From an outskirt of Mumbai to a buzzing real estate market

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 the 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, it has garnered a huge amount of interest from end-users and investors of both Mumbai and Pune. It is a 30-45 minutes drive from CBD Belapur. Adding to the charm of open spaces, scenic view, green cover and new residential homes, one can now add substantial price rise as well. In the Apr-Jun 2016 quarter, Panvel witnessed a 3.3 per cent increase in property prices (ready-to-move-in). This is specifically for properties worth Rs 5,000-6,000 per sq ft. The destination is gaining popularity amongst senior citizens, non-resident Indians and buyers from Mumbai as well. This locality in Navi Mumbai offers everything that its expensive cousin cannot and at a cheaper rate. This could also be the reason to trigger the price increment. Buyer demand is almost always followed by price rise.