Why the property market in Panvel is set to take off!
Last Updated on, December 5th, 2022
What was once considered a quaint weekend-home destination, Panvel and its surrounding areas have undergone rapid development in the past few years. Couple that with large, lush green open spaces, affordable property rates, and several planned massive government infrastructure projects, and you have a location on the brink of becoming the next big residential and commercial hub.
Thinking of buying property at Panvel? Here’s why that’s a great idea.
But the new infrastructure projects coming up in Panvel are set to change the direction of Mumbai’s expansion – the airport, the proposed Trans-Harbor sea link and other projects like the CST-Panvel AC rail and the metro will connect Panvel directly with South Mumbai, opening up a new direction of growth towards the East.
The upcoming Mankhurd-NMIA-Panvel metro corridor will be a 32-km route, passing through the Navi Mumbai International Airport. The second part of this will be built over the Sion-Panvel Highway connecting Sewree to the Navi Mumbai International Airport. The proposed corridor will be a 22-km route helping Panvel become one of the most connected locales of MMR.
A new direction for Mumbai’s growth
Over the last couple of decades, Mumbai has expanded rapidly. Due to the island city’s geography, this growth has been primarily northwards – towards Thane on the Central Line and Borivali on the Western line.
But the new infrastructure projects coming up in Panvel are set to change the direction of Mumbai’s expansion – the airport, the proposed Trans-Harbor sea link and other projects like the CST-Panvel AC rail and the metro will connect Panvel directly with South Mumbai, opening up a new direction of growth towards the East.
The upcoming Mankhurd-NMIA-Panvel metro corridor will be a 32-km route, passing through the Navi Mumbai International Airport. The second part of this will be built over the Sion-Panvel Highway connecting Sewree to the Navi Mumbai International Airport. The proposed corridor will be a 22-km route helping Panvel become one of the most connected locales of MMR.
Navi Mumbai Airport
Think of Navi Mumbai’s infrastructure, and the first thing that comes to mind is the upcoming airport at Panvel. After years of regulatory struggles, the project is finally progressing and work is set to start with GVK group, having signed an agreement with CIDCO for ₹16,000cr. With the airport, will come planned development outward from it, and it’ll only aid economically efficient, attractive and sustainable growth.
Trans-Harbor Sea Link and other projects
The ambitious Sewri-Nhava Sheva Trans-Harbor Sea Link which will provide direct connectivity between Panvel and South Mumbai is set to be a game changer for the region. It will reduce road travel time to South Mumbai to well under an hour and will bring Panvel even closer to South Mumbai than the suburbs of Thane and Borivali!
Among the other government infrastructure projects that are set to provide a major boost to connectivity are the CST-Panvel air-conditioned rail corridor which will halve the travel time to CST, the metro line projects, and the 126km Virar-Alibaug multi-modal corridor.
Huge boost to commercial development
Airports in the 21st century, are not just business magnets, but also regional economic accelerators. Across the world businesses and commercial hubs have mushroomed around new airports and Panvel will be no different.
Navi Mumbai already boasts of some of the largest corporate houses like ONGC, Hindustan Uniliver, Reliance and L&T, and there are also numerous malls and corporate parks offering employment opportunities to lakhs of people. Panvel is set to continue this trend – a proposed industrial hub at Khargar, dubbed as BKC II (link), is slated to be twice the size of BKC with a massive 63 Hectares of mixed land use.
Large scale, well planned residential development
While land is scarce in Mumbai city, Panvel has a lot of large and undeveloped land banks. This means that the development in Panvel can be well planned and regulated – you can already see the impact of this in parts of Navi Mumbai which have wide roads and footpaths, great public amenities, superb stations and well-planned drainage and civic amenities.
Availability of large land parcels has also lured many reputed builders to develop large integrated townships like Nexzone by the Marathon Group at Panvel. These townships offer an array of superb amenities, larger apartments and a great lifestyle for a fraction of the cost of similar developments in the city.
The best time to buy property at Panvel? Now.
A few years ago, a lot of people would have simply connected the idea of Panvel to the halting spot prior to getting on to the Mumbai-Pune Expressway, or the small town that leads to the old Mumbai-Goa highway.
Today though, the picture is very different. Panvel today, is one of the epicenters of transformed Navi Mumbai- a place brimming with a cosmopolitan character. Not only is it the connecting link between Mumbai-Pune-Goa, it’s a nodal point for the swiftly developing Navi Mumbai region. It boasts of great road connectivity to Mumbai and Thane regions, is also seamlessly connected via railways, located right at the center of all the infra projects that we spoke of, is in close vicinity of all the booming social infrastructure, and has huge real estate projects being developed by some of the biggest real estate players in the market.
There are plenty of developments that have taken place, or are waiting to happen, that have led to the Panvel and Navi Mumbai areas to become what they are today. Bring all the pieces together and one just cannot deny that the best time to buy property in Panvel, is now.
