The city of Panvel was a distant suburb for most of the dwellers of Mumbai. It was the only highway town that connected Mumbai and Pune. There were small and very few housing complexes. This scenario changed drastically in recent years.
Panvel has now become one of the major cities attracting the crowd from Mumbai and other areas. The major residential and commercial magnet has led to rapid development of new projects in Panvel.
Panvel is strategically located in close proximity to Greater Mumbai and Thane districts. Panvel is easily accessible from central suburbs of Mumbai, around Navi Mumbai, Thane and Kalyan by road and rail.
Another plus about Panvel is its proximity to major industrial parks. It also serves as a convenient residential destination for people working in the Konkan region and even Kopar Khairane, Kharghar and CBD Belapur in Navi Mumbai.
Unlike areas in Navi Mumbai, which have saturated, there is more land availability and also offers affordable property in Panvel. Being located near Jawaharlal Nehru Port Trust (JNPT) at Nhava-Sheva, there is an abundance of employment opportunities and which has spurred demand for apartments in Panvel as well.
In the recent times, Panvel has seen a rise in property rates to more than double for multistorey apartments. That being said, prices of homes still remain affordable in Panvel. For investors, planning to buy a home in Panvel at this stage is likely to be a worthwhile investment.
With the airport and other major infrastructural developments, Panvel is likely to pull more industries and push housing demand up.
Future Development Plans
CIDCO has played a key role in the emergence and development of New Panvel and to strengthen it further, this new development is expected to bring rapid urbanisation and industrial growth in and around Panvel.
Once the Delhi-Mumbai Industrial Corridor (DMIC) is completed and operational, Panvel will become one of India’s biggest logistics hubs. The proposed Trans-Harbour link from Uran to Sewri also holds out much promise, connecting Panvel to Mumbai harbour will sharply reducing the travel time between these places.
The Navi Mumbai International Airport promises to be a game-changer in Panvel and its surrounding areas. With a large number of hotels, industries, quality roads and other support services coming up, as a result, plenty of employment opportunities will be created and demand for quality housing will shoot up.
To sum up
Truly, Panvel seems poised as a major growth engine both now and in the future. It will not only boost employment opportunities but also see a consequent rise in demand for quality homes.