Located in the Raigad district in the Mumbai Metropolitan Region (MMR), Panvel is one of the busiest and heavily populated regions in South-East India. It is more than 300 years old, and has been constructed around land and sea trade routes. This place is a mixture of residential and commercial areas, and is strategically located in terms of business routes and important highways.
Panvel is divided into two parts, Old Panvel and New Panvel. Old Panvel, influenced by the British and Portuguese, was a major marketplace for rice, and is characterised by huge houses. The Panvel Municipal Council is the governing body here, and was established in 1852. It is the oldest municipal council of Maharashtra. In contrast, New Panvel is more modern, and is a prime residential area. This place was constructed to meet the housing demands of employees working in nearby areas. The City and Industrial Development Corporation (CIDCO) administrates new Panvel.
Situated on the banks of Panvel Creek and enjoying a close proximity to Navi Mumbai, Panvel has risen to high standards in recent times. Apart from being extremely well connected to all the major regions in South India, Panvel also boasts a host of renowned schools and other institutions. DAV, New Horizon and Buddhist International are some of the reputed schools in this area.
Apart from educational institutions, there are also a number of shopping malls and complexes for the residents to enjoy on the weekends. D-Mart and K Mall are some of the popular shopping places in this region. There are also numerous hospitals here, some of which are Dhanvantri hospital, Suyash hospital, Mahatma Gandhi Mission hospital and Metro hospital.
Key Projects in Panvel:
Connectivity and Transit Points
Panvel is well known for its connectivity and ease of access to other parts of the state. A major network of well-maintained roads and railway lines characterize this region. Some of the major highways, such as the Mumbai-Pune Expressway, Sion-Panvel Expressway, NH-4B, and NH-17 originate from this location. NH 4 also passes through Panvel. The Sion-Panvel Expressway also connects Panvel to the Chhatrapati Shivaji International Airport, which is nearly 42 km from Panvel. However, the roads in New Panvel are much better in comparison to those in Old Panvel. They are broad and well maintained, and cater exceedingly well to the huge amount of traffic passing through.
The lack of a steady bus service in Old Panvel has been a cause for discomfort thus far, but now the PMC is set to start a bus service in Old Panvel, with a fleet of 140 buses, starting from the second half of 2014. Panvel has two main bus stands. The ST bus stand and the NMMT bus stand prove to be the major junctions in Panvel, in regard to bus travel. There are a number of buses from these two stands, connecting all the main areas in and beyond Panvel, such as Thane, Bhiwandi, Kalyan, Dombivli, Badlapur, Dadar and Uran. Auto rickshaws are also commonly used here, though they are a bit on the expensive side.
The Panvel Junction is one of the most important railway stations in Maharashtra. It is the terminating station for the Mumbai Railway’s Harbour Line, and serves as an important technical service and refuelling point for many trains passing through the western region of India.
Factors for Growth in the Past
Being one of the oldest areas to be established in Maharashtra, Panvel has had an exciting and rich past, mainly due to land and sea trade in the area. It was once a major market for rice in Southern India, among other things. The Peshwa reign saw Panvel prosper and develop into a posh area, speckled with luxurious houses.
Later on, with the rigorous industrialization of Mumbai, Panvel developed along with it. With major industries popping up all around, Panvel became a convenient residential place for employees. This led to a huge demand in real estate, and saw the land and property rates soar.
Residential & Commercial Market
Residential Market Trends
Over the past years, residential properties in Panvel has transformed from sprawling houses to tall apartments. The huge demand for residential space led various builders and promoters to build luxury and semi-luxury apartments all over the region. The unavailability of space also proved to be an important factor in the number of apartments being built. However, there are also the odd villas, row houses and layouts available.
The apartment prices have risen steadily in the past few years in Panvel. In the third quarter of 2013, the average price per sq. ft. was Rs. 4756, and rent rates ranged from Rs. 7 to 16 per sq. ft.
Commercial Market Trends
Although primarily a residential place, Panvel also has a good commercial side to it as well. The commercial rent in this area ranges from Rs. 25 to Rs. 54 per sq. m.
One of the main hurdles the people of Panvel face is the lack of broad roads and an organized public transport system in Old Panvel. Unlike New Panvel, this area has narrow and unkempt roads, which make it difficult for the people to commute, especially during peak hours.
Factors for Growth in the Future
Probably the most important development this region is looking ahead to is the upcoming international airport. This airport will greatly reduce the congestion at the Mumbai airport, and will substantially increase the economy of Panvel due to the expected rise in hotels and restaurants.
The fact that an SEZ is coming up in the vicinity will also boost the growth of this region, contributing to the rise of both residential and commercial spaces.
The presence of major companies like Larsen & Toubro, Reliance, Hindustan Organic Chemicals and IPCL in surrounding areas also factor in the increase in investors in Panvel.