Panvel and its surrounding area is undergoing a major makeover and is all set to become the next Mumbai 3.0. This is being done in order to decongest the island city, improve connectivity, provide more affordable housing, and bring prosperity to people living across the Mumbai Metropolitan Region (MMR).
MTHL finally open
In line with this vision, a number of large infrastructure projects are being undertaken that promise to change the entire 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. This project has the propensity to bring immense prosperity to the region's residents.
Speaking on how Panvel and surrounding areas are emerging as the next growth driver for the Indian economy, Managing Director of The Wadhwa Group, Navin Makhija, said, “The region is witnessing a complete transformation and it will change drastically in the next 2 to 3 years, where we expect prices to rise to astronomical levels. The ongoing infrastructure development projects coupled with improved connectivity with Mumbai, through the MTHL route, have further cemented that premise. In addition, the upcoming Navi Mumbai International Airport (NMIA) will further give a boost to the housing sector, and overall economic development of the region.”
"Navi Mumbai will lead the growth of MMR"
Echoing similar feelings, Founder President of CREDAI MCHI Raigad and Managing Director of Prajapati Constructions, Rajesh Prajapati said, "The recent commencement of the MTHL will provide a huge boost for Navi Mumbai's economic development and investments, especially the real estate sector in the region. With enhanced infrastructure and connectivity, property valuations are projected to appreciate with both demand and supply expected to increase too - across segments and especially in regions like Panvel, Dronagiri and Ulwe. We expect that in the next 5 to 10 years, Navi Mumbai will lead the growth of MMR and not just complement it, with added livability and investment propositions for homebuyers."
Apart from NMIA, there are several other infrastructure projects that 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, 30-km-long suburban rail corridor connecting Karjat with Panvel, Extension of Sion-Panvel Expressway, Metro connectivity between Chhatrapati Shivaji Maharaj International Airport (CSMIA) and NMIA, Nerul Passenger Water Transport Terminal and future Metro lines in Navi Mumbai.
These projects, once completed, will bolster economic development in the MMR, increase employment opportunities for the people, and provide housing across different price segments for the people in the region.
Property prices 1/3rd of Mumbai's
Real estate prices in Mumbai that are anywhere within 50 minutes of travel from South Mumbai are priced not less than Rs. 35,000 to Rs. 40,000 per sq ft.
This is in sharp contrast to Panvel, where traveling across the harbour by the MTHL takes 50 minutes, but surprisingly property prices here are just 1/3rd to that of Mumbai. In this short commute time, a home buyer or investor gets a more reasonably priced home that comes along with better infrastructure and cleaner air to breathe with a higher Air Quality Index (AQI).
Mumbai has reached a point of saturation with extremely high property prices. Panvel and its surrounding areas, on the other hand offer home buyers and investors an attractive option to invest here with its rapid development of social, economic, and transport infrastructure. In addition, the region provides home buyers with tranquil surroundings, a pollution-free environment, and improved quality of life for residents.
Presently, property rates are quite competitive, but given the fast pace of ongoing project developments, these are bound to rise in the immediate future.
Even the recently-concluded CREDAI-BANM Raigad Property Exhibition had the theme of ‘Now or Never’ calling people to invest in this part of the world and anticipating that the prices might increase in the near future.
