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Panvel - Strategic Location, Excellent

Saturday, September 29, 2018

By 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 markets.
 
Strategic Location
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.

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.

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.

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.

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

Residential Dynamics:
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%

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