New Panvel – An Emerging Locality in Navi Mumbai
It is an undeniable fact that property prices in the core areas of Mumbai are increasingly becoming dearer by the day. With demand for housing growing in the Mumbai Metropolitan Region (MMR), the property prices in several areas of MMR too are going up. But, you don’t need to worry as there are a few fast growing areas in the region with lower property prices. New Panvel in Navi Mumbai is one such area, which is coming up fast and holds excellent future growth potential. The area is a new node being developed by the City and Industrial Development Corporation (CIDCO).
Given below is a snapshot of New Panvel’s real estate scenario.
Key growth drivers
– New Panvel is situated in the Panvel region of Navi Mumbai on the banks of Panvel Creek. It lies strategically on the Mumbai-Pune Expressway and eastern side of Bangalore-Mumbai National Highway. This provides excellent connectivity between the area and the rest of the country.
– The area has good connectivity via road and rail. The upcoming Navi Mumbai metro in Panvel will provide metro connectivity to the area.
– New Panvel also lies near JNPT in Nhava Sheva. The proposed Mumbai Trans-Harbour Link (MTHL) between JNPT and Sewri in Mumbai will reduce the travel distance between the area and Mumbai.
– The area also lies next to the upcoming Navi Mumbai International Airport.
– New Panvel is close to several industrial areas such as Taloja, Patalganga, Khopoli and Roha. Major companies such as L&T Ltd, Hindustan Organics Chemicals Ltd, Reliance, IPCL and ONGC are situated close to New Panvel. A Reliance SEZ is coming up in the area’s vicinity.
– It is a well-planned node and hence, it is witnessing organised development. It is being developed under a ‘Mega City Project’ as a residential as well as commercial node. Hence, it is set to witness development as a major education and IT hub.
Housing trends
Available property type: New Panvel has been witnessing high property transaction only over the last 3-4 years due to its recent development. Most of the projects in the area are multi-storeyed apartments. There are also a few builder floor apartments and independent houses in Panvel.
BHK-wise availability: New Panvel has 1 and 2BHK units in New Panvel dominating. A few 1RK and 3BHK units too may be found here.
Segment-wise availability: According to a latest research by CommonFloor, almost 70 per cent of the properties available here are in the affordable budget range (up to Rs 60 lakh) and about 20 per cent are in the mid-segment (Rs 60 lakh – 1.2 crore). The remaining are in the luxury and ultra-luxury segments (beyond Rs 1.2 crore).
Approximate property prices: The approximate weighted average price (WAP) of newly launched property in New Panvel is about Rs 3,900-4,200 per sq. ft. It is expected to grow further with more development.
Rental trends: The approximate monthly rentals in the area are about Rs 10-11 per sq. ft. The approximate rental yield is 2.2 per cent, with immense future growth potential.
Hence, if you want to invest in a property in a fast growing area in MMR, New Panvel must be on your watch list.
