Panvel Offers Maximum New Apartments in Navi Mumbai

The growth of Navi Mumbai as a real estate hub is seeing the emergence of various new realty hot spots in the region. Several factors drive the realty of these localities. As realty hotspots, these localities witness a good number of projects being launched every year. According to data obtained from CommonFloor, Panvel is one such hotspot that offers the highest number of fresh projects, with a property age of approximately two years.

Realty hotspots in Navi Mumbai

There are several localities in Navi Mumbai that are becoming realty hotspots. Currently, some of the vibrant real estate micro-markets include Kharghar, Kamothe and Panvel. This is primarily due to factors such as industrial growth, connectivity, improving infrastructure and affordability factor. For example, Kharghar is an important industrial area in the Navi Mumbai region, with several employment opportunities. There is also a good growth in the area in terms of connectivity, with several proposed infrastructure projects to improve its connectivity to the main cities of Mumbai and Thane. Similarly, the Navi Mumbai International Airport, which will augment the airport in Mumbai, is coming up in the New Panvel area. There are also few other infrastructure projects coming here. Kamothe is close to both Kharghar and Panvel and lies on the Mumbai-Pune Expressway.

Apart from these important factors, realty prices in these areas too are affordable compared to the high property values in Mumbai as well as few other parts of Navi Mumbai. Typical property values in these areas are in the range of Rs 4,800-8,400 per sq. ft. This attracts a good number of builders as well as buyers to these areas.

Panvel offers new apartments

As the areas have become realty hotspots, they witness a good number of project launches every year. From data obtained by CommonFloor, Panvel offers the most number of projects that are within the age of two years, closely followed by Kharghar and Kamothe.

The most available projects in the area are 1 and 2BHK apartments followed by a small number of 3BHK apartments. The average built area of a 1BHK apartment is about 530-715 sq. ft. while that of a 2BHK apartment is about 700-1,150 sq. ft. The average property value of a 1BHK apartment is about Rs 24-40 lakh and that of a 2BHK apartment is about Rs 30-70 lakh. A 3BHK apartment may cost about Rs 70 lakh-1 crore.

Hence, if you are looking for a new apartment in an area with good growth prospects in Navi Mumbai, check out Panvel.