Tuesday, September 1, 2015

Should You be Buying Property in Panvel?

Panvel is one of the emerging destinations for buying property in Navi Mumbai and offers good value to investors as well.

houses for rent and sale navi mumbai
Panvel represents a good market for property buying according to market experts and should offer decent value in times to come. For all those clued into Navi Mumbai property trends, a 1 BHK flat in Navi Mumbai does not quite come cheap now, particularly with increases in capital values and square feet rates. Many prospective home buyers face a common dilemma with regard to zeroing in on the right property buying destination in Panvel which will help them stick to their budgets. Panvel is divided into various areas including New Panvel East, Old Panvel, Khandeshwar, New Panvel West, Karanjade, Edappally-Panvel Highway and surrounding areas and Palaspe Phata. These areas are quite cheap in comparison to prices of average apartments in Navi Mumbai if you look in prime areas.

According to IndiaHomes property, prices usually range between INR 15 lakhs and 1.5 crore in Panvel and this works out to a win-win for the average home buyer. There are several 1, 2 and 3 BHK apartments dotting the entire area along with a few exclusive 4 BHK homes as well. Going by real estate Mumbai trends, Panvel is witnessing high buyer activity in both high income and middle income segments. The latter usually chooses to purchase affordable apartments from local builders, the former segment only purchases residences from leading and reputed builders according to experts. Prices differences between multi storeyed apartment complexes and builder-floor units can be as much as INR 1, 000 per sq ft or even more! This is why many middle income buyers prefer the latter option in order to save money on their transactions. End users always opt for places with adequate amenities and social infrastructure. Places like New and Old Panvel are usually popular choices in this segment as these pockets have witnessed huge development over the years.

However, Old Panvel is not properly planned and there are more G+7 or builder-floor apartments present here and can be moved in immediately at prices ranging between approximately INR 5, 000-6, 000 per sq ft according to local builders and property dealers. The City and Industrial Development Corporation of Maharashtra Limited or CIDCO has majorly developed several areas in New Panvel and these are impeccably planned and split into several sectors, thereby upping prices per square feet in most cases. Multi storeyed buildings are more available in New Panvel than in the older parts of the locality. Most buyers are salaried individuals who work in the Navi Mumbai Central Business District, several MIDCs and New Bombay.

Several new projects are being developed at places like Palaspe Phata, Khandeshwar and Karanjade among others. These areas have witnessed steady growth in social infrastructure and hence the demand amongst investors who will settle down here after a few years. There are several under construction projects which offer 1 and 2 BHK configurations to buyers and prices are almost at par with New Panvel owing to proper planning and the development of the upcoming Navi Mumbai International Airport which lies near it. Panvel offers great connectivity to Mumbai through the Pune-Mumbai Expressway, JNPT Road, Uran Road, National Highway 17 and National Highway 4.


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