Introduction
Panvel Real Estate: With Prime Minister Narendra Modi set to inaugurate the Mumbai Trans Harbor Link (MTHL) on January 12 and several infrastructure projects in the coming months, developers in Panvel and surrounding areas expect property rates to rise, largely in Mumbai’s suburban micro market.
As Prime Minister Narendra Modi prepares to inaugurate India’s longest sea bridge, the 22-km Mumbai Trans Harbor Link (MTHL) to Navi Mumbai, there are several micro-markets in and around Panvel along with Ulve, Dronagiri, and Uran.
Due to upcoming infrastructure projects like Navi Mumbai International Airport and Virar Alibaug Corridor, developers in Panvel and surrounding areas are expected to increase property rates in many suburban micro-markets of Mumbai.
History of Panvel
Historically, Panvel was known for its rice market, and today, it has a significant population from the Agri and Koli communities. Every train from Mumbai to South India passes through Panvel. so it is a vital route. However, after Navi Mumbai started gaining momentum in the 1970s, with Vashi followed by Nerul, Belapur, and Kharghar, Panvel gained prominence, especially among home buyers looking for affordable housing.
In terms of its geographical location, Panvel is well connected to Mumbai by road and suburban rail networks. The under-construction Navi Mumbai International Airport is 20 minutes away. The upcoming MTHL project is also 15 to 20 minutes from Panvel.
Apartment prices
According to local brokers, one, two, and three-bedroom apartments in Panvel cost Rs. 9,000 to Rs. 14,000, depending on factors such as locality, connectivity, and age of the property. According to developers from the Panvel micro-market, in the late 1990s, a square foot of carpet for a residential apartment cost Rs. 1,000, and now the same carpet costs Rs. 10,000.
“In 1997, I spent Rs. 750 per sq. ft. Today, in my latest project in New Panvel, I have Rs. 12,000 to Rs. 14,000 per square foot being sold. Things have changed a lot in the last 25 years and will change even faster in the next 10 years,” said Rajesh Prajapati, founder and president of Rayagada Prajapati Developers (MCHI-CREDAI).
As for the rental market, the monthly rent for a one-bedroom apartment is around Rs. 10,000 to Rs. 15,000, for a two-bedroom flat around Rs. 15,000 to Rs. 23,000, and a three-bedroom unit around Rs. 25,000 to Rs. 40,000. For local brokers. However, it depends on the locality and many other factors.
Conclusion
As we conclude your Openplot visit, we express our gratitude for entrusting us with your real estate aspirations. Whether you’re looking for a new home, selling property or looking for investment opportunities, the Openplot.com story begins here. Mumbai Trans Harbor Link (MTHL) to Navi Mumbai, there are many micro markets in and around Panvel along with Ulve, Dronagiri and Uran. As a result, the demand for real estate will increase. Welcome to the world where your ideal home is just a click away!
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