New Panvel in Navi Mumbai coming up as an emerging locality

Q: Why the demand for housing growing in the Mumbai Metropolitan Region while the property prices in many areas of MMR too are going up?

Vinay Dixit, Mumbai

30th June 2015

Locality Review in New Panvel, Navi Mumbai

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Chandana Jp,

30th June 2015

Comment

Hi everybody,
How is the rental markets in New Panvel? What is the current rental rates is going on in the locality? What is the percentage of affordable, mid-segment, luxury and ultra-luxury segments?

pradyumanapte, Mumbai

30th June 2015

Comment

@Pradyuman,
The approximate monthly rentals in the area are about Rs 10-11/sq-ft. and the approximate rental yield is 2.2% with huge future growth potential.

According to a latest research by CommonFloor, almost 70% of the properties available here are in the affordable budget range (up to Rs 60 lakh) and about 20% are in the mid-segment (Rs 60 lakh to 1.2 crore). The remaining are in the luxury and ultra-luxury segments (beyond Rs 1.2 crore).

Vinay Dixit, Mumbai

30th June 2015

Hi Vasanth,
The other key growth factors of New Panvel that it lies near JNPT in Nhava Sheva. The proposed Mumbai Trans-Harbour Link 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.

Shreya Agarwal, Mumbai

30th June 2015

Comment

Hello Shreya,
You are partly right but how can be forget the contribution of several industrial areas such as Taloja, Patalganga, Khopoli and Roha which play major role in increasing demand of houses in 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.

Vinay Dixit, Mumbai

30th June 2015

Do you have any information on housing trend of New Panvel? What is the approximate property prices is going on in the locality?

Shreya Agarwal, Mumbai

30th June 2015

Well Shreya,
New Panvel has been witnessing high property transaction only over the last 3-4 years due to its recent development. It has 1 and 2BHK units in New Panvel dominating. A few 1RK and 3BHK units too may be found here.

The approximate weighted average price of newly launched property in New Panvel is about Rs 3900-4200/sq-ft. It is expected to grow further with more development.

Santosh TR,

30th June 2015

Hi Vinay,
It is an unquestionable fact that property prices in the core areas of Mumbai are increasingly becoming dearer by the day. But, you dont 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).

Vasanth,

30th June 2015

Comment

Hi Vasanth,
But i am asking about the key growth drivers for growing demand of housing in Navi Mumbai's New Panvel. I have seen that the 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.

Vinay Dixit, Mumbai

30th June 2015

Well Vinay,
Some of the key growth factors of New Panvel:- 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.

Secondly, the areas has good connectivity via road and rail. The upcoming Navi Mumbai metro in Panvel will provide metro connectivity to the area.

Vasanth,

30th June 2015