All You Need To Know About Sion Panvel Highway & Real Estate Markets Around

The Sion-Panvel Highway is one of the important road corridors in the Mumbai Metropolitan Region. The stretch, that connects Sion in Mumbai to Panvel in Navi Mumbai, has augmented the real estate markets of the localities situated along the route.

PropGuide brings insights on the real estate markets in and around the Sion-Panvel Highway:

About Sion-Panvel Highway

The 24.89-kilometres-long stretch comprises 10 lanes, with six lanes of signal-free travel. The expressway crosses its path with other major roads such as the Mumbai Pune Expressway, the National Highway - 4, the Eastern Express Highway, the Eastern Freeway and the Thane Belapur Road. Renovation and widening of the project by the Sion-Panvel Tollways Private Limited (SPTPL) was recently undertaken and this involved addition of flyovers, service roads and repair works. Commuting along this highway is easy and saves time of about 30 minutes.

Some noteworthy features of the expressway are:

*Started in 2009, the entire project is worth over Rs 1,700 crore, has been built on built-operate-transfer (BOT) basis with a concession period of 17 years and five months.

*Developed in an environmentally sustainable manner, the arterial highway is equipped with vehicular bypasses, pedestrian underpasses, foot-over-bridges and several covered bus bays.

*There are also several touch points for vehicle breakdown assistance and first-aid facilities for any emergency.

Realty markets on the Sion-Panvel Highway

The localities nestled along the Sion-Panvel highway have seen huge growth in their real estate segment after the stretch became operational. Some of these promising pockets are in Navi Mumbai. These include:

Karanjade-Panvel stretch: Karanjade and Panvel are 3.5 kilometers' distance from each other. The surrounding neighbourhood has emerged as a convenient residential destination owing to sound road and rail connectivity and presence of an industrial hubs with quality social infrastructure. The area has seen growth of high-end projects and some affordable projects. Residential properties have an average price of Rs 4,500 per sqft.

Thane Belapur Road: The Thane Belapur Road is connected to the southern end of the highway near Turbhe and is a prominent cluster of major industrial and technology parks. It has good physical and social infrastructure. The average capital value of residential properties in this locality is Rs 10,000 per sqft.

Kharghar: This is an important location in Sion-Panvel highway which is in proximity to a Central Business District (CBD) Belapur, a proposed international airport and Metro link. New constructions are in full swing with over 500 properties. The average capital value of properties in Kharghar is Rs 8,900 per sqft.

Vashi: Flanked by the Sion-Panvel highway, Vashi is a desired locality in Navi Mumbai. It is developed by City and Industrial Development Corporation (CIDCO) and is close to IT Parks and leading educational institutions with easy accessibility of the Chattrapati Shivaji Terminus (CST). Luxury housing projects are available here priced at an average BSP of Rs 11,000 per sqft.

Taloja: Taloja is an affordable housing destination along the Sion-Panvel highway with an average property price of Rs 4,300 per sqft. In addition to the over 100 new residential projects, there are various commercial pockets, a railway station, social amenities and an upcoming Metro link in Taloja.

Chembur: Initially an industrial area, Chembur is now a popular housing destination in eastern Mumbai with proximity to Chhatrapati Shivaji International Airport, Bandra-Kurla Complex (BKC) as well as upcoming business and IT hubs. social infrastructure is well-developed here. Plenty of luxury residential properties in Chembur are available with the average capital value of Rs 15,000 per sqft.

Nerul: Nerul is an upmarket and busy residential and commercial hub. It has good local transportation, a railway station, SEZs and some government-sponsored mega infrastructure projects. There are over 100 upcoming properties, including several affordable housing projects, which have an average capital value of Rs 11,000 per sqft.