Panvel, in Navi Mumbai, has emerged as one of the fastest-growing areas, in terms of infrastructure development and connectivity. Its real estate market has also witnessed considerable activity across segments, including affordable, mid-segment and luxury housing, as well as commercial complexes. Infrastructure plays a vital role in contributing to the growth of real estate.
According to Navin Makhija, managing director of the Wadhwa Group, “With Mumbai scaling to its maximum, with respect to factors like paucity of land and pricing pressures, the expansion and growth focus is on emerging epicentres such as Panvel. Infrastructure developments, like the Navi Mumbai International Airport, Mumbai Trans-Harbour Link, Virar-Alibaug Multi-Modal Corridor, etc., are the factors driving the demand for residential and commercial real estate in this new growth corridor. With the government showing support by implementing policies like the PMAY (Pradhan Mantri Awas Yojana), these initiatives along with the infra development, are motivating developers and the private sector to contribute more to affordable housing. The Wadhwa Group is bringing quality affordable homes to Panvel with an integrated township project, which will be developed in multiple phases, aiming to bring the same best-in-class approach, as in their existing projects across Mumbai.”
Connectivity to Panvel to improve, with various new projects
Expansion of the suburban railway network, metro rail and highways, have also improved the connectivity to several parts of the city, thereby, acting as a catalyst for developers to announce projects. The Mumbai Trans-Harbour Link is expected to ease congestion along existing transport corridors and be an alternate route that provides quick connectivity from Mumbai to the JNPT Port and the upcoming Navi Mumbai International Airport. The proposed Virar-Alibaug Multi-Modal Corridor (VAMC), is also likely to take off by this year.
Panvel’s real estate market has witnessed many ups and downs over the last four decades, says Haresh Chheda, president, Builders Association of Navi Mumbai (BANM).
“There was a lot of hype earlier, which then fizzled out. Now, eventually, it is seeing a steady rise. The foundation stones for work on several key infrastructure projects were recently laid, including the trans-harbour sea bridge and two metro lines, involving investments of over Rs 1.06 lakh crores, as well as the long-delayed international airport. Consequently, Panvel is all set for real estate growth and higher sales volumes,” adds Chheda.
The green signal for the airport, particularly, has had a positive impact on the development of this town. The first phase of the Navi Mumbai Airport is likely to be completed by the end of 2019, with one runway and the second phase by 2022. “Panvel is all set for one of the biggest infrastructure booms in the country , with the new airport, the expansion of the Jawaharlal Nehru Port Trust, a metro project, highway expansions and the Navi Mumbai Airport Influenced Notified Area (NAINA) – all spread over 1,200 hectares,” Chheda maintains.
Property prices and appreciation potential in Panvel
The development of social infrastructure, like schools, shopping malls, markets, hospitals, etc., are all expected to change the face of this erstwhile sleepy town. Many renowned developers have also flocked to this region, hoping to cash-in on Panvel’s potential and are building townships in this area. As a result, home buyers can choose from a variety of housing projects, according to their budget and requirement. “Property rates in Panvel, are expected to appreciate by 15 to 20 per cent in the next five years,” Chheda explains.
Gaurav Sonawane, a 28-year-old senior manager of a PR firm, who recently bought a property in Panvel, in a well-known developer’s township project at Kon village near Palaspe, feels that Panvel is the best realty destination in Navi Mumbai.
“In a couple of years, the appreciation rate would be higher than any other place in Mumbai. Panvel, hence, is a favourite destination for new buyers like me, who want to invest for better return on investment. The property rate in Panvel 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. After the bhoomi poojan for the airport, rates have further gone up, to Rs 6,500 per sq ft and above, depending upon the project and area. In addition to the developments, Panvel also has greenery and open spaces and it provide a quality lifestyle for home seekers,” concludes Sonawane.