Prashant Thakur, Head – Research, ANAROCK Property Consultants
Panvel, previously seen as a destination on the outskirts of Navi Mumbai and far off from Mumbai, has now evolved into an integral part of Mumbai Metropolitan Region (MMR) and is, in fact, a buzzing real estate market.
- Located on the eastern side of the Mumbai-Bangalore National Highway (NH-4) and the Mumbai-Pune Expressway, Panvel is well-connected to the rest of India by road and rail. Also, being located on the Mumbai-Pune Expressway, Panvel has garnered a huge amount of interest from end-users and investors of both Mumbai and Pune.
- Excellent connectivity to workplace destinations of Navi Mumbai and Pune
- Panvel is a 30 – 45 minutes’ drive from CBD Belapur and Vashi, which are prominent workplace destinations of Navi Mumbai, and a 2-hour drive from Pune’s thriving IT hub Hinjewadi. This makes Panvel a convenient destination for working IT professionals who shuttle between the two cities.
Infrastructure upgrades to take Panvel to the next level
Numerous infrastructure initiatives are planned to upgrade the connectivity and profile of this city. Among them:
- Six-lane Mumbai Trans Harbour Link connecting South Mumbai to Nhava Sheva
- Upcoming new International Airport in Ulwe
- Coastal road planned between JNPT and Panvel creek
- Virar-Alibaug Multi-modal corridor
- Water transport link from South Mumbai to Navi Mumbai SEZ
Major Real Estate USPs
Massive land availability, generous green cover, excellent connectivity and affordable property prices have made Panvel one of the most interesting real estate destinations in MMR.
- Total supply (2013-Q2 2018): 28,900 units – 33% of Navi Mumbai
- Absorption: 56%
- Monthly sales velocity: 210 units (compared to 900 units for Navi Mumbai)
- Unsold inventory: 12,800 Units (35% of Navi Mumbai)
– Ready-to-move: 15%
– < 1 year: 21%
– 1 – 2 years: 17%
– 2 – 3 years: 21%
– > 3 years: 26%
- Affordable segment dominance: 45% supply of units priced under INR 40 lakh
- Maximum absorption (68% of category supply) noted in the affordable segment
- Improving prices: 11% appreciation since Q1 2015 (compared to 4% for MMR)
- Current average price (on carpet): INR 7,855/sf
A very favourable real estate market, Panvel has been witnessing project launches by reputed developers during the past few years. Many major real estate companies have planned large projects at Panvel with an aim to develop self-sustainable townships – cities within the city.
Notable Projects in Panvel
- Marathon Nexzone
– Launched inventory: 2,854 units
– Ticket price range (BSP): INR 43 lakh – INR 85 lakh
– Completion timeline: January 2025
– Key USPs: Varied product options, a wide range of possession options, host of amenities
- Wadhwa Wise City
– Launched inventory: 2,628 units
– Ticket price range (BSP): INR 25 lakh – INR 56 lakh
– Completion Timeline: December 2025
– Key USPs: Good developer track record, mega township, a recent launch
- Hiranandani Fortune City
– Launched inventory: 2,298 units
– Ticket price range (BSP): INR 55 lakh – INR 2 Crore
– Completion Timeline: Apr 2022
– Key USPs: Reputed developer, significant construction progress
- Sai World City (Paradise Group)
– Launched inventory: 728 units
– Ticket price range (BSP): INR 85 lakh – INR 1.9 Crore
– Completion timeline: January 2021
– Key USPs: world class mega township, superlative community lifestyle inspired by famous world cities
- Godrej City
– Launched inventory: 560 units
– Ticket price range (BSP): INR 32 lakh – INR 83 lakh
– Completion Timeline: December 2021
– Key USPs: 100+ acre township, Frank Henegan-designed golf course, commercial and business centre within the township
- La Mer Residency
– Launched inventory: 143 units
– Ticket price range (BSP): INR 45 Lakh – INR 80 Lakh
– Completion timeline: Ready to move
- Sairama One
– Launched inventory: 80 units
– Ticket price range (BSP): INR 75 Lakh – INR 1.3 Crore
– Completion timeline: December 2023
(Note: Launched units as per RERA website)
With significant activity in terms of real estate and infrastructural developments, Panvel’s real estate market is looking at an exciting future.
It is an opportune time buy homes here considering that the market has turned very buyer-friendly post structural changes and policy reforms such as demonetization, RERA and GST.
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