Panvel To Emerge As Next Best Real Estate Destination In MMR, Future Face Of Mumbai 3.0

Source: Free Press Journal

Undergoing a significant transformation, Panvel and its environs are poised to emerge as the new Mumbai 3.0. Through this, the island city will become less congested, connectivity will be enhanced, more cheap housing will be available, and prosperity will be brought to the residents of the Mumbai Metropolitan Region (MMR).

MTHL finally open

Numerous significant infrastructural projects that aim to completely alter the dynamics of Panvel's and the surrounding area's real estate market are being implemented in accordance with this vision. The eagerly anticipated Mumbai Trans Harbour Link (MTHL) is now officially open for traffic. The people living in the area stand to benefit greatly from this initiative in terms of prosperity. 

Managing Director of The Wadhwa Group Navin Makhija said, "The region is witnessing a complete transformation and it will change drastically in the next 2 to 3 years, where we expect prices to rise to astronomical levels." Makhija was speaking about Panvel and surrounding areas' emerging role as the next driver of growth for the Indian economy. That assumption has been further supported by the ongoing infrastructure development projects and the enhanced connectivity with Mumbai via the MTHL route. Furthermore, the impending Navi Mumbai International Airport (NMIA) would contribute to the region's overall economic development and the housing sector in particular.

"Navi Mumbai will lead the growth of MMR"

 Echoing similar feelings, Founder President of CREDAI MCHI Raigad and Managing Director of Prajapati Constructions, Rajesh Prajapati said, "The recent commencement of the MTHL will provide a huge boost for Navi Mumbai's economic development and investments, especially the real estate sector in the region. With enhanced infrastructure and connectivity, property valuations are projected to appreciate with both demand and supply expected to increase too - across segments and especially in regions like Panvel, Dronagiri and Ulwe. We expect that in the next 5 to 10 years, Navi Mumbai will lead the growth of MMR and not just complement it, with added livability and investment propositions for homebuyers."

MTHL finally open

Numerous significant infrastructural projects that aim to completely alter the dynamics of Panvel's and the surrounding area's real estate market are being implemented in accordance with this vision. The eagerly anticipated Mumbai Trans Harbour Link (MTHL) is now officially open for traffic. The people living in the area stand to benefit greatly from this initiative in terms of prosperity.

Managing Director of The Wadhwa Group Navin Makhija said, "The region is witnessing a complete transformation and it will change drastically in the next 2 to 3 years, where we expect prices to rise to astronomical levels." Makhija was speaking about Panvel and surrounding areas' emerging role as the next driver of growth for the Indian economy. That assumption has been further supported by the ongoing infrastructure development projects and the enhanced connectivity with Mumbai via the MTHL route. Furthermore, the impending Navi Mumbai International Airport (NMIA) would contribute to the region's overall economic development and the housing sector in particular. 

"Navi Mumbai will lead the growth of MMR"

Consistent with these sentiments, Rajesh Prajapati, Managing Director of Prajapati Constructions and Founder President of CREDAI MCHI Raigad, expressed, "The MTHL's recent start will be a major boost for investments and economic development in Navi Mumbai, particularly in the real estate sector." Property values are anticipated to rise in response to improved connectivity and infrastructure, with an increase in supply and demand anticipated across all segments, but particularly in areas like Panvel, Dronagiri, and Ulwe. In the ensuing five to ten years, Navi Mumbai is predicted to drive MMR expansion rather than merely supplement it with more livability and attractive investment opportunities for prospective homeowners."

In addition to NMIA, a number of other infrastructure projects exist, each at varying states of completion. These include the Ulwe Coastal Road that connects MTHL and NMIA, the International Corporate Park at Kharghar, also known as BKC 2, the Navi Mumbai Integrated Industrial Township, the extension of the Sion-Panvel Expressway, the 30-kilometer suburban rail corridor that connects Karjat and Panvel, the Nerul Passenger Water Transport Terminal, the Chhatrapati Shivaji Maharaj International Airport (CSMIA) and NMIA, and future Metro lines in Navi Mumbai.

When these projects are finished, they will support the MMR's economic growth, generate more job opportunities, and give residents of the area access to housing in a range of price points.

Property prices 1/3rd of Mumbai's

Anywhere in Mumbai that is 50 minutes' drive from South Mumbai would cost you between Rs. 35,000 and Rs. 40,000 per square foot for real estate.

In stark contrast, it takes 50 minutes to get across the harbor by MTHL in Panvel, where real estate costs are unexpectedly only one-third of those in Mumbai. A buyer or investor can purchase a more affordably priced property with improved infrastructure and healthier air thanks to a higher Air Quality Index (AQI) in exchange for this short commute.

Mumbai's exorbitant real estate costs have reached a saturation point. In contrast, Panvel and its environs present a compelling investment opportunity for prospective homeowners and investors due to the swift advancement of social, economic, and transportation infrastructure. Furthermore, the area offers prospective homeowners peace and quiet, a pollution-free atmosphere, and an enhanced standard of living for locals.