As Mumbai and its neighbouring areas continue to grow and develop into world-class urban hubs, real estate investors continue to enjoy a plethora of amazing investment options. One such hotspot that is firmly on their radars today is Panvel.
Panvel is a city in the Raigad district of Maharashtra, India. It is located about 40 km from Mumbai and is well connected by road and rail. Panvel is also the gateway to the Konkan region, which is known for its scenic beauty and natural resources. With many breathtaking infrastructure projects coming up in the city, real estate trends in Panvel continue to grow in a more positive direction. This is down to Panvel’s strategic location, affordable prices, and promising growth prospects.
In this blog, we will explore some of the reasons why Panvel is a good option for real estate investment and what are the best projects and areas to invest in.
Panvel offers several advantages for real estate investors, such as:
- Proximity to Mumbai: Panvel is close to Mumbai, the financial capital of India and the most populous city in the country. Mumbai is a hub of economic activity, employment opportunities, and entertainment options. Panvel provides easy access to Mumbai via the Mumbai-Pune Expressway, the Sion-Panvel Highway, and the Harbour Line of the Mumbai Suburban Railway. Panvel is also near the proposed Navi Mumbai International Airport, which is expected to boost the connectivity and development of the region.
- Affordable prices: Compared to Mumbai and other nearby cities, Panvel offers affordable prices for real estate properties. The average price per square foot in Panvel is around INR 7,440, while in Mumbai, it is around INR 20,000+. This makes Panvel an attractive option for buyers who are looking for budget-friendly homes or investment opportunities. The rental yield in the city also continues to grow at 8% per year, thanks to it being a favourable destination for emerging populations as well as vacationers in Mumbai.
- Growth potential: Panvel has witnessed rapid development in the past decade, with several infrastructure projects and industrial zones coming up in the vicinity. Some of the major projects that are expected to enhance the value of Panvel real estate are:
These three reasons are key to Panvel’s emergence as a real estate hotspot in India. Investors shall remain assured if they invest in many booming residential projects in the city especially.
Panvel has a variety of real estate projects and areas to suit the different preferences and budgets of investors. Some of the best projects and areas to invest in Panvel are:
- Hiranandani Fortune City: This is a township project by the Hiranandani Group that spans over 350 acres of land. The project offers world-class amenities and facilities in residential, commercial, retail, and hospitality spaces. The project has 1 BHK, 2 BHK, and 3 BHK apartments with sizes ranging from 303 sq. ft. to 1646 sq. ft. The project also has villas and plots for sale. The price range of the project is from INR 39 lakhs to INR 2.5 crores.
- Godrej City: This is another township project by Godrej Properties that covers an area of 106 acres. The project offers residential, commercial, retail, educational, and recreational spaces with modern features and amenities. The project has 1 BHK, 2 BHK, and 3 BHK apartments with sizes ranging from 456 sq. ft. to 1102 sq. ft. The price range of the project is from INR 37 lakhs to INR 76 lakhs.
- Wadhwa Wise City: This is a smart city project by Wadhwa Group that occupies an area of 138 acres. The project offers residential spaces with green features and smart technologies. The project has studio apartments, 1 BHK, and 2 BHK apartments with sizes ranging from 289 sq. ft to 628 sq. ft. The project starts at INR 49 lakhs.
All these projects, as well as other upcoming projects in promising localities in and around Panvel, such as New Panvel, Palaspa, Khopoli, Akurli, Khanda Colony, etc., are waiting to be leveraged by keen-eyed investors. The values of homes and apartments in this region are expected to shoot up by 10-15% in the next few years, as per the latest real estate trends in Panvel. Are you ready to dip your toes into this golden opportunity?
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