Investments in technology to improve real-estate markets in Panvel
Some Best tips Investments improve real-estate markets in Panvel
Navi Mumbai was planned as Mumbai’s satellite city. Under Construction Project in Panvel with city reports having a 98 percent literacy rate, an average of Rs 25,000 per month income, and 64 percent of vehicle-owned households, Navi Mumbai has enormous growth potential. The emergence of several existing nodes and opening up of many newer areas means that Navi Mumbai is no longer in Mumbai’s shadow. Panvel is arguably one of the town’s best nodes, responsible for the transition in the sea.
The Old Panvel to New Panvel Advantages:
Rapidly growing over the past five years, Panvel has grown from the Old Panvel areas to expand to New Panvel, with large luxury townships and medical and educational facilities built. The first Raigad district municipal corporation came up in Panvel and this helped change the town. 10 years later, Panvel was ignored by the home buyers and it was only those who had budget constraints who will get attention. The sky is the limit when it comes to spending, as the area provides a variety of configurations from studio apartments to villas, with properties ranging from Rs 10 lakhs to Rs 55 crores, “a property analyst Jay Mehta says. Panvel has a cosmopolitan quality now. Major schools such as Delhi Public School, Ryan International, universities such as Amity and major hospitals such as Panacea and the Multi-Speciality Hospital for Life Care, have come up near the Palaspe Phata. However, supermarket outlets such as Reliance Smart on Palaspe Phata contribute to residents ‘ comfort.
Infrastructure propels the real estate market for Panvel:
Navi Mumbai’s new international airport is likely to bring Panvel the biggest change. Airports are typically constructed within cities, but in the last decade suburbs built around airports, often known as ‘ metropolis, ‘ are gaining traction. There have been many success stories, including the Schiphol from Amsterdam, Charles de Gaulle from Paris, Dubai, Incheon and Memphis from Amsterdam. It could be next to Navi Mumbai Airport. With the Notified Area (NAINA) of Navi Mumbai Airport Authority planning 370 sq km with Panvel in the center, the landscape will change dramatically in the coming years. Research is now underway on Navi Mumbai Airport and the path to the airport is almost full now, “says Mayur R Shah, MD, Marathon Group and former chairman, MCHI-CREDAI. The airport at Mumbai’s Chhatrapati Shivaji Maharaj International Airport would reduce congestion and bring economic growth, expected construction and more employment opportunities to Panvel.
Certain connectivity projects that are likely to benefit Panvel include the 21.8-km Trans-Harbor Mumbai Link (MTHL) linking Navi Mumbai to Mumbai, India’s longest maritime bridge. In addition, work is pending to implement air-conditioned rail services on the Panvel-CST route and to establish a metro-rail system linking many nodes in Navi Mumbai. The extension of the JNPT and the presence of several SEZs across Panvel augur well for opportunities for employment. Experts point out that there are more people traveling to Panvel every day with regard to work, with the rise in connectivity options. NMMC bus services, and the availability of cars and taxis, guarantee convenient travel within and around the node. Experts in the sector say that more residents are showing interest in township infrastructure near the new airport.
img2: Infrastructure in Panvel
Panvel: The emerging development makes it an affordable housing market which is sought after:
Because of its relatively affordable rates, infrastructure development and opportunities for good future returns, Panvel has emerged as Navi Mumbai’s main real estate market. In addition, JLL India named Navi Mumbai as one of the best satellite towns in their study ‘ Livability Quotient – A Paradigm Shift in India’s Emerging Cities, ‘ providing relief from Mumbai’s the densification problems. This reinstates the fact that Navi Mumbai is a well-planned and well-managed city, in line with international and national norms.
Lack of land to rapid urbanization in Mumbai result in a roll-on impact and direct investment in new areas that could ‘ rock ‘ in the years ahead. As more places remain outside the scope of a certain cross-section of buyers, Panvel is emerging as a buyer’s choice. The government has already taken several steps, especially in and around Panvel, to build quality infrastructure in Navi Mumbai. This has developers set up projects here, “says Navin Makhija, Wadhwa Group’s MD, who is taking affordable quality homes to Panvel with an integrated township project that will be built in multiple stages.
Panvel real estate market:
Located on the outskirts of Navi Mumbai, Panvel has developed into a vibrant area for real estate development due to excellent connectivity and facilities, natural resource abundance and land to build futuristic infrastructure. Panvel’s real estate market is witnessing an upward trend over the past five years and the demand from millennials has risen significantly. We finally settled for the Wadhwa Group project, for the ample space available in this gated community which is a refuge from the claustrophobic feeling provided by standalone projects.
img3: Real Estate in Panvel
Jobs opportunities in Panvel:
Due to the presence of several corporate houses, Panvel has also emerged as a commercial hub. Therefore the wide range of job opportunities in Panvel has a positive impact on the development of the real estate.
Creating SEZs will create diverse employment opportunities including other proposed infrastructure projects. This will have a domino effect, which will result in increased demand for residential properties in the region. Panvel is seeing an upward trend in real estate with its natural surroundings, world-class infrastructure, and modern infrastructural developments. Panvel has emerged a popular position in this segment with the Government’s move toward affordable housing, “says Rajat Johar, head of residential services, CBRE India.
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