As per market experts, Panvel and other surrounding micro-markets may witness considerable growth in the future on account of the Karjat-Panvel suburban railway corridor. This connectivity improvement will lead to the creation of several new hubs for residential and commercial real estate alike. With several residential zones reaching their saturation points in Mumbai, homebuyers will look further to areas like Panvel where several housing projects are already being developed.
Buyers will look at areas along the Panvel-Karjat Corridor as part of the Mumbai Urban Transport Project-3. This will link these two terminuses, thereby enabling the development of new housing hotspots throughout the entire stretch along with making it possible to travel along the Kurla-Vashi-Panvel-Karjat and Mumbai-Pune routes in shorter time periods. The Karjat-Panvel network will boost overall economic growth. Panvel will reap the benefits of being strategically located between the IT and ITeS hubs of Pune and Mumbai according to experts. Several commercial real projects will come up in Panvel and surrounding locations which will soon become emerging commercial districts.
Panvel is already becoming a preferred choice for several companies and leading MNCs who are in the process of setting up office spaces here. Widespread commercial development here will naturally spark the development of residential realty projects. The Navi Mumbai International Airport and Mumbai Trans Harbour Link are two major projects that will rub off positively on Panvel in terms of its future residential realty growth and scope of appreciation. Panvel is witnessing the development of infrastructure in a planned manner and could soon become one of the biggest housing hotspots in the MMR (Mumbai Metropolitan Region) soon.
There are several residential projects coming up in Panvel including Akshar Emperia Garden, Hiranandani Fortune City, Kailash Uptown, Future Darpan and Indiabulls Park to name a few. The entire stretch is expected to witness the development of multiple big-ticket residential projects over the next few years.