New Panvel is one of the most developed zones among the fourteen nodes of Navi Mumbai. It is divided into two parts, namely New Panvel East and New Panvel West. Surrounded by mountains and hills, New Panvel is truly a living, radiant locality.
Like all other localities in Navi Mumbai, New Panvel has been planned and developed by City and Industrial Development Corporation (CIDCO). It is divided into 44 sectors, and is one of the best-designed nodes of Navi Mumbai. With well-constructed roads, superior infrastructure, and foliage all around, New Panvel is also among the top modern residential localities.
New Panvel is home to both residential and commercial properties alike. The main shopping centre in New Panvel is K Mall, which houses Big Bazaar and other branded stores. Departmental stores, super markets, restaurants, ATMs, and other such facilities are found easily in almost every sector in New Panvel.
New Panvel is all set to be an educational hub and is home to well-known institutions like Pillai’s Institute of Information Technology Engineering, Media Studies & Research (PIITEMSR), Kendriya Vidyalaya, Ryan International School, and DAV Public School. Purohit Hospital, Thombare Hospital, and Gune Hospital are among the many hospitals in this locality.
Connectivity and Transit Points
New Panvel has excellent connectivity to other parts of Navi Mumbai, Mumbai, Pune, and other cities in Maharashtra. Buses are one of the major modes of transport in New Panvel. Navi Mumbai Municipal Transport (NMMT) buses ply from New Panvel to other localities in Navi Mumbai. It offers bus services from New Panvel to Thane, Vashi, Ghansoli, Dadar, and Panvel.
Less traffic and well-designed roads make it an absolute pleasure to drive in New Panvel and it takes very little time to travel between the various nodes in Navi Mumbai. Apart from NMMT buses, ST buses are also available from Panvel to Kalyan, Dombivli, Thane, Badlapur, Uran, Dadar, as well as beyond the city.
The locality also has a railway station, which is one of the most important rail junctions on the Konkan Railway. Other modes of transportation in the city include taxicabs and auto-rickshaws, which are infrequently used because of the overpriced rates.
The main railway station of Navi Mumbai, Panvel, is only situated 3 km from New Panvel. The nearest airport from New Panvel is the Chhatrapati Shivaji International Airport, which is a lot farther, at a distance of 47 km.
New Panvel Lake
Rajiv Gandhi Stadium
Mahatma International School
Factors for Growth in the Past
Until a few decades ago, Old Panvel was known to be more of a retreat and a destination for second homes. However, due to the development in infrastructure and inflow of people from other parts of the city, New Panvel has transformed into a first home destination.
The greenery surrounding the locality is one of the biggest reasons why New Panvel became one of the most sought-after residential localities in Navi Mumbai. State-of-the-art infrastructure, wide roads and basic amenities like sewerage, water, and drainage also impelled new Panvels growth in the past.
Residential & Commercial Markets
Residential Market Trends
The majority of the residential properties in New Panvel are apartment projects.The locality is seeing a huge rise in the number of premium residential projects due to the increase in the NRI population, and also from people relocating from neighbouring cities like Pune.
The price of apartments in New Panvel has risen significantly over the last five years. The Q1 (2014) prices for apartments in New Panvel range between Rs 4,600 per sq. ft. and Rs 6,000 per sq. ft., while the rent for an apartment ranges between Rs 10 per sq. ft. and Rs 13 per sq. ft.
Individual house prices, on the other hand, haven’t increased much. The price of an individual house in New Panel is between Rs 4,000 and Rs 5,500 per sq. ft.
Commercial Market Trends
New Panvel is primarily a residential locality, but it has been witnessing some activity in the commercial front as well. Several new commercial projects are proposed to come up in the area.
The rent price for Q1 (2013) for commercial properties was between Rs 28 and Rs 43 per sq. ft.
New Panvel is facing a serious drinking water crisis. Residents in the locality do not get 24×7 supply of water as promised by CIDCO. The water shortage is mainly attributed to the population explosion in the area, and lack of water tanks.
Mosquito menace is also becoming a huge issue in this part of the city because of the open drains and ponds.
Factors for Growth in the Future
Over the decade, the real estate market in New Panvel has shown resilience. The locality is all set to become a major IT hub, dotted with several IT parks.
The Panvel Mega City project, a highly ambitious project implemented by MMRDA, will comprise three parts, namely Energy City, Information Technology and Telecom City, and Entertainment City. The project is expected to create employment opportunities to about 8 lakh people, and is expected to be ready by 2020.
The establishment of the Navi Mumbai airport near New Panvel will turn out to be a key growth factor for the locality. Another key factor will be the proposed Navi Mumbai Metro Rail, which will reduce travel time of commuters, and increase connectivity between the various nodes of Navi Mumbai.