Real estate markets are picking up in Panvel which is steadily becoming one of the newest growth hubs of Mumbai. There are various projects like the new Navi Mumbai International Airport that are powering realty growth in Panvel. The first phase of the Nerul-Uran railway network has already been inaugurated and the Chief Minister of Maharashtra, Devendra Fadnavis, has stated that Panvel will soon become a key terminus like CSMT or Dadar. Panvel will benefit from the upcoming Panvel-CSMT (Chhatrapati Shivaji Maharaj Terminus) fast corridor, Navi Mumbai International Airport and the Mumbai Trans Harbour Link in the near future.
CIDCO, MMRDA and MRVC are planning to spend roughly Rs. 56, 000 crore or even more to ensure good connectivity for Panvel and surrounding areas. CIDCO has stated that the first phase of the new airport may be commissioned by December this year which covers a runway and terminal building. 65% of the land development activity will be completed by January 2019. The nearest railway station to the new airport will be Targhar which falls on the new Nerul-Uran corridor. There will be a link to the airport from the proposed fast corridor between Panvel and the CSMT while Targhar may be included as one of the stations on this line.
The Targhar railway station will offer good connectivity to the Harbour Line from the new airport and also the fast corridor which will again link to the metro network coming up at Mankhurd’s Mandala. Metro Line 8 may link to the new airport and CSMT along with connecting to the fast corridor at Mankhurd. The Karjat-Panvel corridor has also been sanctioned. This will connect areas on the old Mumbai-Pune Highway between Panvel and Karjat through the railway network. Once this is completed, there will be railway connectivity to Pune through Karjat for Panvel and surrounding zones.
Panvel wins brownie points amongst real estate investors and end users for its affordable home prices and slew of infrastructure initiatives. It is well linked to several zones in the Mumbai Metropolitan Region (MMR) through the Mumbai suburban railway network, Sion-Panvel Highway and National Highways 48 and 66. Panvel is located near key commercial hubs of Navi Mumbai like Airoli, Koparkhairane and Taloja. Several new housing projects and townships are coming up in Panvel and demand is also being driven by the area’s good connectivity to JNPT and Uran. Real estate prices are also increasing steadily on the back of demand and with the completion of the airport and other infrastructure projects, they are only set to increase more in the future.
