Buoyed by the Central Railway plan for a Panvel-Pen suburban section, builders predicted that the region would be the next realty hot spot.
Development in and around Panvel has picked up pace already with builders buying land anticipating a demand for housing as well as commercial spaces.
Manohar Shroff, secretary of the Navi Mumbai Chamber of Housing, said: “Panvel is developing quickly; many new projects are coming up there. A new railway section would boost that further. Property rates are likely to rise.”
Among the builders kickstarting projects there are the Hiranandani Group, India Bulls, the Runwal group, the Marathon group and Mantri Builders.
Apartment prices range between Rs 1,600 per square foot (in Pen) to Rs 4,200 (in Panvel). Builders expect prices to rise at least 50 per cent over the next five years as the railway plans take shape, the special economic zones in the region start coming up and there is clarity on the international airport at Panvel.
“Connectivity is very important for the development of any region. The proposed airport and the Nhava Sheva-Sewri sea link are close to the area. An eight-lane highway is planned between Sion and Panvel and Panvel station is being converted into a terminus,” said Shroff. “Many people would shift to Panvel and its surroundings as Mumbai and Navi Mumbai are saturated.”
Rajesh Prajapati, president of the Maharashtra Chamber of Housing Industry, Raigad, said: “Panvel-Pen will be the new ‘it’ place. Many offices will move here because of the proximity to Mumbai as well as Pune. It’s the realty destination of the future.”
Prajapati also said property rates are likely to rise 50 per cent in the next five years.
Arvind Anand, of Prathamesh Builders, which has a project coming up two kilometres outside Panvel, said: “This region will develop fast. The airport, sea link and the railway line will help speed things up. That’s why we decided to venture into this belt.”
Rupesh Bhoir, a real estate broker, said: “Rates will continue to soar. It’s a good region to invest in. Prices will escalate as infrastructure plans are announced.”