Primarily conceived to accommodate the ever expanding population of Mumbai, most of the localities in Navi Mumbai are either fully developed, or are developing rapidly.
Panvel, Navi Mumbai, is experiencing significant residential growth due to commercial expansion, rapid infrastructure development and improved affordable accommodation supply.
The average cost of acquiring a property in the area ranges from Rs. 5,000-Rs 9,500 per sq. ft. Panvel’s real estate market has experienced significant growth over the last five years. The residential housing sector in the region is thriving, with most developers moving into structured townships and affordable housing projects.
Rooted in strong housing demand, it was also noted that a significant number of new housing units were added to Panvel in the last five years.The availability of competitively priced land and rising demand for low-cost units are the major drivers for housing expansion in the region.
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Relatively Affordable Compared to Other Cities Surrounding MMR
Economic Times Wealth’s Real Estate Hotspot series has taken a look at the affordable spots in the Mumbai metropolitan area (MMR). Navi Mumbai’s Panvel town has emerged as a self-sufficient locality with close proximity to various social and civic infrastructural facilities which are as given below:
- Panvel is an inexpensive residential area commercially available in the MMR, also known as Mumbai Metropolitan Region.
- Proximity to impending airports, connectivity towards MMR, and self-dependent townships are compelling demands here.
- Well connected to Navi Mumbai and National Highway 48 and Thane via Mumbai-Pune Expressway.
- Pivotal Work Zones: Jawaharlal Nehru Port Trust (JNPT), Panvel Industrial Estate, Taroja MIDC, CBD Verapur.
- Direct social assistance: DAV Public Schools, Lifeline Hospital, Panacea Hospital, Orion Mall, St. Joseph High School.
Strong Connectivity and Social Infrastructure
The most significant advantage that Panvel enjoys is its strategic location between Mumbai and Pune. Following the 2010 announcement regarding the planned Navi Mumbai International Airport, real estate in Panvel soared. Since then, real estate costs in the region have increased considerably.
Panvel has numerous educational institutions, recreation centres and health centres. Panvel’s real estate market offers everything that is suited for the new-age homebuyer’s lifestyle. The surrounding area is well equipped with clubs, restaurants, and vibrant nightlife. The availability of various sports centres and state-of-the-art gyms also makes this area attractive to the younger demographic of the population..
Panvel also enjoys superior railway connectivity to the rest of the city as well as Maharashtra. Panvel Station is one of the largest railway stations in the state, serving both long-distance and suburban destinations. It functions as the terminal for the Harbor Line and has a direct connection to the Chhatrapati Shivaji Terminal. The metropolis is even the starting juncture of the Mumbai-Pune roadway. Navi Mumbai and the suburbs of central Mumbai are well connected with the Sion-Panvel Highway.
Post the COVID-19 pandemic and the advent of work from home culture, prospective homebuyers are now looking to invest in properties that are closer to their office spaces. Proximity to their workplace, superior connectivity, and an array of social amenities is one of the reasons why Panvel is presently on a realty blossoming trajectory.
The area is becoming popular among lower- and middle-income home buyers due to its affordable property prices. Considering the upcoming projects and several planned infrastructure endeavors, and all of the reasons mentioned above, one can expect the area to be one of MMR’s most sought-after real estate destinations.
What Does the Future Have in Store?
Even though the physical infrastructure in the region is already well developed, other infrastructure projects are underway to elevate Panvel’s real estate demand. Impending infrastructure assignments that’ll have a favourable effect on real estate in the region include:
Navi Mumbai’s Jawaharlal Nehru Port is being transformed into a multi-product Special Economic Zone (SEZ) that will direct the growth of adjacent areas such as Panvel—proposed Navi Mumbai International Airport. Soon, the region is expected to see significant development in retail and hospitality.
Navi Mumbai Airport Impact Notification Area (NAINA Area) is also being planned. Centres for agriculture, education, information technology and medical facilities are planned. The elevated railway corridor proposed by Mumbai Railway Vikas Corporation (MRVC) will significantly reduce travel time between Panvel and CST. The Navi Mumbai Metro is a great way to commute without worrying about crowds or weather and is scheduled to launch in late 2022.
