Best known as ‘City of Forts’ or ‘the gateway of the Konkan coast’, Panvel is a city located in the Mumbai Metropolitan Region. Due to its closeness to Mumbai, the city houses many travelers as their base to travel long and short distances to nearby forts at Raigad and Khopoli.
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.
The region is also famous among many trekkers as well as is considered as a paradise for bird enthusiasts due to the presence of Karnala bird sanctuary. Apart from that, many historical monuments and tourist spots like Karnala fort, Bet El Synagogue, Matheran, Gadeshwar dam etc are also located here.
In recent times, the area has emerged as one of the fastest-growing areas, in terms of infrastructure development and connectivity. The real estate market has thus 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 prime realty market among property buyers:
Panvel is an important point as many major highways meet and pass through the city. The Mumbai-Pune Expressway, Sion-Panvel Expressway, NH 4B and NH 66 starts from here while NH 4 passes through Panvel. Panvel railway station is also one of the most important junctions on the Konkan Railway. One can also get daily trains for Pune, , and Delhi from here.
Panvel is also well connected to other areas via road transport. There are two main bus stands in Panvel – ST stand on the National Highway and NMMT stand near Railway Station. Apart from this, with the development of proposed Navi Mumbai International Airport, Panvel will grab more attention among property buyers in near future.
Panvel is surrounded by Maharashtra Industrial Development Corporation (MIDC) managed regions like Patalganga, Taloja, Nagothane, Roha, Khopoli, Bhiwandi. Some of the major industry giants like Larsen & Toubro Limited, Reliance, Hindustan Organic Chemicals Ltd., ONGC, IPCL are also based around Panvel providing mass employment. 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 the factors increasing the demand for residential and commercial real estate in this area.
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.
Panvel is also home to many renowned schools, shopping malls, markets, hospitals, etc.
In a way, it can be said that all these infrastructural developments will play a vital role in contributing to the growth of real estate.
Real estate market
According to real estate experts, “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, Wadhwa Group has announced quality affordable homes in Panvel with an integrated township project, which will be developed in multiple phases. Apart from them, Godrej is also bringing up their new project in the area.
With a green signal to the proposed International airport, the real estate market of Panvel will boom more with a faster rate along with higher sales volume.
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 townships in this area.
Property rates and trend
Prospective home buyers who are looking to buy homes or 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.
Talking about the property rate 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 rate increased 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.
Seeing the future perspective, real estate expert says that property rates in Panvel, are expected to appreciate by 15 to 20 percent in the next five years.