While inaugurating the first phase of the Nerul-Uran railway line in November, Chief Minister Devendra Fadnavis had said Panvel will become the next important terminus like Dadar or CSMT. Situated at the periphery of Navi Mumbai, Panvel is fast turning into a new growth centre in the Mumbai Metropolitan Region.
Some of the key infrastructure projects expected to come up in near future here include the Mumbai Trans Harbour Link, the Navi Mumbai International Airport and the Chhatrapati Shivaji Maharaj Terminus (CSMT)- Panvel fast corridor.
Over ₹56,000 crore is being spent on different forms of infrastructure to connect the area by the Mumbai Metropolitan Region Development Authority (MMRDA), the City and Industrial Development Corporation (CIDCO) and the Mumbai Rail Vikas Corporation (MRVC) — the new Navi Mumbai International Airport (NMIA) being the largest and the most influential of them all.
First phase of airport
CIDCO officials said they are trying to commission the first phase of the new airport, spread across over 2,000 hectares, by December 2019, which includes a terminal building and a runway. The total project cost is presently pegged at ₹16,450 crore. “As much as 65% land development work will be over by January and a contractor will soon be appointed to build the terminal building and runway,” CIDCO MD Lokesh Chandra said.
The airport has, in turn, created the need for other transportation infrastructure to be planned in the region. For instance, the closest train station to the proposed new airport will be Targhar on the newly inaugurated Phase I of the Nerul-Uran line.
The proposed elevated fast corridor between CSMT and Panvel has also been planned with a spur line to the airport. There is a proposal to include Targhar as one of the stations on the spur line. The project is part of the ambitious ₹54,777 crore Mumbai Urban Transport Project 3A (MUTP - 3A), which got State government sanction earlier this month.
Mr. Chandra said Targhar station will be completed soon and will provide seamless connectivity from the airport to the Harbour Line and the fast corridor. Moreover, the fast corridor will be built along Metro standards, and will have a connection to the Metro network being developed by MMRDA at Mandala in Mankhurd. Metro Line 8 connecting the CSMT and NMIA is being planned to connect with the fast corridor at Mankhurd. The detailed project report for the Metro line is still being prepared.
Situated at the junction of roads that connect Mumbai, Goa and Pune, Panvel is also a key station on the Konkan Railway route. While the detailed project report of the CSMT-Panvel fast corridor is under approval, the Karjat-Panvel corridor under Mumbai Urban Transport Project 3 (MUTP-3) has been sanctioned and preliminary works are under way.
“The line has huge potential to connect the areas between Karjat and Panvel along the old Mumbai-Pune highway by rail. Once constructed, Panvel and adjoining regions will be connected to Pune by rail via Karjat,” Sanjay Singh, Executive Director (Planning), MRVC, said. The combination of the two projects will also reduce the travel time from Karjat and adjoining areas to CSMT.
Looking at the developments happening around here, many consider this to be the best time to invest in Panvel.
Real estate haven
“Backed by sound and well-planned physical infrastructure, Panvel has emerged as one of the perfect affordable alternatives to several areas in Mumbai where prices have skyrocketed over the years. It is well-connected and easily accessible to major areas in the MMR via the Sion-Panvel Highway, Mumbai suburban railway, NH 66 and NH 48. The upcoming projects are major infrastructure projects driving real estate growth in recent times,” Prashant Thakur, head (research), ANAROCK Property Consultants, said.
Mr. Thakur said another factor driving residential growth in Panvel is its proximity to major commercial areas in Navi Mumbai, including Koparkhairaine, Airoli and Taloja. As per data from ANAROCK, as many as 28,480 new units have been launched in Panvel since 2013. “Interestingly, 2013 saw maximum new unit launches as it was widely anticipated that NMIA construction would begin. But land acquisition issues delayed the project and the final nod was given only in late 2017,” Mr. Thakur said.
The residential segment in Panvel has witnessed a boom, with many big developers coming up with townships and lucrative projects. “There is a substantial change in the city in the last five years. I believe Panvel must be having the largest infrastructure developments, the airport being the most important,” Mayur Shah, managing director from construction company Marathon Group, said.
Mr. Shah said Panvel’s connectivity to Uran and JNPT is also driving demand in the region. “With some partially commissioned and some proposed projects, there is a huge investment being made on connectivity of Panvel with Raigad and Mumbai,” he said.
Mr. Shah said in the last five years, real estate prices have doubled. “We started our project with a rate of ₹3,500 per sq.ft., and now it is ₹6,500 per sq.ft. There is open land available in Panvel and hence affordable housing projects are being initiated. After the airport becomes operational, there will be employment for at least one lakh people, and the demand for residential and commercial space will increase,” he said.
“Going by the current trends, Considering the upcoming infra projects in Panvel, one can expect 12-15% growth in prices over the next four to five years.” Mr. Thakur said. As per ANAROCK’s data, the average prices in Panvel in 2013 hovered around ₹ 4,530 per sq. ft., increasing to ₹ 5,400 per sq. ft. as of today.
