Affordable Panvel Calls Out To Mumbai Homebuyers

Mumbai, the Maximum City, has always seen a great influx of internal migrants. But life in Mumbai is often a nightmare to them because property prices and rental rates are extremely high. Living spaces are highly congested but that doesn’t deter prospective homebuyers from buying. Panvel is a location you can consider if you are looking for homes within a budget.

Why Panvel is an emerging real estate destination

After the Navi Mumbai airport project was announced, real estate investors have been investing in apartments in Panvel. As land prices are relatively low in Panvel, many residential projects have emerged in the recent past. Today, Panvel is known for having the most attractive residential prices in Mumbai. Some of the most sought after upcoming projects in Mumbai are now here.

The number of low budget flats in Panvel is rising because the City and Industrial Development Corporation of Maharashtra (CIDCO) decided to offer more than 350 acres of government land to private real estate developers. Often, high property prices are caused by an acute shortage of urban land. But, by making more land available for construction, the CIDCO has managed to bring down residential property prices substantially. This explains why resale flats in Panvel are in great demand. the CIDCO also regulates property prices in Panvel, to make homes affordable to people of every income segment. 

Dr Niranjan Hiranandani, National President – NAREDCO says, “The evolution of any urban conglomeration into a vibrant global city is a gradual process – and the recipe begins with planned development, added to infrastructure with an additional helping of enhanced connectivity. For Mumbai city, suburbs and the Mumbai Metropolitan Region (MMR), it has been a process where the new centre-point is evolving, which is Panvel.”

“Panvel ticks all the right boxes in terms of conveniences and facilities, including high-end retail, educational institutions, multispecialty hospitals and healthcare,” he adds.

Find affordable housing options in Panvel

If your budget is limited, there is no better place to buy an apartment in Mumbai than Panvel. There are over 400 residential projects listed on Proptiger.com out of which 166 are new construction. The price of apartments may range anywhere between Rs 20 lakh to Rs 2 crore.

Things you should know before investing in Panvel

Panvel is a rapidly developing area. According to real estate experts, for Panvel to become livable, civic infrastructure should become comparable to existing residential projects. Currently, the sewerage lines and roads in Panvel are in a dilapidated state. As roads are poorly managed, there is excessive traffic congestion. Water supply in Panvel is insufficient to meet the demands of its existing population. If the infrastructure in Panvel does not sharply improve, Panvel may become unlivable when the population rises further. However, the new airport and projects under Navi Mumbai Airport Influence Notified Area (NAINA) are expected to change things for good.

If you wish to invest in real estate in Panvel, this is the right time. Panvel has many large firms like ONGC, L&T, and IPCL. The infrastructure is Panvel is not yet in good shape, but this might soon change. Panvel is well-connected to Thane, Pune, Navi Mumbai through roadways and railways. Though property in Panvel is now affordable, when the new International Airport becomes functional, a steady price appreciation is likely.

Dr Hiranandani points out the following strengths that Panvel boasts:

Strategically located at the tri-junction of Mumbai, Pune and Goa highways, Panvel is a growth story scripted by existing infrastructure, while new projects including the Navi Mumbai International Airport, the Mumbai Trans-Harbor Link as also year-round water transport linkages will ensure enhanced connectivity. Panvel will also gain as a result of Mumbai CST – Panvel fast local corridor while the Metro lines, which will connect the new airport with the existing CSMI Airport, and the Panvel-Karjat railway line opening for passenger traffic will create dynamic rail linkages with Pune. Essentially, these developments will position Panvel as the central real estate hub of Mumbai and the MMR.

In terms of real estate development, land from Panvel to Karjat is equivalent to the overall land mass of Mumbai. Several prominent developers are already building mega-township projects in Panvel.

The odds apart, Panvel is ideally located on the Mumbai - Pune IT corridor, Panvel is fast emerging as the favourable office relocation and consolidation location for many Indian industry leader companies, MNCs, BFSI, IT and ITeS companies. It also offers residential options which are ideal homes for those having an aspiration-based lifestyle. Among the fastest growing regions within the Mumbai - MMR conglomeration, the Panvel real estate market has been growing in sync with developments in Mumbai and the MMR.

With inputs from Vidhika Dalmia