Panvel and its surrounding areas are undergoing a major makeover and are set to become Mumbai 3.0. Several large infrastructure projects are being undertaken that promise to change the dynamics of the real estate landscape in Panvel, and the surrounding region. The long-awaited Mumbai Trans Harbour Link (MTHL) has formally been thrown open to traffic.
"The next growth driver of the state economy"
The Managing Director of The Wadhwa Group, Navin Makhija, said the region is expected to be the next growth driver of the state economy.
"The region is witnessing a complete transformation and it will change drastically in the next two to three years. The ongoing infrastructure development projects coupled with improved connectivity with Mumbai, through the MTHL route, have further cemented that premise,” Makhija said.
Navi Mumbai International Airport (NMIA) will give a further boost to the housing sector, and overall economic development of the region, he claimed.
"MTHL will provide a boost"
The founder president of CREDAI MCHI Raigad and managing director of Prajapati Constructions, Rajesh Prajapati, said, MTHL will provide a boost to Navi Mumbai’s economic development, especially the real estate sector.
With enhanced infrastructure and connectivity, property valuations are projected to appreciate with both demand and supply expected to increase – across segments, he said. “We expect that in the next five to 10 years, Navi Mumbai will lead the growth of MMR and not just complement it, with added liveability and investment propositions for homebuyers,” he said.
Apart from NMIA, several other projects are in various stages of completion. These include Ulwe Coastal Road connecting MTHL and NMIA, International Corporate Park at Kharghar touted as BKC 2, Navi Mumbai Integrated Industrial Township, the 30-km-long suburban rail corridor connecting Karjat with Panvel, and the extension of Sion-Panvel Expressway.
Real estate prices in Panvel Vs South Mumbai
These projects, once completed, will bolster economic development in MMR, increase employment opportunities, and provide housing across different price segments. Real estate prices in Mumbai that are anywhere within 50 minutes of travel from South Mumbai are priced not less than Rs35,000 to Rs40,000 per square foot.
This is in sharp contrast to Panvel, where travelling across the harbour by MTHL takes 50 minutes. Prices here are just a third of those in Mumbai.
