For a long time, Panvel, situated on the outskirts of Navi Mumbai, was considered a distant location from Mumbai city. In real estate circles, Panvel was a lackluster destination with limited scope for growth. However, in recent times, Panvel has evolved into an integral part of the Mumbai Metropolitan Region (MMR).
- Located on the eastern side of the Mumbai-Bangalore National Highway (NH-4) and the Mumbai-Pune Expressway, Panvel has now emerged as a buzzing real estate market in India’s western state of Maharashtra.
- Real estate developers are constructing many Townships in Panvel as part of a government initiative to create affordable housing and decongest Mumbai city of its teeming millions.
- Panvel is well-connected to the rest of India by road and rail. This face has helped the area to attract heavy interest from end-users and investors of real estate in both Mumbai and Pune.
- As part of its drive to emerge as a real estate magnet, Panvel has emerged as the setting for Township near Panvel Railway Station. This aspect is premised on the drive to boost connectivity options for residents and new home buyers in Panvel.
- Single real estate development projects offer certain benefits that suit the interests of many buyers and investors. These standalone projects, when executed by a reputed builder, can create a signature presence in Mumbai’s crowded real estate markets.
- However, many investors and end-users are considering Townships in Panvel because these offer the benefit of living in a residential area peopled by multiple sets of residents.
- A Township near Panvel Railway Station, for instance, affords home buyers the benefit of access to a proven mass rapid transit system. Residents and end-users can invest in such projects as a group of investors or groups of home buyers. This allows them to gain collective bargaining power, thereby reducing the overall cost of home ownership.
- In addition, the Real Estate (Regulation and Development) Act, 2016 (RERA) has brought in transparency and accountability in India’s real estate sector. This act has boosted home buyers’ confidence in Mumbai and MMR.
- The critical aspect of consumer protection afforded by the RERA has introduced high levels of transparency and fairness in the methods through which commercial and residential property is bought and sold in India.