Panvel’s residential market has been advancing owing to commercial expansion, fast-paced infrastructure development, and improving supply of compact-homes. 99acres.com explores the factors driving the realty market here. Have a look at the report card.
Panvel’s real estate market has continued growing at a uniform pace in the last few years. The residential segment in the city has witnessed a boom, with a majority of developers foraying into structured townships and affordable housing projects. Residential launches witnessed marked improvement as compared to the previous few quarters. Over 28,000 new housing units have been launched in Panvel since 2013. Availability of competitively priced housing projects nearing completion buoyed home buying sentiment in the city.
According to 99acres Insite report, Panvel reported maximum new supply and property registrations in the quarter ending March 2019. The city recorded a five percent appreciation in average property prices in Jan-Mar 2019 as against the last quarter of 2018. Average capital prices of residential properties in Panvel hovers between Rs 5,900 and Rs 7,000 per sq ft.
In the last five years or so, the capital values have almost doubled. In April 2013, average property prices in the residential segment were around Rs 3,600 per sq ft.
Panvel houses a plethora of open land spaces and hence several affordable-to-mid range housing projects are being developed. Once the Navi Mumbai airport becomes operational, the city will offer employment to at least one lakh people. This would ultimately result in more demand for residential and commercial units, shares Pradeep Mehta, Managing Director, JSM Buildcare Pvt Ltd.
Equipped with strategically placed physical infrastructure, Panvel has turned out as one of the viable affordable alternatives to other areas in Mumbai where property prices have skyrocketed over the past few years. Considering the infrastructure projects planned in the city, housing prices are expected to go north by 11-14 percent in the next five to seven years.
Upcoming infrastructure projects to uplift the realty market
The region is well-connected to and easily approachable by major areas in the Mumbai Metropolitan Region (MMR) via the Sion-Panvel Highway, Mumbai suburban railway, National Highway (NH) 66, and NH 48.
Mumbai Trans Harbour Link, Navi Mumbai International Airport, and Chhatrapati Shivaji Maharaj Terminus (CSMT)-Panvel corridor are some of the key infrastructure projects that are all set to bolster the city’s real estate growth.
- As a part of the Mumbai Urban Transport Project 3 (MUTP 3), the Mumbai Rail Vikas Corporation (MRVC) is planning to complete land acquisition process for a rail corridor between Panvel and Karjat in the coming weeks.
- A plan to develop IT Park on about 25 acres of land situated at Panvel in also on cards. The project has already gained approval from the concerned authorities. The IT Park will have a constructible area of about 2.5 to 3 million sq ft.
- A Detailed Project Report (DPR) of the CSMT-Panvel fast corridor is awaiting approval. The action is expected to be granted soon.
- The implementing agency, CIDCO is expecting to commission the first phase of the proposed international airport, Navi Mumbai International Airport, spread across over 2,000 hectares, by December 2019. The phase includes a terminal building and a runway.
Its proximity to major commercial areas in Navi Mumbai, including Koparkhairaine, Airoli, and Taloja uplift the overall realty landscape of the city. Superior connectivity to Uran and Jawaharlal Nehru Port Trust (JNPT) is also driving demand in the city.
With all these upcoming infrastructure projects, Panvel has the full potential to become the next important terminus like Dadar or CSMT. Located at the periphery of Navi Mumbai, the suburb is gradually transforming into a new growth centre in the MMR.