Real Insights: Real Estate Overview Panvel and New Panvel July – 2015 a Commonfloor Report
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Real Insights: Real Estate Overview Panvel and New Panvel July – 2015 A CommonFloor Report Executive Summary Panvel is one of the fastest growing realty markets in Navi Mumbai and the Mumbai Metropolitan Region (MMR), owing to various factors. While great connectivity and the upcoming international airport play a key role in giving a fillip to the area’s realty growth, an increasing need for affordable housing in MMR has been another driving force behind the realty growth of this area. The following report tries to identify various such factors that have led to the overall development of Panvel. Further, the report identifies the present real estate market scenario in terms of housing sales and rentals, key real estate trends, some of the top builders and projects available in the area, civic issues, and opportunities available for the area’s future growth, amongst others. To summarize, Panvel is currently on a realty growth trajectory. The area is becoming popular particularly among the lower and middle income class home buyers due to its affordable property prices. Considering the upcoming airport and a number of planned infrastructure initiatives, one can expect the area to be one of the most sought after real estate destinations in MMR. i Index Executive Summary ................................................................................................................................................................................. i Index ............................................................................................................................................................................................................. ii List of Maps ............................................................................................................................................................................................... iii List of Figures ........................................................................................................................................................................................... iii List of Tables ............................................................................................................................................................................................ iii Introduction ............................................................................................................................................................................................... 1 Connectivity and Infrastructure .................................................................................................................................................. 1 Major landmarks ................................................................................................................................................................................. 2 Civic issues ............................................................................................................................................................................................ 2 Market Outlook ........................................................................................................................................................................................ 3 Residential launches from 2011-2014...................................................................................................................................... 3 Major builders and projects ........................................................................................................................................................... 4 BHK-wise and segmentation split in 2014 - 15 .................................................................................................................... 4 Price trends ................................................................................................................................................................................................ 5 Weighted Average Price (WAP) ................................................................................................................................................... 5 Rental trends ........................................................................................................................................................................................ 5 BHK-wise availability .................................................................................................................................................................. 5 Housing rentals from 2014-2015 ........................................................................................................................................... 6 Rental yield....................................................................................................................................................................................... 6 SWOT analysis .......................................................................................................................................................................................... 7 Key points ................................................................................................................................................................................................... 8 ii List of Maps Map 1: Panvel and New Panvel Location and Context ............................................................................................................ 1 List of Figures Figure 1: Residential launches in Panvel since 2010 .............................................................................................................. 3 Figure 2: BHK wise availability in Panvel and New Panvel .................................................................................................. 4 Figure 3: Classification of Housing segments in Panvel and New Panvel ...................................................................... 4 Figure 4: Weighted Average Prices in Panvel and New Panvel, 2014 - 15 .................................................................... 5 Figure 5: BHK wise rental availability in Panvel, 2014 – 15 ................................................................................................ 6 Figure 6:BHK wise rental availability in New Panvel, 2014 – 15 ....................................................................................... 6 Figure 7: Average rentals in Panvel and New Panvel, 2014 - 15 ....................................................................................... 6 Figure 8: Avg. rental yield in Panvel and New Panvel since 2014 ..................................................................................... 7 List of Tables Table 1: Major infrastructure projects in Panvel ...................................................................................................................... 2 Table 2: Major builders and projects in Panvel ......................................................................................................................... 4 Table 3: Average Rentals in Panvel and New Panvel .............................................................................................................. 6 iii Introduction Map 1: Panvel and New Panvel Location and Context (Source: Google Maps) Buying an apartment in Mumbai in an affordable range is now a far-fetched dream, with property prices touching the sky. However, there are certain localities in MMR, which offer affordable homes. Panvel in Navi Mumbai, is one such locality. Not only does it offer housing in the affordable budget, yet it is also very well connected to key areas in MMR such as Sion, Mankhurd, Vashi and CBD Belapur. Part of Raigad district, Panvel is additionally an important node in Navi Mumbai. Panvel and New Panvel are the biggest and most populated area in Raigad district. The City and Industrial Development Corporation (CIDCO) serves the the local development authority of the region. The locality is expected to be the next prime locality in MMR because of the upcoming international airport. Connectivity and Infrastructure - What has been one of the key driving forces of Panvel’s growth other than affordability is its good connectivity. Panvel is known as the gateway of Konkan region. Some of the major highways providing connectivity to Panvel include NH-4, NH-4B, NH-17, Mumbai-Pune Expressway and Sion-Panvel Expressway. Sion-Panvel Expressway connects the area to the Mumbai International Airport. - Panvel has regular Panvel Municipal Council (PMC) and NMMT run buses to Bhiwandi, Thane, Badlapur, Kalyan, Dombivli, Dadar and Uran. There are two main bus stands in the area: ST stand and NMMT stand. - The Panvel Junction is the terminating station for the Mumbai suburban railway’s Harbour Line. There is a planned Navi Mumbai metro corridor from Vashi to Panvel. The upcoming Navi Mumbai International Airport is coming up in the Kopar-Panvel area. Besides buses and trains, one can take auto-rickshaws for local transport. - Panvel has a growing social infrastructure. It has a number of renowned educational and healthcare institutions. New Panvel is expected to be an educational and IT hub in the future. 1 There are several commercial and business establishments such as Larsen & Toubro Ltd, Reliance, Hindustan Organics Chemicals Ltd, ONGC and IPCL situated in and around the node. - Panvel is close to several industrial areas such as Taloja, Khopoli, Patalganga and Bhiwandi. The area