The MMR (Mumbai Metropolitan Region) and Mumbai real estate markets are steadily seeing a revival with the introduction of RERA and GST which have ushered in greater transparency as far as the sector is concerned. In Mumbai, the realty market dynamics are changing with locations like Andheri and Powai steadily making the shift towards becoming premium addresses while the peripheral zones in Navi Mumbai like Panvel and NAINA are also witnessing steady development. There is a new growth story that is being spurred by several infrastructural developments like the Navi Mumbai International Airport, Mumbai Trans-Harbour Link, CSMT-Panvel fast lane railway link and the metro railway line expansion in tandem with freeways, expressways and even waterways that will boost overall connectivity.
Affordable housing is driving the Mumbai real estate market at present. There is higher demand for premium yet smaller homes in prime areas and 1 BHK and studio apartments are finding more takers in Thane and Mumbai alike. Thane is a new growth hub for residential real estate on account of its growing retail and commercial sectors. Thane has seen several infrastructural developments and offers good amenities to residents as well. Panvel, on the other hand, is located conveniently along the Mumbai-Pune IT corridor and is steadily being transformed into the chosen office area for several BFSI, MNC, IT and ITeS entities and there is ample supply of residential units which are reasonably priced.
Panvel is now one of the MMR’s fastest growing real estate hubs and connectivity improvements will only increase demand in the future according to experts. There are several mega housing projects coming up along this stretch from top real estate players in the market. These will lead to faster development of civic and social infrastructure and this will augur well for the Panvel housing market in the long haul. Other areas in Navi Mumbai which are located near the proposed airport will also see retail and commercial growth taking off over the next few years and this will naturally impact housing demand in these locations.