Owning a home in Mumbai is what everyone wishes for. Yet with soaring property prices and skyrocketing rental rates, home buyers are looking for other places than proper Mumbai. Panvel tops the list of potential sectors for Real Estate investment after the announcement of the upcoming International airport.
Panvel is the kind respite home buyers are looking for from the congested houses in Mumbai. Properties in Navi Mumbai are catering to buyers from every income segment. Hence real estate in Panvel is emerging to be a choice for affordable housing. Here’s why:
1) Government Land for Real Estate Projects
The City and Industrial Development Corporation of Maharashtra (CIDCO) has agreed to give more than 350 acres of land to private real estate developers. This has given rise to low budget flats in Panvel as well as luxury flats.
As more land is made available to developers, a lot of projects in Panvel are coming up unlike other residential areas in Navi Mumbai which are on the brink of saturation. Properties in Panvel are catching the attention of investors. There is ample space and Panvel is bound by greenery on all sides.
3) Price Regulation by CIDCO
The property prices are regulated by CIDCO. This makes it possible for buyers from each income segment to choose a house as per their spending capacity.
Panvel is well connected to Greater Mumbai and Thane. These are easily reachable by road and rail from Panvel. Panvel is also at the junctions of the Mumbai-Pune and Mumbai-Goa Highways. It serves as an entry point to the Konkan region of Maharashtra. It is also the starting point of the Pune-Mumbai expressway. Panvel is easily connected to Navi Mumbai via the Sion-Panvel Highway.
5) Commercial Hub
Many corporate houses now have their presence in Panvel too. This increases the employment factor and affects positively on Panvel’s real estate sector.
Panvel is no more the sleepy town as it was earlier. With the advent of schools, hospitals, and other amenities and infrastructure, the face of this city is fast changing. Panvel is soon becoming a real estate hub for residential as well as commercial properties. Along with the emergence of the corporate companies, residential properties are on a rise too. Many residential projects in Panvel are offering 3bhk flats to 4bhk luxury homes to also studio apartments. All of these reasons are making Panvel the next real estate investment hot spot for buyers.