Hi Akash, The New Panvel locality is more developed than the old one as it is being developed, administered and maintained by the CIDCO. Since more land is available in Panvel (as compared to Navi Mumbai) real estate developers are exploiting this plus point and providing better amenities at the picturesque backdrop of hills. Due to the JNPT establishment, the largest IT parks at Mahape, small and large scale industries in local MIDCs and developments at Lonavala and Hinjewadi on Pune side generated huge employment opportunities at Panvel.
Very true. Apart from that infrastructure and income generation are the two most important factors attracting investment in real estate at any particular destination. Though there are other major infrastructural projects such as Mumbai Trans-Harbour Link, metro and elevated Chhatrapati Shivaji Terminus (CST)-Panvel Railway Corridor proposed in Navi Mumbai, the international airport has added a thrust in Mumbai developers’ wings to expand their reach in the twin city. Coming of the airport into reality has created positive atmosphere in the market as land crisis issue is being addressed.