Bombay or Mumbai is one of the largest, most populous, and financially flourishing metropolises in India. The population of the Great Mumbai area is very cosmopolitan and culturally vibrant. With such overflowing growth, however, comes a need for housing. Owning a residential property and building a home is one dream that every Mumbaikar cherishes. But as this massive city keeps growing, the limits have been expanding, and the growth story of the suburbs is only getting started. Navi Mumbai and Panvel are at the very core of this uptrend.
If you are looking to invest in Sector 21 Kamothe or any of the upcoming micro-markets of Panvel, here are six things you need to know -
- Panvel is one of the fast-growing suburbs of Mumbai. Located in the district of Raigad, on the banks of the river Gadhi, this is an ancient settlement going back nearly 2000 years. The Panvel Municipal Council is the oldest in the entire country and was established in August 1852. Apart from its popular rice market, the city has been one of the major stops in the land and sea trade routes in the region. The city has witnessed phenomenal development with the conversion of the municipal council into a municipal corporation.
- Most of the development of Panvel is focused on New Panvel, which is located to the east of the old city. Like the rest of Navi Mumbai, New Panvel is a popular residential and commercial destination due to its highly planned infrastructure. Wide roads, open spaces, and excellent dining and entertainment options have followed the relocation of several business and commercial enterprises to this part of the city.
- Being adjacent to the Mumbai-Bangalore National Highway, the Mumbai-Pune Expressway, and the upcoming new airport offers this suburb excellent connectivity. The Roha-Panvel central railway line further divides New Panvel into eastern and western localities, and both are equally attractive to home buyers.
- Some of the top attractions for real estate investors in Panvel include expansive golf courses, panoramic views, and low levels of pollution. The infrastructural makeover planned by CIDCO bodes well for residents. Some of the top developers of Mumbai, such as Godrej Properties, Jindal Group, La Mer Developers, and Prajapati Constructions, have luxury residential projects currently in development in Panvel.
- Most of these new projects offer large spaces, affordable living, and smart technology for their residents. Rather than being a satellite city of Mumbai, Panvel is coming into its own as a highly developed commercial and residential hub.
- Panvel has been, for a long time, a popular choice for a second home for Mumbaikars. Investors are increasingly looking to acquire flats in Kamothe (near the station), Sai Nagar, Thombrewadi, and Bhangarwadi. Average property rates have gone up from about INR 2650 per sq ft in 2011 to about INR 7230 per sq ft in 2022. This phenomenal appreciation in asset value has made it one of the most attractive micro markets of the region. Many young families are moving in, too, with a number of shopping and entertainment centres, hospitals, schools, and colleges coming up in the city.
- The proposed CST–Panvel fast corridor is all set to give Panvel residents a wonderful boost in connectivity. The trains running along the elevated corridor of the Harbour Line will cut down the commute from Panvel to the Chhatrapati Shivaji Maharaj Terminus in half. The corridor is currently slated to connect Panvel, Kharghar, Nerul, Vashi, Chembur, Kurla, Wadala, and CST but is also likely to link to the new airport in Navi Mumbai. Moreover, all the trains along this corridor will be fully air-conditioned, and the frequency will be much more than the current schedule. The launch of the corridor is expected to see a residential boom in Panvel.
- The growth of Panvel is spurred by the growth of a number of large industries and factories around the city. Some of the country’s top corporations, including Reliance Industries, ONGC, Larsen & Toubro, Bharat Aluminium & Glass, JK Tyre Industries, and IPCL, have set up manufacturing units in and around the city, providing employment and giving a boost to the demand for housing by the employees of these industries. With more open space, a clean environment, and affordable real estate, more corporations are moving to Panvel, and so are people looking to work and live here. Unlike Mumbai, Panvel also offers homeowners the ability to afford large, luxurious homes
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