A one crore rupee budget? Which is better to buy—a 1 BHK in Mumbai or a 3 BHK in Panvel?

A one crore rupee budget? Which is better to buy—a 1 BHK in Mumbai or a 3 BHK in Panvel?

A one crore rupee budget? Which is better to buy—a 1 BHK in Mumbai or a 3 BHK in Panvel?

Panvel Real Estate: Developers in Panvel and the surrounding areas are optimistic that property rates will be the same in many suburban micro markets in Mumbai, given that Prime Minister Narendra Modi opened the Mumbai Trans Harbor Link (MTHL) on January 12 as well as the several infrastructure projects are planned to launch in the upcoming months.

Panvel property rates: The cost per square foot of carpet for a residential flat was less than Rs 1,000 in the late 1990s, and it is now more over Rs 10,000, according to the promoters of the Panvel micro-market. has been.

Prime Minister Narendra Modi is scheduled to launch India's longest sea bridge, the 22-kilometer Mumbai Trans Harbor Link (MTHL), which connects Panvel and its environs with Navi Mumbai, Ulwe, Dronagiri, and Uran. There are a lot of people at the micromarkets. traction.

Developers in Panvel and the adjacent districts anticipate that property values will equal many of Mumbai's outlying micromarkets due to impending infrastructure developments like the Virar Alibaug Corridor and the Navi Mumbai International Airport.

All the Information About Panvel You Were Afraid to Ask

Panvel was once well-known for its rice market; currently, it is home to a sizable Koli community and agriculture. Since every train that travels from Mumbai to South India goes via Panvel, it is a crucial route. But when Navi Mumbai began to take off in the 1970s, Panvel became more well-known, particularly among those seeking reasonably priced real estate, as Vashi was followed by Nerul, Belapur, and Kharghar.

Geographically speaking, Panvel is well linked to Mumbai via the suburban rail and road systems. Twenty minutes' drive brings you to the under-construction Navi Mumbai International Airport. Panvel is also around fifteen to twenty minutes distant from the future MTHL project.

Can Panvel defeat Mumbai on a Rs 1 crore budget?

The creators claim that Panvel has evolved from an investor-driven market to one that is driven by end users.

Panvel and the neighboring neighborhoods are becoming more popular owing to impending infrastructure projects like MTHL, which is anticipated to open to the public on January 12 and is currently known as Mumbai 3.0. In my opinion, should a buyer purchase a 1 BHK in Borivali or a 3 BHK in Panvel at a budget of Rs 1 crore? I'd say it depends on the individual's objectives. Vidip Jatia, MD of listed business Supreme Holdings & Hospitality (India) Ltd, which builds residences under the Belmac brand in Panvel and Pune, advised young married couples to purchase in Panvel.

"Panvel developments are reasonably priced and include outstanding accessibility to the whole Mumbai Metropolitan Region (MMR), as well as open spaces, gardens, and club houses. Additionally, Jatia said that compared to other developed areas like Borivali, Goregaon, Andheri, or Mulund, where prices are more powerful and appreciation may be constrained owing to a lack of space, purchasers in Panvel would probably get superior returns.

In comparison to Borivali in the suburban Mumbai area, house buyers seeking growth potential may find Panvel more appealing, according to Niranjan Hiranandani of Hiranandani Developers. "Urbanization in Pune has increased dramatically in recent years, and this trend is predicted to continue. Borivali, on the other hand, is probably going to expand more slowly since it is already well established. For those on a tight budget, Panvel is a desirable alternative since it's less expensive than Borivali, according to Hiranandani.

A one-bedroom apartment in Borivali is convenient and close to services, but it may not be spacious enough for large families. On the other hand, because of their potential for future appreciation, a 2 or 3 BHK in Panvel may provide more living space and increase in value over time. According to Hiranandani, it ultimately comes down to striking a balance between elements like location, facilities, potential value, and personal tastes.

Principal Creators

As micromarkets, Panvel and even Navi Mumbai lack a significant number of Grade A or listed developers. Nonetheless, the micro market does include well-known developers like Marathon, Wadhwa, Hiranandani, and so on. Plots are sometimes put up for sale by the City and Industrial Development Corporation (CIDCO), which controls substantial portions of land in Panvel and Navi Mumbai.

apartment costs

Local brokers claim that the cost of one, two, and three-bedroom flats in Panvel varies from Rs 9,000 to Rs 14,000 per square foot, depending on the location, accessibility, and age of the building.

The cost of carpet per square foot for a residential flat was less than Rs 1,000 in the late 1990s, but it has now increased to more than Rs 10,000, according to the promoters of the Panvel micro-market.

"In 1997, I was charging Rs 750 per square foot for carpeted flats in Panvel. Now, in my most recent project in New Panvel, I'm charging between Rs 12,000 and Rs 14,000 per square foot. letting go of the beach. The previous 25 years have seen significant change, and the next ten years, at most, will see much more of it, according to Rajesh Prajapati of Prajapati Developers, the founding president of the MCHI-CREDAI, Raigarh Chapter Apex organization of developers.

Borivali is now selling for around Rs 30,000 per square foot, and I predict that many of the other communities, including as Panvel, Ulwe, Dronagiri, and Uran, will follow suit in the next ten years or less. The best illustration of this is seen on Palm Beach Road, where apartments are being offered for sale for Rs 40,000 per square foot, which is more costly than many of the Mumbai real estate market's outlying locations, according to Prajapati.

Regarding the rental market, the monthly rent for a one-bedroom apartment is around Rs 10,000 to Rs 15,000, for a two-bedroom apartment it is approximately Rs 15,000 to Rs 23,000, and for a three-bedroom apartment it is approximately Rs 25,000 to Rs 40,000. To regional brokers. But a lot of other things, including the location, also have a role in this.

Obstacles

While the new international airport and MTHL are intended to benefit the whole Panvel and Navi Mumbai stretch, local developers assert that robust suburban train connections inside the MMR and Metro Rail would address everyday issues.

"The reasonably priced house in Panvel is another reason why homebuyers visit. As a result, metro and train connection is crucial. However, MTHL is just for private cars, and not everyone can pay the estimated Rs 250 one-way toll," a developer who wished to remain anonymous stated.