Adding to the charm of open spaces, scenic view, green cover and new residential homes, one can now add substantial price rise as well. There is a significant increase in property prices for ready-to-move-in
flats in Panvel.
The destination is gaining popularity amongst senior citizens, non-resident Indians and buyers from Mumbai as well. This locality in Navi Mumbai offers everything under the affordable price segment. This could also be the reason to trigger the price increment. Buyer demand is almost always followed by price rise.
Another reason which makes Panvel an interesting investment destination is the fact many upcoming projects are offering bigger units.
One of the greatest indicators of invest ability of any locality is its property price history. In the recent years, Panvel has witnessed an escalating graph, showing the right potential for promising returns on investment.
Ready-to-move-in units in Panvel
Apartments, builder floors, penthouses and residential houses are the property types available under the resale canopy. The most common configurations are the 1 BHK and
2BHK flats in Panvel. Resale properties have also witnessed a price increment of 3.3 per cent. This is the highest increase in comparison to other parts of the city.
The cost of 1BHK flats is approximately between Rs 17 – 55 lakh and 2BHK ranges between Rs 31 – 95 lakh. The rental market in Panvel also offers decent returns.
Panvel has been planned and developed by the CIDCO. The area has been clearly demarcated into 44 sectors. The infrastructure is yet to be fully developed.
Some of the upcoming infrastructures include CST-Panvel Rail Corridor- an initiative of Mumbai Railway Vikas Corporation (MRVC). The opening of the Karjat - Panvel section for passenger traffic, as also doubling of tracks in the section will enhance rail connectivity with Pune as well. Navi Mumbai airport is also expected to boost the infrastructure.
Several realtors have expressed their interest in contributing to shaping up the city. CIDCO has also initiated steps to resettle the project affected people with increased compensation and land allotment of developed plots.
CIDCO has prepared a three-year action plan for development of 13 schools, four professional colleges, one degree college, 32 hospitals, 34 religious and spiritual centres and 77 social welfare centres including hostels, indoor sports facilities and community centres in the nodes.
Magicbricks readers have rated the locality 4.3 out of 5 - indicating that Panvel has good commuting facilities and offers a good environment, however has average facilities nearby.
The demand and supply of residential units in the budget category of Rs 1 -50 lakh has shown an escalation. With increasing demand and new residential supply in the locality, one can consider Panvel for realty investments.