Panvel: Upcoming infrastructure makes it a sought-after affordable housing market

Panvel has emerged as Navi Mumbai's key real estate market, on account of its comparatively affordable prices, infrastructure development and prospects of good future returns, by way of appreciation

Recently, Navi Mumbai was graded the second-best city to reside, in the ‘Ease of Living Index 2018’, launched by the Union Ministry of Housing and Urban affairs (MoHUA).

Also, JLL India, in their report ‘Livability Quotient – A Paradigm Shift in India’s Emerging Cities’ had identified Navi Mumbai as one of the best satellite towns, offering relief from the growing densification problems of Mumbai. This reinstates the fact that Navi Mumbai is a well-planned and managed city, at par with international and national standards.

Navi Mumbai was developed with an intent to decongest Mumbai and one node in Navi Mumbai that is developing in a similar manner, is Panvel.

“Paucity of land and rapid urbanisation in Mumbai, are resulting in a roll-on effect and directing investors to turn towards emerging areas, which could ‘peak’ in the coming years. As more locations continue to go out of the reach of a certain cross-segment of buyers, Panvel is emerging as a favourite for buyers. The government has already taken several initiatives, to build quality infrastructure in Navi Mumbai, especially in and around Panvel. This has helped developers to set up projects here,” says Navin Makhija, MD of the Wadhwa Group, which is bringing quality affordable homes to Panvel with an integrated township project, to be developed in multiple phases.

 

Panvel property market

Panvel, located at the edge of Navi Mumbai, has transformed into a thriving location for real estate activity owing to excellent infrastructure and amenities, availability of natural resources and land to build futuristic infrastructure. Over the past five years, Panvel’s real estate market is witnessing an upward trend and there has been a significant rise in demand from millennials. With green surroundings and ample space, buyers are attracted towards this region, for affordable housing. “We checked out a number of options in Panvel and even in other parts of Navi Mumbai. We finally settled for the project by the Wadhwa Group, for the ample space available in this gated community, which is a relief from the claustrophobic feeling that standalone projects offer. With good amenities, excellent connectivity to other parts of the city and quality construction at a good price, we were sure that this was the best pick for us,” says Sooraj Sharma, who invested in a 2-BHK in this project.

See also: Panvel: Planned development and infrastructure make it a realty hotspot

 

Infrastructure and connectivity in Panvel

Panvel offers excellent rail and road connectivity to key parts of the Mumbai Metropolitan Region (MMR), including Thane, Kharghar, south Mumbai, Pune and Vashi. Connected to both, the central and western lines of the suburban railway network, it is also known as the gateway to the Konkan region. Located close to the Mumbai-Pune Expressway and the Sion-Panvel Highway, commuting to either Mumbai or Pune, is convenient.

The proposed Mumbai Trans-Harbour Sea Link (touted as the longest sea link) boost connectivity further. Also, the proposed 140-km Virar-Alibaug Multimodal Corridor (VAMC), which is divided in two phases (90 kms Phase-I from Virar to Panvel and 50 kms Phase-II from Panvel to Alibaug) is expected to take off soon. This Rs 100-billion project is expected to help commuters to reach from Virar to Alibaug, within a couple of hours. These infrastructural developments, will fast-track the transformation of Navi Mumbai into a developed city.

“With the recent announcements like the Goregaon-Panvel local train, which is set to become operational, the conversion of the freight line between Panvel to Karjat into a passenger line and the Navi Mumbai Airport, which is expected to be functional by 2021, connectivity to Panvel will improve significantly. These developments have led to a frenzy of enquiries about properties in the vicinity. The proposed NAINA city (Navi Mumbai Airport Influence Notified Area) by CIDCO, which is in the works, is another factor adding to the increased interest,” says Makhija.

 

Employment prospects in Panvel

Panvel has also emerged as a commercial hub, due to the presence of several corporate houses. The wide range of job opportunities in Panvel, thus, have a positive impact on real estate development.

“The development of SEZs, among other proposed infrastructural projects, will create numerous employment opportunities. This will have a domino effect, resulting in an increase in the demand for residential properties in the area. With its natural backdrop, world-class infrastructure and futuristic infrastructural developments, Panvel is seeing an upward trend in real estate. With the government’s thrust towards affordable housing, Panvel has emerged a prominent location in this category,” explains Rajat Johar, head, residential services, CBRE India.

 

Panvel’s USPs

  • Panvel has transformed into a thriving location for real estate activity, owing to the amenities it offers, availability of natural resources and land to build futuristic infrastructure.
  • Panvel offers excellent rail, as well as road connectivity to key parts of the Mumbai Metropolitan Region including Thane, Kharghar, south Mumbai, Pune and Vashi.

 

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