Panvel emerges as new destination for affordable housing

Real estate experts say, without adequate transportation, affordable housing cannot be successful

Amit SrivastavaUpdated: Saturday, April 30, 2022, 07:53 PM IST
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Panvel periphery is emerging as the new destination for affordable homes for many prospective buyers. Developers’ body says they are getting a number of queries for houses along the old Mumbai-Pune highway due to its accessibility. Real estate experts say, without adequate transportation, affordable housing cannot be successful.

Navi Mumbai is believed to be the destination for affordable housing. However, many of the nodes are no longer affordable. With nodes like Vashi and Nerul having hardly any new projects for the last few years, home buyers are searching properties in developing nodes like Ulwe, Dronagiri, Taloja, Karanjade and Pushpak Nagar.

However, the latest trend is to be believed, the stretch along the old Mumbai-Pune highway from Panvel to Chowk junction is the new destination for affordable housing. Haresh Chheda, president of Builders Association of Navi Mumbai (BANM) says that the stretch has good connectivity with roads and it will be one of the most sought-after destinations in years to come. “Most of the home buyers, especially in the affordable segment, look for transportation and accessibility. The old Mumbai-Pune highway is easily accessible, unlike expressways where two wheelers and mid-entry in the road is not allowed,” said Chheda, adding that the ongoing work for doubling the track between Panvel and Karjat will make the stretch more accessible. “The Chowk junction will have a railway station with direct train to CST. The stretch will become accessible with both road and rail in days to come,” added Chheda.

Javed Khan, a real estate agent from Panvel says Panvel has shown a constant upward drive in the residential real estate market. “The townships here provide all the facilities that people look for in a suitable home such as schools, parks, shopping centres, hospitals, among others,” said Khan.

After a gap of three years, BANM is holding its four days property exhibition from May 13 to May 16 in Vashi. Many home buyers wait for the property exhibition to find a home that fits their budget.

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