[ecis2016.org] One of the fast-developing nodes of Navi Mumbai, New Panvel is an upcoming township in Raigad District
New Panvel is a part of Panvel city located in the Raigad District. It is also considered to be one of the nodes of Navi Mumbai that has developed a lot in the recent years. The area is divided into two parts. The one on the eastern side of the Panvel-Roha Central Railway is referred to as Panvel east and the one on the western side is called as Panvel west. Each of the parts is further divided into sectors and there are 23 sectors in the east and 19 in the west. The New Panvel East-West flyover, also known as Khanda Colony Flyover, connects the two parts of the town.
You are reading: New Panvel property market: An overview
The history of this town dates back to the time of the Mughal rule. Panvel is also home to the Khandeshwar Mahadev Temple which is situated beside the scenic Khandeshwar Lake.
Owing to its strategic location, between the two major cities of Maharashtra—Mumbai and Pune, New Panvel real estate has been witnessing a steady rise in demand for property. MIDC manages the region and nearby New Panvel localities such as Nagothane, Khopoli, Patalganga, Taloja and Roha. Many commercial projects have been completed in recent years in this area.
CIDCO has also undertaken the development of a new node in Panvel in the Takka Naka area which is covered by dense mango trees.
Connectivity with nearby New Panvel localities
Panvel is situated at the junction point of NH-4, NH-17 and NH-4B. Being so strategically located, Panvel enjoys many options of public transport and connectivity, as it is frequently serviced by NMMT and BEST buses. These buses primarily ply between Panvel and Navi Mumbai. The NMMT bus stand is located close to the railway station. Also, ST buses connect Panvel to neighbouring areas of Kalyan, Badlapur, Dombivali, Thane, Uran and Dadar. Further, the railway station connects Panvel to Vashi and Thane.
Employment hubs near New Panvel
- Major industries are located in New Panvel itself, such as IPCL, ONGC, Larsen & Toubro, Hindustan Organic Chemicals Ltd, Reliance, etc.
- The region, with its fast pace of development, is expected to become a major IT hub very soon providing many employment opportunities to the residents.
[ecis2016.org] Property Rate & Trends in New Panvel, Mumbai
Schools in New Panvel and other social amenities
Schools and colleges in New Panvel include St George School, Pillai’s Global Academy, DAV Public School, etc. Some of the reputed and reliable hospitals in New Panvel include Shreeyash Hospital, ONGC Hospital, Aayushman Hospital, etc.
Price trends in New Panvel
The planned Navi Mumbai International Airport is expected to alter the price trends in New Panvel. Average price of apartments in New Panvel is estimated to be around Rs 4,618 per sq ft. Average unit size of the apartments range between 407 sq ft to 2,530 sq ft. Property price in the area has increased by 25.6% in a span of 6 months.
Reasons to invest in New Panvel
The growth of real estate in Panvel can be attributed to the numerous recent developments like multi-storey apartments in New Panvel and proposed commercial, residential and infrastructural projects. Reputed builders in New Panvel include Tulsi Constructions, Group Riverside, Indiabulls Greens, Platinum Constructions, etc. Observing recent trends and the upcoming projects, property investment in New Panvel is expected to bring good returns in the future.
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