum-commercial complex, the Mumbai integrated special economic zone (SEZ) at Raigad district, the expansion and upgrade of the Jawaharlal Nehru Port Trust (JNPT) and the announcement of a new international airport at the Kopra-Panvel area, are boosting Panvel’s real estate sector,” he explains.

 

 “The City and Industrial Development Corporation (CIDCO), the special planning authority, has also prepared an interim development plan for the pilot project of 23 villages in Panvel tehsil for future development,” adds Poncha. Moreover, with improved train frequency from Panvel to CST, widening of the Sion-Panvel highway and the metro being planned in Kharghar, one can expect lot of development in Panvel in the next few years, he maintains.

Panvel is witnessing several new developments, in the form of gated communities and townships, with good amenities. With green surroundings and ample space, home buyers are attracted towards this city for affordable housing. With proper planning, Panvel can definitely emerge as an important real estate hub.

 

Panvel’s USPs

  • Property prices in Panvel and New Panvel are low, compared to prime areas of Mumbai.
  • The region has good schools and colleges.
  • It is well-connected to Mumbai and Pune, through highways.
  • It is close to the proposed Navi Mumbai International Airport and MIDC areas such as Taloja, Rasayani, Patalganga, Roha and Khopoli.
  • The proposed MTHL (Mumbai Trans-Harbour Link), railway lines and the Navi Mumbai metro line from Panvel to Vashi, will give a further push to Panvel’s growth.

 

Price information

Location / micro-market

Price range in H1 2016 (Rs/sq ft)

12-month change

6-month change

Panvel/Navi Mumbai

4,000–6,500

0%

-2%

(Courtesy, Knight Frank India Pvt Ltd)

 

Credit and Courtesy – hosuing.com blog post

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