Intending to accommodate the thriving population of Mumbai, most of the localities of Navi Mumbai are shaping themselves with fast-paced developments. While most of them are already developed and promoting real estate investments, some are still in progress.
Panvel, one of the significant residential hubs of Navi Mumbai, has experienced an immense boost in commercial expansion, affordable accommodation and infrastructure development. The locality of Panvel has seen a substantial rise in its real estate market within the past five years.
And in this blog, you will learn why such an emergence was possible for Panvel’s real estate in MMRDA (Mumbai Metropolitan Region Development Authority).
1. Properties in Panvel are Relatively more Affordable than Other Localities Around MMR
The MMRDA identified the most affordable residential spots within its circle, and Panvel is one of the most self-sufficient localities. It has great infrastructural and social facilities, which adds to the locality’s real estate trends.
The average price for a property in Panvel per sq. ft ranges between Rs. 7000 and Rs. 7500. It is a nominal amount for the number of facilities that Panvel offers. Moreover, it is a reasonable ask by the developers compared to the real estate pricing of most of the other MMRDA localities, such as Mira Bhayandar and Thane.
2. Excellent Connectivity and robust Social Infrastructure
Panvel has some brilliant educational hubs, healthcare facilities and recreational centres. This locality has almost everything a modern home buyer would expect to avail at a specific price point. The entire area is surrounded by very lively restaurants, clubs, sports centres, gymnasiums and other such amenities to enhance the lifestyle of residents.
Some of the noteworthy landmarks of Panvel are:
- DAV Public Schools
- Panacea Hospital
- Orion Mall
- Lifeline Hospital
- St. Joseph High School
After the Navi Mumbai International Airport plan was announced in 2010, the real estate market peaked for Panvel. Another best thing that motivates people to buy property in Panvel is its strategic location between Pune and Mumbai. This metropolis locality is the starting point for the Mumbai to Pune roadway.
The Panvel railway station is among the largest ones in the entire Mumbai. It offers superior connectivity to not just Mumbai but all of Maharashtra. The Central Mumbai and Panvel of Navi Mumbai suburbs are well connected through the Sion-Panvel Highway.
3. The Rise in Employment Aspects
Panvel is close to most of the office space and IT Parks in and around the locality. With the remote and hybrid work models being implemented at offices, people want to live closer to their offices. Panvel, offering great connectivity to major IT hubs, adds another feather to its crown, which makes it a residential hotspot of Mumbai.
Tata Communications and JSW Steel are a couple of offices among many others that have their offices in Panvel. Many startups and established businesses are also setting up their offices in the locality. With localities like Powai and Thane an hour away, the residents are now closer to the offices of Deloitte, Crisil, Indiabulls, Voltas and others.
4. The Futuristic Development Potential in Panvel
Even with the outstanding infrastructure, the authorities are still keen on introducing more local development plans. Such an infrastructure expansion will help Panvel hold onto its reputation of being a real estate hotspot.
Some of the upcoming developments as per the plans of authorities are:
- Jawaharlal Nehru Port of Navi Mumbai is about to be transformed into an SEZ (Special Economic Zone). Hence, it will also be responsible for directing the growth of Panvel.
- Various education, IT, healthcare and agriculture centers are also being planned.
- The MRVC (Mumbai Railway Vikas Corporation) proposed an elevated railway corridor. It aims to reduce the overall travel time between CST and Panvel.
- The Navi Mumbai Metro, which was supposed to start in late 2022, is now expected to be ready and live by June 2023. Hence, this will further make it convenient for daily commuters.
Conclusion
These four reasons are enough to express how Panvel is a major real estate driver for MMRDA compared to its other localities. People are keen on buying property in Panvel, considering its metropolis status. With the airport, commercial hubs, social infrastructure and seamless connectivity, Panvel's real estate pricing trends will keep appreciating in the long run.
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