Panvel is the center of attraction for both commercial and residential investors. Considering its stupendous infrastructural and economic growth, it provides a huge scope for growth and returns on investments. The government has proposed to develop Panvel and the surrounding region as the Mumbai 3.0, making them well-equipped with high-state facilities and infrastructure. This will surge the seamless connectivity and economic activities in the region. This led to the expansion of the real estate base in Panvel. The city lays out excessive opportunities for investment for homebuyers and developers. The city will soon emerge as a booming commercial spot with emerging data centers.
Navi Mumbai International Airport, officially known as the D B Patil International Airport, is the most ambitious project for the growth of Panvel. It will be one of the largest Greenfield International Airports in the world, conducting passenger and cargo operations. The design of the airport resembles the Lotus flower, which denotes elegance and purity. Being an alternative to the saturated Chhatrapati Shivaji Maharaj International Airport, this airport will handle around 90 million passengers per annum once it gets operational. The airport is developed by the Adani Group and CIDCO. The airport will have three state-of-the-art terminal buildings. It will have two parallel runways for conducting simultaneous operations. All predevelopment works, such as flattening of the hill, diversion of Ulwe River, shifting of Extra High Voltage Transmission Lines crossing the airport site, rehabilitation of the PAPs (project-affected persons), etc., have been done.
The airport site is easily accessible through the four-lane national highway NH4B from the east and the Aamra Marg from the west. There is the highest order of connectivity to the airport through the road and railways, adding up to the convenience of the citizens. The metro line 1 of the Navi Mumbai Metro will be connected to the airport. Mumbai Metro’s proposed Line 8 will also have its connection with the airport. Navi Mumbai Airport is also said to be the starting point of the proposed Mumbai-Hyderabad High-Speed Rail Corridor. Along with gravitating toward strategic seamless connectivity surrounding the airport, CIDCO has also planned to develop Aerocity within the vicinity of the airport.
It will not only upgrade the lifestyle in Panvel but also accelerate the overall economy of the state and the country. It is going to be a turning point for the housing market. The city still provides affordable options for huge, spacious homes that will yield lucrative returns in the coming time. Comparatively, the city provides massive scope for expansive apartments at lower prices and a sustainable environment. With such developments, Panvel will emerge as a commercial hotspot with big business stalwarts and IT companies having their set up here. Housing prices have consistently experienced appreciation since the last decade and thus will increase in multifold once the airport begins to conduct passenger services. The housing prices in Panvel will skyrocket in the future, and these top-notch developments will craft an augmented lifestyle for the citizens residing in the city.
Major projects like Navi Mumbai International Airport, Mumbai Trans Harbour Link, Panvel-Karjat rail corridor, NAINA, Navi Mumbai Metro, etc., will be the game changer for Panvel’s enormous real estate growth. The housing market will be on an uptick owing to the emergence of infrastructural developments within and surrounding Panvel. These projects will attract huge commercial investments and create tremendous employment opportunities in the region. Homebuyers remain inclined to Panvel as their preferred option for investment. They will not only have proximity to seamless connectivity and infrastructure, but also they can enjoy the affordability factor in Panvel.