Number of New Infrastructure and Housing Projects in the Pipeline
Navi Mumbai is an excellent choice for those who want a peaceful life away from Mumbai’s busy metropolitan rush. With convenient transportation and well-developed infrastructure, this planned city has many attractions, such as lush green spaces and proximity to tourist attractions.
Property prices are relatively low compared to Mumbai, making it a value proposition overall. However, many upcoming mega-projects will fundamentally change the residents’ living standards of Navi Mumbai.
Potential buBHKs, respectively. The amount furthermore differs between New Panvel, Kamothe, Karanjade, and Kalamboliyers can acquire apartments at costs ranging from Rs. 8,000 to 13,000 per square foot.
Here is a list of all the new developments planned in Navi Mumbai.
Kargal Business District
CIDCO (City and Industrial Development Corporation of Maharashtra) plans to develop a huge business district in Kargal, the central hub of Navi Mumbai, to rival Mumbai’s famous Bandra Kurla complex.
But that’s not all. Besides a vast IT park and commercial facilities, the city will have enough residential infrastructure to support its 1,000 inhabitants. Essentially, it would be the first city to have a go-to-work culture.
In addition, the district will be provided with world-class educational, medical and recreational facilities. Ultimately, the site will host several Navi Mumbai housing projects, each offering a unique lifestyle to its residents.
Mumbai Trans Harbor Link (MTHL)
If Navi Mumbai’s excellent connectivity is insufficient, the MMRDA has proposed development of the Mumbai Trans Harbor Link (MTHL). This highly advanced project will directly connect Navi Mumbai to the heart of Mumbai. In addition, MTHL Navi will connect Mumbai and Mumbai’s four major thoroughfares via the Cloverleaf exchange loop, taking the city’s connectivity to the next level.
Navi Mumbai International Airport, Panvel
Navi Mumbai International Airport is one of his most anticipated projects in the city. Valued at Rs. 16,000 crores; expected to be fully operational in 2023. This makes Panvel an urban hotspot and a major international business destination. Additionally, it helps divert some air traffic from Mumbai International Airport. With improved connectivity, the region will surely see a boom in residential projects near airports.
New Metro Line
Mumbai and Thane have metro lines, so Navi is too late if there is no metro line in Mumbai. Fortunately, the construction of a 33.15 km mass transit system is already underway. It will connect the Navi Mumbai International Airport, which is under construction, with Chhatrapati Shivaji Maharaj International Airport in Mumbai.
see also – Panvel becomes Realty Hotspot in Mumbai
Verdant Surroundings and Large Area of Open Green Spaces
Open space is defined as an accessible area that is green and open to the sky. Many formal terms and definitions are used in urban studies to refer to “urban open and green spaces,” including green spaces, urban green spaces, public spaces, public spaces, and parks. These terms have been used interchangeably by city planners, designers, architects, landscape architects, and other professionals.
They can be seen through design, policy, planning, management, and environmental psychology. Rapid changes in land usage and urban space usage patterns in developing cities focus on the conflict between housing needs and green space preservation.
As a result, these cities need to regularly assess the distribution of green spaces in regions with different socioeconomic statuses to strategically plan and monitor their greening efforts. The 2014-34 Zoning Plan is futuristic and sets out an up-and-coming, viable and sensible multi-space usage model for increasing public open space in the city. This includes public/semi-community areas, public and open areas of educational institutions, and surrounding underpass green spaces.
This plan goes beyond traditional quotas to solve the problem of open space. It also proposes to allow 20% of institutional space for the creation of art galleries, museums, music schools and cultural spaces. Open urban spaces are vital to the health and prosperity of cities and their inhabitants. Measures to drive available space policies must consider their direct impact on people’s livelihoods. The existing policy framework could be improved to promote open space per capita in Mumbai in mind.
Conclusion
Panvel is at the intersection of a significant transformation. Investing in this up-and-coming area in and around the city is highly advised, especially given the saturated housing market and extremely high prices elsewhere in the Mumbai metropolitan area. And it seems like a very sensible option. Whether you are an investor or an end-user, you should carefully consider emerging areas and emerging projects in each before deciding on the best option.
With the rapid development of social, economic and transport infrastructure, now is the best time to buy a home in Panvel, Navi Mumbai. Enjoy a high standard of living and excellent resale value, as property values will keep on rising in the future.
