Once considered a second home destination, Panvel in Navi Mumbai has rapidly turned into a primarily residential
hub owing to its lush green surroundings, several planned infrastructure projects, and competitively-priced
housing options.
One of the most affordable places to invest in Navi Mumbai,
Panvel has benefitted from its location next to the upcoming international airport.
The proposal of the Navi Mumbai International Airport in 2010 has nearly doubled the property prices in the locale.
An analysis of the area reveals the following merits of Panvel:
Sound social infrastructure: Panvel is home to many educational institutes.
These include Mahatma Phule Arts, Science and Commerce College, Pillai College of Education and Research,
Karnala Sports Academy, and MGM College of Engineering and Technology.
The area also comprises numerous healthcare centers, such as Lifeline Hospital and Sahasrabudhe Hospital.
For shopping and eating out, Orion Mall and several good restaurants are accessible in the area.
Smooth connectivity: Highways that pass through Panvel include the National Highway (NH) 4 and NH 17.
The Mumbai-Pune Expressway makes it directly accessible from Pune and Kolhapur.
Chembur in Mumbai is located just 20 minutes away from the locality.
Panvel railway station handles 116 suburban trains to Mumbai Chhatrapati Shivaji Terminus (CST),
Wadala Road, Andheri, and Thane, while Konkan Railway connects the area with different towns in Navi Mumbai.
Potential rental market: Due to its proximity to Karjat, Karnala Bird Sanctuary, Haji Malang, Prabal Gad, Raigad Fort, and the Elephanta Caves,
Panvel has the potential to be a popular rental locality among tourists in the future.
The tourism spots in the area include Karnala, Alibag Gadeshwar Dam, and Ballaleshwar Pali.
Varied property options: The region has many residential options, including flats, bungalows, villas, and high-end luxury homes.
For those who are willing to customize their accommodations, residential plots could be a suitable choice.
The average property prices in Panvel range from Rs 5,000 per sq ft to Rs 6,200 per sq ft.
Upcoming initiatives
The state and central governments have undertaken various measures to boost Panvel’s real estate market. These include:
The Union Government has converted the Jawaharlal Nehru Port (JNPT) port in Navi Mumbai into a multi-product
Special Economic Zone (SEZ), which will aid growth in neighboring areas like Panvel.
The reality landscape of Panvel will significantly benefit from the same as the project will attract more working professionals.
The SEZ is operational now.
Since Panvel will be directly connected to the proposed Navi Mumbai International Airport, significant retail, and hospitality
development is expected in the region.
A 500 sq km city, the Navi Mumbai Airport Influence Notified Area (NAINA region), is also in the pipeline,
comprising several villages of Panvel, along with Thane, Uran, Karjat and Khalapur. Since the city is envisioned
to have hubs for agro-farming, education, information technology, and healthcare facilities, Panvel is expected to
generate massive residential demand in the future.
An elevated railway corridor, proposed by the Mumbai Railway Vikas Corporation (MRVC), will reduce travel time between
Panvel and CST from 90 minutes to 50 minutes. The corridor, which will also connect Panvel to Lokmanya Tilak Terminus
and the upcoming Navi Mumbai international airport station, is expected to attract more tenants from the increasingly crowded Mumbai.
Navi Mumbai Metro, which is expected to extend till Panvel (from Vashi), will also be a major game-changer.
Experts anticipate that the upcoming international airport and positive developments in the railway network
will boost Panvel’s position as the next big real estate hotspot in the Mumbai Metropolitan Region (MMR).
“The rapid development of the SEZ will have a domino effect, resulting in an increase in residential
demand and escalation in prices,” says Sushil Raheja, Chief Executive Officer (CEO), of Raheja Homes Builders and Developers.
At present, the existing Panvel-CST rail stretch operates around 15 services during peak hours.
The MRVC’s proposal of the elevated railway corridor will push 25 services on the high-speed corridor during peak hours.
Since Transit-Oriented Development (TOD) typically has a center with a train station or metro station,
Panvel may fall under the purview of the City and Industrial Development Corporation
(CIDCO)’s plan for TOD in Navi Mumbai in the future. If approved,
this particular development will put Panvel on the radar of affordable home seekers.