Panvel, The Affordable Housing Destination Near Mumbai
A while ago, Panvel was more of a getaway spot for many investors and second time home buyers. However, the recent developments are gradually converting the sleepy little town into a bustling residential settlement. Properties in Panvel that were previously lying barren today are being dotted by several residential projects that boasts of having many affordable housing units.
In a span of just five years, the region has documented a lot of progress and Panvel and New Panvel regions have resurfaced as dependable realty hotspots. Several upcoming infrastructural projects and developments along the realty front are some of the factors that are driving realty demand here.
Potential realty developers are now announcing many residential capital ventures and are thereby creating several active housing catchment area. Neighbourhoods like Sawarkar Ali, Bawan Bangala and Thana Naka road in Old Panvel are bustling with realty activities. Sectors 15 A, 1 S and 2 in New Panvel east and Sectors 2, 9 and 14 along New Panvel west are dotted by many high rise apartments. Its great road and rail connectivity too has fuelled its realty development. Frequent trains to Thane and CST have pushed Panvel into becoming a sought after realty destination. The announcement of the proposed airport too has triggered growth here. Compared to its neighbouring counterparts like Mumbai, Panvel has a lot to offer to the MIGs and young working professionals. Properties in Panvel are not only cited to fall within a minimal budget but the spacious dwelling spaces with state of the art amenities too are enticing many potential home buyers to invest in properties here. According to current market trends, 1 bhk flat in Panvel is easily estimated to hover over a price bracket of Rs 17 and Rs 30 lakhs. 2 and 3 BHK apartments here are cited to hover anywhere between Rs 20 and Rs 40 lakhs respectively. However, the prices could vary depending on the facilities and specifications offered by the builders.
Being an ideal end users market, the locality is fast adapting itself towards becoming a more investor friendly zone.
The low cost of living and the affordable property prices are some of the factors that are engaging many second time home buyers and off shore investor to stock up inventories here. For instance a 1 BHK flat in Panvel that cost an average of Rs 3,000 is capable of generating rental yields anywhere between Rs 6,000 and Rs 13,000 per month depending if the homes are fully or semi furnished- thus making the vicinity a haven for many investors. If high ROI is something that helps you retain your buying sentiments, worry not Panvel has a lot to offer. Region across New Panvel have documented a high rise in its capital values. In a span of three years, property values of apartments here have
appreciated over 35% - thereby making the locality an ideal investment destination. So if purchasing a property without burning a hole in your pocket is your call, Panvel has plentiful of offers that meet the needs and requirements created by both MIGs and HNIs alike.
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