Panvel, also known as the gateway to the MMR – Mumbai Metropolitan Region, is just across the Thane District border. Strategically located on the Mumbai-Pune expressway, it is just 45 kilometres from Mumbai. Panvel is a significant town and is clearly divided into three sections – old Panvel, new Panvel – east and New Panvel – west. Panvel is surrounded by regions like Patalganga, Taloja, Nagothane, Roha, Khopoli. Major industries like Larsen & Toubro Limited, Reliance, Hindustan Organic Chemicals Ltd., ONGC, and IPCL are based around Panvel providing numerous employment opportunities. This has initiated the process for development of Panvel real estate.
Panvel is a popular tourist spot in Maharashtra as it includes hill stations like Karnala Fort and Matheran. It has a bird sanctuary called Karnala Bird Sanctuary, which is rich with natural habitats for various kind of birds. All these nearby tourist spots provide respite to the residents of flats in Panvel from their hectic schedule.
Panvel is very well-connected from any part of Mumbai city. The main modes of transport are the rail and road. Some of the major roads of Mumbai are part of this area:
- It is a junction point for Mumbai-Pune Expressway and Sion-Panvel Expressway
- NH 4B and NH 17 originate from here and NH4 passed via Panvel
Panvel railway station is an important commuting medium. The station is categorized into Suburban and Main Line. There are a total of 7 platforms (4 suburban and 3 Main Line) while two more are being constructed.
Panvel has two main bus stands: ST stand on the national highway & NMMT stand near railway station. Buses from ST stand ply to Thane, Kalyan, Dombivli, Badlapur, Dadar and Uran and the buses from NMMT stand provide regular buses to a Thane, Dadar ad Vashi.
Good news to the people residing in Panvel flats is the proposed Navi Mumbai International Airport, that is to coming up at Kopra-Panvel location. As per the experts, the upcoming Airport is very close to prime locations like Ulwe, Kharghar, Kalamboli, Nerul etc due to which the values of Panvel property is rising every quarter.
Education, Entertainment and Health Care
Panvel has diverse international schools that offer several higher education options in diverse fields such as pharmacy, engineering or business education. Some of the good institutes are, DY Patil, Drupad Gurkul, Bharati Vidyapeeth, Kendriya Vidyalaya, MGM College of Engineering, B.P Marine Academy, DAV Public School, Pillai College of Arts, Commerce, and Science, Mahatma Gandhi Mission Charitable Trust and Pillais Institute of Information technology among others. Established hospitals such as Sanjeevanam Hospital, Lifeline Hospital, Gune Hospital, Hiranandani Hospital have created a niche here. This locality is surrounded with malls and eateries. The best malls in this locality are Inorbit Mall, Korum Mall and Haiko Mall. Basic amenities like water and electricity is not a problem as such.
Real Estate Growth in Panvel
Proximity to Pune is its biggest asset and with the new international airport coming up in Navi Mumbai, Panvel’s future looks very promising. Hence, the property in Panvel is attracting lot of developers and real estate investors to initiate new projects in Panvel. The Panvel- Matheran road particularly has become one of the most sought-out areas for real estate investors. Another good point is its closeness to JNPT, the freight and industrial corridor. The rates of Panvel property for sale has doubled or tripled in few cases over the last 5 years.
The proposed 22 km six-lane sea link between Sewri and Nhava Sheva would reduce the distance between Mumbai and Panvel drastically. This announcement has created a buzz and lots of people are looking at Panvel to invest in flat as well as in plots and lands. Some of the good projects by the builders in Panvel are: Arihant Akansha, Marathon Nexzone, Greenearth Residency, Omkar Puram, Sidhivinayak Sparsh and Waters Edge. Panvel builders are coming with apartments with 1 BHIK, 2BJK, 3BHK and 4BHK configuration, one can make a choice based on the requirements.
There is also availability of land for sale in Panvel. The present rates are between Rs 3500 to Rs 5000 per square foot.
The ROI is witnessing a downtrend for both, flats for sale in Panvel (3% q-o-q) as well as for residential property in Panvel for sale (8% q-o-q).
- Highest locality price: Rs. 4600 per square foot
- Lowest locality price: Rs. 4200 per square foot
- Average locality price: Rs. 4400 per square foot
The rental value is Rs. 10 per square foot, which is witnessing a downtrend of 9% q-o-q.
- Highest locality price: Rs. 5400 per square foot
- Lowest locality price: Rs. 4800 per square foot
- Average locality price: Rs. 4200 per square foot
Panvel has become a real estate hub of Navi Mumbai, and as the demand is steady and increasing, the prospect of additional increase is forecasted in the near future. Panvel is expected to become another Central Business District owing to several factors like the upcoming airport, the Special Economic Zone which is coming up nearby. Properties in Panvel will become the future best thing in the Navi Mumbai real estate market.