Panvel To Emerge Soon As New Real Estate Hotspot With Buzzing Residential, Commercial, Economic Activities: Dr. Niranjan Hiranandani

Dr Niranjan Hiranandani - President - Assocham & NAREDCO
Dr Niranjan Hiranandani - President - Assocham & NAREDCO

Author: Dr. Niranjan Hiranandani – CMD- Hiranandani Communities

Navi Mumbai International Airport (NMIA) – the Greenfield international airport is coming up at Ulwe- Kopar- Panvel in NaviMumbai. It is developed as the second international airport in Mumbai Metropolitan Region as India’s first urban multi-airport system. 

Under the state government’s ‘Mission Begin Again’, the focus is on fast-track commissioning of NMIA as it will help to attract more investments to Maharashtra and yield higher job creation. The revised deadline for the phase I completion is pegged at May 2021. The estimated passenger traffic for NMIA’s phase I is 10 million passengers and the whole buzz will insinuate the emergence of hot spot destination in Panvel.

This transport driven infrastructure growth is expected to help gain traction for the real estate landscape in Panvel.

Development of an additional international airport will improvise the passenger traffic, air freight and boost the eco-system in Aerotropolis. This will give a fillip to employment, economic activities, and sustained real estate development. NMIA is among the major on-going infrastructure developments in the MMR that shall bear positive fruit for ‘Panvel’ as the new epicentre of economic growth.

The region of Panvel is aptly located between two major IT hubs Mumbai –Pune giving it a fat chance to create a new business district. The airport development will foster the socio and civic infrastructure growth paving way for residential, commercial, and retail space to mushroom and cater to the end needs of the relocating populace.

NMIA is part of a multi-modal transport infrastructure development, which includes JNPT port for sea-borne cargo; the passenger terminal for long-distance trains, passenger railway services between Panvel and Karjat; and the Mumbai trans-harbour Link (MTHL) for road transport.

Panvel
Panvel

Additionally, the on-going flyovers, bridges and Metro lines will enhance connectivity within Navi Mumbai – Panvel and also with the neighboring urban conglomerations. The proposed infrastructure projects like inland waterways, Ro-Ro services are part of the holistic development process that shall augment the connectivity between Navi-Mumbai and Mumbai and MMR.

Panvel, as a location, enjoys the advantage of easy linkages to all new proposed infrastructure networks being created. The city of Panvel offers an early mover advantage to the home buyer with affordable luxury housing option and the investor bandwagon can reap the benefit of long term capital appreciation. Many renowned developers along with Hiranandani Communities have come up with mega projects to cater to the real estate demand.

Hiranandani Communities present Hiranandani Fortune City, Panvel 588 acres mixed-used integrated township which is very close to the NMIA airport destination. It is strategically located between the old Mumbai –Pune highway NH4 and the new Mumbai –Pune expressway. With a slew of mega infrastructure like Mumbai Trans harbour Link, CSMT- Panvel fast lane elevated corridor, Panvel–Karjat Passenger rail corridor, Panvel rail terminus, Airport metro and Inland waterways coming up in the close proximity of the township project offer ease of commute and travel.

These multi-dimensional infrastructure developments will quickly morph ‘Panvel’ into an emerging business district that will be another livewire centre for residential, commercial and economic activities.

Any smart home buyer should build on this positive real estate sentiment and best RoI stories will be scripted at this future perfect destination –Panvel.

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