Panvel, situated in Maharashtra's Raigad district, is emerging as a prime residential and commercial hub within the Mumbai Metropolitan Region (MMR). Its proximity to the proposed Navi Mumbai International Airport fuels its growth. With well-planned infrastructure, educational institutions, healthcare facilities, and excellent connectivity via road and rail networks, Pavel attracts residents from diverse backgrounds. In a bustling week from September 18 to 24, 2023, the real estate market saw 24 transactions. Notable projects like Hiranandani Fortune City Phase 1 and Wadhwa Wise City led the way. The area offers a range of affordable housing options, making it appealing to first-time buyers.
Panvel, situated in the Raigad district of Maharashtra, India, is a rapidly developing residential and commercial center within the Mumbai Metropolitan Region (MMR). Its strategic location, in proximity to the proposed Navi Mumbai International Airport, has fueled its swift expansion.
New Panvel offers a diverse range of housing options, making it an attractive choice for residents from various backgrounds. The locality boasts well-planned infrastructure, including educational institutions, healthcare facilities, shopping centers, and recreational amenities. Excellent connectivity through road and rail networks, including the Mumbai-Pune Expressway, makes New Panvel a convenient choice for commuters to Mumbai and Pune.
The week starting from 18th September 2023 to 24th September 2023 was quite busy in Panvel as there were 24 deals that took place during this period.
Hiranandani Fortune City Phase 1 leads the way by registering 5 deals in the building. This was closely followed by Wadhwa Wise City and Arihant Aspire Phase 1 who were able to manage 4 deals each. The sale deals that took place in Arihant were of resale in nature while the rest of them were developer sales. Simran Uptown Avenue and Percipinia Acacia managed to close 3 deals respectively.
The highest carpet area was sold in Wadhwa Wise City measuring 2,298 square feet for the value of about Rs 1.34 crores. On the other hand, the lowest carpet area was only 258 square feet sold for Rs 43.50 lakhs in Simran Uptown Avenue. Even though the largest carpet was sold in Wadhwa Wise City the most expensive flat was sold in Hiranandani Fortune City Phase 1 for transaction value of Rs 1.99 crores. The rate per square foot in Panvel for this week ranged between 5,828 to 16,860. While the weighted average rate per square foot for the locality is Rs 11,592/-
This week there were 11 flats which found new buyers in the range of 1-500 square feet which represents 46% of the total volume. 25% or 6 flats were between 501-1000 square feet. 7 flats were above the 1,001 square feet mark which resembles approximately 30% of the total flats sold. It is quite interesting to look at this figure as it clearly demonstrates that while people are moving into smaller houses, there is still a portion of the families who have an aspirational mindset for living in bigger houses.
The locality of Panvel is affordable as people who have the desire to purchase houses can do so as this week 75% of the flats sold were below the psychological figure of Rs. 1 crore. With banks offering competitive home loans and the loan growth on the affordable side of the segment is expanding it has become quite accessible to purchase a new home. This makes the locality of Panvel a treat to watch for the first-time buyers.
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