MUMBAI: The upcoming International Airport at Navi Mumbai has infused new life into the real estate market in the southern suburbs of Panvel and New Panvel, which would be in close proximity to the airport. This has made these locations, one of the most-promising property destinations in Navi Mumbai, today.
A large number of projects are lined up for possession from 2013 to 2015 in these areas, says MagicBricks.com data. The data shows that developers such as Hirco, Karam Corp, Shree Siddhi Developers, Sai Amrut Developers and Sairaj Constructions, are delivering their projects during this period.
“Panvel is the undisputed leader as far as residential launches in Navi Mumbai are concerned. With completion of the Metro work, there will be a spurt of residential launches in this area,” informs Azmat Shah, a realty merchant.
As per MagicBricks.com data, nearly 60 per cent of the total projects coming up along the stretch, offer one and two-BHK units in a wide budget range of Rs 16 – 50 lakhs. Developers such as Radhey Space Developers, Labh Buildtech Pvt Ltd, Tirupati Balaji Builders, Fortune Infra, Sai Raj Constructions, are contributing to the supply of one and two-BHK units. The locality witnesses a huge demand for these smaller units, with more than 90 per cent (MagicBricks.com data) buyer interest, which explains the high supply in the market.
Other established developers cater to a wider consumer base and offer one, two, three and four-BHK units. For instance, Lakhan Builders, Shikara Constructions and Dharati offer one, two and three-BHK apartments in a budget range of Rs 22 lakhs to Rs one crore and above. Larger housing units that are priced above Rs 1.2 crores are offered by Indiabulls India Pvt Ltd, Monarch Universal Group and Hirco.
The rush to buy property in Panvel and New Panvel may also be attributed to the large number of infrastructure projects that are in the pipeline. Joy Sanyal, head-development initiatives, Jones Lang LaSalle India, explains, “A residential property investment in a location like Panvel puts the investor squarely in line for the benefits of many proposed infrastructure initiatives. Apart from the Navi Mumbai airport, the Nhava Sheva-Sewri sea link, a large entertainment complex and sports complex, are the major attractions. Further, proximity to the Mumbai-Pune Expressway is an added advantage for the location.”