- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Banking & Finance
- Energy & Infra
- Case Study
- Web Exclusive
- Property Review
- Digital India
- Work Life Balance
- Test category by sumit
Now Is The Ideal Time To Invest In Panvel
The city of Panvel has been in the limelight recently, with two major announcements being made. These two major infrastructure projects, once completed, will give a major boost to the region
Photo Credit :
The city of Panvel has been in the limelight recently, with two major announcements being made. The Navi Mumbai international airport to be completed by 2024, and the completion of the Mumbai Trans Harbor Link (MTHL) by the end of 2023. These two major infrastructure projects, once completed, will give a major boost to the region.
This has created a flurry of activity, with home buyers and investors showing a great deal of interest in wanting to buy property here. Developers, too, are also keen on constructing projects, given that property prices may spiral once these infrastructure projects get completed.
Panvel is strategically located as it facilitates rail and road transport from Mumbai to the rest of the country. Presently, property rates are quite competitive, but once these projects get completed, prices will move further north and go beyond the reach of many home buyers. Panvel offers home buyers and investors an excellent opportunity to invest in a rapidly growing region with excellent potential for price appreciation. Here are some reasons why Panvel is an attractive investment option and why you should consider investing in this city right away.
Once completed, the Mumbai Trans Harbor Link (MTHL) has huge potential to change the entire dynamics of the MMR region. Property prices in Panvel and Navi Mumbai will significantly appreciate. The 21.8 km long MTHL Bridge will connect Sewri in Mumbai to Chirle in Navi Mumbai, making commuting between the two cities much quicker and easier. The travel time from Mumbai to Navi Mumbai will be reduced to just 20 minutes. The MTHL will also be linked with the Mumbai-Pune Expressway through an elevated corridor, making it easier for frequent travellers to commute between Mumbai and Pune.
According to Gulam Zia - Senior Executive Director - Research, Advisory, Infrastructure, and Valuation at Knight Frank India, Panvel real estate does provide a good investment opportunity for prospective homebuyers and investors alike. He said, "Panvel is a well-planned city, and it effectively connects the city and western lines. Because of its already existing connectivity with the Mumbai-Pune highway and the Sion-Panvel Expressway, the ease of travelling to other parts of the city becomes convenient. Thus, making Panvel’s real estate an ideal destination for investment. There are several major infrastructure projects which will make a huge impact that will come to fruition in the next two years. Out of these upcoming projects, the two most important ones are the International Airport and the Mumbai Trans Harbour Link Project (MTHL). A lot of real estate development has happened based on the idea of these infra projects coming to a completion. As these projects come into existence, one would see that the next leg of growth in Panvel’s real estate will be around residential and commercial spaces. The home buying affordability is still reasonably high in this region, even after the run-up that the market has witnessed in recent years."
Apart from MTHL, Panvel is home to the under-construction Navi Mumbai International Airport, which is expected to be fully operational by 2024. Once completed, the airport is expected to create 142,000 direct and 200,000 indirect jobs, making Panvel a prime destination for investment.
For those who want to reap the benefits of the region's rapid development and growth prospects, Bappaditya Basu, Chief Business Officer of ANAROCK Commercial, recommends investing in Panvel. “Panvel presents a remarkable investment opportunity for those who want to enhance their quality of life and capitalise on the city's potential for growth. The area's social, economic, and transportation infrastructure is quickly expanding, making it an attractive option for developers and investors seeking to establish a foothold in Navi Mumbai. With property prices already increasing and expected to rise further in the upcoming months, it is no surprise that Panvel is in high demand,” he added.
Another major infrastructure development is the 30-km-long suburban rail corridor connecting Karjat with Panvel, which is currently under construction. The CSMT to Karjat route has the potential to reduce travel time by more than 20 minutes and provide an alternative route from Mumbai to Karjat via Panvel. This will further enhance the economic development of Panvel and its surrounding areas.
According to Ashish Narain Agarwal, Founder & CEO of PropertyPistol, “Panvel and Navi Mumbai zone has always been a hot real estate investment destination. Panvel was always one of the preferred residential locations due to its proximity to Navi Mumbai suburbs, Karjat, Khopoli, Pune, and Lonavala, among others. Its connectivity to Uran and JNPT became one of the vital infrastructural links due to the planned Mumbai Trans Harbour Sea Link. With the proposed Navi Mumbai International airport and Nerul-Uran Railway Line, there will certainly be a boost to Panvel city with quality and luxurious residential developments. The proximity to commercial areas of Navi Mumbai, Airoli, and Taloja can also help in encouraging the real estate market in Panvel. The city is blessed with quality retail, hospitality, medical and educational opportunities in the suburbs, thus accelerating the overall development of the suburb.”
In conclusion, property prices in Panvel are more affordable as compared to Mumbai. Thus, it makes for an attractive investment option for home buyers and investors alike. Property prices are expected to appreciate going forward, given the rapid infrastructure developments in the region. Therefore, now is the right time to invest in your dream home before prices begin to head north.