How has the Pune-Mumbai corridor evolved over the years with enhanced connectivity? How do you see Panvel benefitting from this going forward?
The most happening cities corridor in Maharashtra is Pune-Mumbai Corridor which is much talked about ontogeny in these 10-15 years. Mumbai-Pune Expressway being the first longest six-lane concrete, high-speed, access controlled tolled expressway introduced new levels of speed and safety in automobile transportation to Indian roads since 2002.
This amazing highway cut down the time form Mumbai and green city Pune to less than 2 hours at an average speed of 80kmph. Mumbai & Pune since then are the fastest business hubs considering the economy, infrastructure development, education, standard of living, etc. Any corridors development is referred to their economic dynamic interaction. The remarkable factor is when businessmen and everyday traveller doesn’t feel the struggle for travelling from one city to other for work due to the available rail & road transports intact of Pune-Mumbai.
Panvel being located in the centre of two cities is backed up with lot many opportunities and advantages for located in the most desirable place of frequent travellers. Panvel is the most populated city in Raigad district in Maharashtra. Reasons like current affordable prices of properties and land, better connectivity to Mumbai, Navi Mumbai, Pune, proximity to Navi Mumbai Airport Influence Notified Area (NAINA), Reliance SEZ, good educational and healthcare facilities, a large number of industrial units have been immensely contributing in the development of real estate at Panvel. Panvel has developed itself beyond international standard with the declaration of Smart City, it has increased Engineering Colleges, Fashion Institute, International Schools with Boardings, Mall, Multiplexes, etc. This strategic location on the eastern side of the Mumbai-Bangalore National Highway and Mumbai-Pune Expressway cannot go unobserved by the layman or the investors.
What are the multiple advantages that Panvel offers as a business hub with quality residential development in the vicinity to individual investors and members of the business community having business in Pune and MMR?
Not only India but all over the world, Panvel has shed its image in the recent years and has transformed into the most sought-after realty destinations, be it affordable homes or business parks. While property has increasingly become unaffordable in Mumbai, Panvel still provides numerous budget (Rs 20 lakh onwards) options.
Reduced Travel Times, Proposed Panvel CST Fast Train with different Track which reduced the Travel Time from 2 hours to 45 minutes, Improved Current Train Frequency, Metro from CBD to Panvel with 11 stations, Extenstion of Harbour Route via Karjat to Kalyan which expected to 2200 crores of investment.
One of the major attractions for home buyers thronging Panvel is the availability of affordable housing options in this belt. Once the news of airport development was out and Cidco was appointed as the planning agency for a radius of 25 kms from the airport area to carry out planning, development has been going on at a steady pace. Several prominent developers are having projects in Panvel and its periphery and the good thing is that the rates are affordable as compared to Navi Mumbai. One can get a decent house for around Rs20 lakh onwards in this region.
Panvel is also known as the gateway to the Konkan region and hence the Konkan Railway which connects this city to other states of India. The Konkan rail line from Mangalore, the Harbour line from Mumbai’s Chhatrapati Shivaji Terminus, the central line from Diva/Karjat and the western freight corridor from Jawaharlal Nehru Port Trust, which is close to Panvel, meet here.
What is the growth potential that Panvel possesses? What will be the key factors driving this growth? What is the scope for value appreciation going forward?
An international project getting clearance is the biggest and fastest development of infrastructure in the region and steps taken by the government will improve connectivity of the area with other parts of the state and also with Mumbai. The excited Ten-laning of the Sion-Panvel highway, improved train frequency from Panvel to CST, development of Metro in Kharghar in the first phase will gradually connect to the international airport are some of the major developments that have taken place in the region in the recent years.
The prices of apartments in Panvel has gone up from Rs. 4000 Rs. 5000 per sq ft to Rs. 6000 Rs. 6500 per sq ft depending on the exact location of the apartments. Builders & Developers have been forecasting that the property prices in Navi Mumbai would be shooting up once the airport project is cleared; however, the stretched delay is now over. Patince would be paid off. A lot of activity is expected around Panvel and the areas around.
