Story of Panvel: From Mumbai outskirts to a buzzing real estate market

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Panvel, previously seen as a destination on the outskirts of Navi Mumbai and far off from Mumbai, has now evolved into an integral part of the Mumbai Metropolitan Region (MMR) and is, in fact, a buzzing real estate market.

Located on the eastern side of the Mumbai-Bangalore National Highway (NH-4) and the Mumbai-Pune Expressway, Panvel is well-connected to the rest of India by road and rail. Also, being located on the Mumbai-Pune Expressway, it has garnered a huge amount of interest from end-users and investors of both Mumbai and Pune.

It is a 30-45 minutes drive from CBD Belapur and Vashi, which are prominent workplace destinations of Navi Mumbai, and a two-hour drive from Pune’s IT hub Hinjewadi. This makes it a convenient destination for IT professionals who shuttle between the two cities.

Numerous infrastructure initiatives are planned to upgrade the connectivity and profile of this city. Massive land availability, generous green cover, excellent connectivity and affordable property prices have made Panvel one of the most interesting real estate destinations in MMR. 

Among the large-size projects is Marathon Nexzone. According to Maharashtra Real Estate Regulatory Authority (MahaRERA), it has launch inventory of 2,854 units and price range Rs4.3–8.5 million. Then there are Wadhwa Wise City with an inventory of 2,628 units and price range of Rs2.5–5.6 million, and Hiranandani Fortune City inventory of 2,298 units and price range of Rs5.5–20 million). Mid-size projects include Sai World City by Paradise Group with an inventory of 728 units and price range of Rs8.5–19 million. 

The writer is head–research, ANAROCK Property Consultants

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