In the last few years, the property rates in New Panvel have witnessed appreciation. The location enjoys being strategically located on the eastern side of the Mumbai-Bangalore National Highway (NH-4) and the Mumbai-Pune Expressway. New Panvel is divided in two parts – New Panvel East (19 sectors) and New Panvel West (23 sectors), also known as Khanda Colony.
New Panvel is largely a residential area. Panvel is ringed by the various Maharashtra Industrial Development Corporations (MIDC) in Taloja, Patalganga, Khopoli, Bhiwandi and others areas. Some of the Indian corporate houses like Reliance, Larsen & Toubro, ONGC, Hindustan Organic Chemicals, and the JNPT are potential employers. There are also some IT and ITeS companies in a radius of 15 – 20 km from New Panvel.
There is scope for negotiation in the current asking prices as a result of the ongoing demonetization exercise. If you have legitimate money with you, this could be the best time to strike a deal. The properties in New Panvel will appreciate in the long term and therefore patience is the key. However, pay close attention to all legal documents, read between lines and make your own assessment or consult reliable sources to enable your purchase to be problem free.