Land has been appreciating in Navi Mumbai areas such as Airoli, Ulwe, Kamothe, Kalamboli, Panvel, Belapur since ten years, on the hope that two major infrastructure projects namely the new airport project and the Rs 9,460 crore and Sewri-Nhava Sheva sea link, which would reduce travelling time between Mumbai’s central business districts and Navi Mumbai from one hour to 25 minutes.
How are developments in the residential, commercial, IT, education, infrastructure and other sectors transforming the skyline and profile of Panvel?
The Navi Mumbai international airport, which has been in the pipeline for quite a long time, has just received a much-required push from the state government, favouring hopes of revival in the realty market. Entire India’s Builders are looking forward to expand wings in the twin city, which is proposed to see major infrastructure projects like Mumbai Trans-Harbour Link (MTHL), metros and elevated CST-Panvel air-conditioned rail corridor in the near future.
The proposed Mumbai Trans-Harbour Link (MTHL) will change the horizons of Panvel as the wall of separation between Mumbai and Panvel will disintegrate due to this link. CIDCO would develop BKC Kharghar which would be double of current BKC.
Panvel is one of the best locations as far as road connectivity is concerned. The Sion-Panvel Expressway, NH-4B and NH-17 start from here while NH-4 passes through Panvel. The roads are wide and well maintained by the local municipal corporations. In case of bus transport, there are two main bus stands in Panvel – the ST stand on the national highway and the NMMT stand near the railway station.
Over 10-12 lakh jobs are expected to be generated due to investment of close to Rs 50,000 crores in several infrastructure projects in the city including the Navi Mumbai Airport, JNPT expansion, metro, affordable housing, Navi Mumbai Airport Influence notified area (NAINA) project and national highway expansions. The projects will cover an area spread over 12,000 hectares.
Due to the JNPT establishment, the large IT parks at Mahape, small and large scale industries in local MIDCs and developments at Lonavala and Hinjewadi on Pune side generated huge employment opportunities at Panvel. Industries like Larsen & Toubro Limited, Reliance, Hindustan Organic Chemicals Ltd., Oil and Natural Gas Corporation (ONGC) and Indian Petrochemicals Private Limited (IPCL) have added into the development of Panvel. Another important factor in Panvel’s prosperity is tourism. Being a popular tourist spot in the region, it is close to the Matheran hill station and Karnala Bird Sanctuary.
There are two new major economic drivers that are planned for Navi Mumbai and will change the face of this satellite city in the times to come – the proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel. Both these factors are expected to generate a massive amount of employment, providing a further impetus to the demand for commercial and residential developments. Also, the government’s approval to the Mumbai Trans Harbour Link will prove to be a major game changer for the property market of Navi Mumbai. This project will not only open up new corridors for development, but also provide a fillip to the property market of Navi Mumbai.
Many new projects in Panvel offer a wide spectrum of residences including ‘affordable luxury with modern amenities. Does this now make it suitable for ‘walk to work’ or ‘live close to the workplace’ concepts?
270 villages come under the auspices of NAINA; the development in these villages will be governed by the new regulations stipulated by CIDCO. The conjecture by builders and industry experts is that this would lead to planned development within these zones and automatically translate to an increase in prices of apartments in Panvel because many of the former villages in Panvel come under the auspices of the NAINA. Make in India Event announced the development of the country’s first smart city, Khalapur Smart City.
On the model of walk to work, Cidco will develop adequate transportation facilities in the city. People always want to live in a place which is near his office. The initiative is to give an opportunity to the employee of any company to walk to their work as both work and home are situated nearby.
“Keeping this initiative in mind Space India is associated only with projects where there is immense scope of development in the coming 4-5 years. As all our projects are township projects situated near the Navi Mumbai International Airport or are a part of those 270 villages under NAINA & at close proximity of proposed Khalapur Smartcity. Proposed Mahanagar Palika would also give an amazing blow to the expected job opportunities, with Airport, NAINA and Khalapur Smartcity would be recruiting lakhs of individuals.
Many of our townships in Panvel are being developed in localities such as Sukhapur, Taloja, Ulwe, Karanjade, Poyanje, Adai, Harigram, Chiple, Waje, Vakdi. Matheran Road and the Bhimashankar Road, etc. These townships has premium segment with sky high amenities and affordable segments with modern amenities which are so much apt for the Walk to Work concept.” – says Mr. Santosh Shetty Director, Space India.