By Dr. Niranjan Hiranandani
Dr. Niranjan Hiranandani, National President, NAREDCO
"The evolution of any urban conglomeration into a vibrant global city is a gradual process – and the recipe begins with planned development, added to infrastructure with an additional helping of enhanced connectivity. For Mumbai City, suburbs and the Mumbai Metropolitan Region (MMR), it has been a process where the new centre-point is evolving: Panvel.
Ideally located on the Mumbai - Pune IT corridor, Panvel is fast emerging as the favourable office relocation and consolidation location for many Indian industry leader companies, MNCs, BFSI, IT and ITeS companies. It also offers residential options which are ideal homes for those having an aspiration-based lifestyle. Among the fastest growing regions within the Mumbai - MMR conglomeration, the Panvel real estate market has been growing in sync with developments in Mumbai and the MMR.
Panvel ticks all the right boxes in terms of conveniences and facilities, including high-end retail, educational institutions, multispecialty hospitals and healthcare.
Strategically located at the tri-junction of Mumbai, Pune and Goa highways, Panvel is a growth story scripted by existing infrastructure, while new projects including the Navi Mumbai International Airport, the Mumbai Trans-Harbor Link as also year-round water transport linkages will ensure enhanced connectivity. Panvel will also gain as a result of Mumbai CST – Panvel fast local corridor while the Metro lines, which will connect the new airport with the existing CSMI Airport, and the Panvel – Karjat railway line opening for passenger traffic will create dynamic rail linkages with Pune. Essentially, these developments will position Panvel as the central real estate hub of Mumbai and the MMR.
In terms of real estate development, land from Panvel to Karjat is equivalent to the overall land mass of Mumbai. Several prominent developers are already building mega-township projects in Panvel.
With all-round development taking place in Panvel, the area holds immense possibilities in creating another livewire centre of residential, commercial and economic activities like Navi Mumbai and Thane.
When it comes to making a smart decision in terms of real estate, those who spot the potential of Panvel as a real estate location in present-day will be making the right choice, at the right time."