- By Bhavesh Shah, Joint Managing Director- Today Global Developers
There are a few areas within the Mumbai Metropolitan Region (MMR), that have caught one’s attention as prime destinations for real estate investment as they offer an untapped potential to grow further. Upper Kharghar and Panvel stand out by providing homes of various sizes and pricing, robust infrastructure development, and promising growth potential for the future. These areas are not only attracting end-use homebuyers but also investors looking for substantial returns, thanks to the evolving real estate market and enhanced connectivity that Upper Kharghar and Panvel have to offer.
Appeal and Quality of Life
Upper Kharghar has transformed remarkably over the years, evolving into a thriving residential and commercial hub. Panvel, nestled in Maharashtra’s Raigad district, is also rapidly gaining traction as a prime real estate destination. Its strategic location ensures uninterrupted access to major cities. With a diverse range of housing options at competitive prices, Upper Kharghar and Panvel cater to various budget segments. From spacious apartments to premium residences, the areas offer attractive propositions sustaining the demand for properties in the region.
The availability of abundant land for development has allowed developers to create innovative residential projects, in Upper Kharghar and Panvel alike. The superior quality of life and well-established civic amenities in Upper Kharghar make it a sought-after destination for families and professionals alike. Panvel’s natural beauty, combined with modern amenities and a promising economic landscape, makes it an attractive choice. The relatively lower real estate costs than Mumbai and Thane add to its appeal.
Enhanced Connectivity and Infrastructure
Connectivity is a key driver of real estate growth in both Upper Kharghar and Panvel. Upper Kharghar seamlessly integrates with major transportation arteries such as the Mumbai Highway, Panvel Road (NH-48), and the Kharghar Railway Station. The operational Phase 1 of the Navi Mumbai Metro Line 1 has significantly enhanced local mobility. The transformative Mumbai Trans Harbour Link reduces commute times between South Mumbai and Navi Mumbai to a mere 35 minutes, further boosting the region’s attractiveness.
Panvel is located at the intersection of the Mumbai-Pune Expressway, NH-4, and NH-66 making it well-connected. The suburban railway network and the recent opening of the MTHL – Atal Setu have improved connectivity. This 21.8 km sea bridge allows locals to reach South Mumbai in about 25 minutes, offering the perfect blend of suburban tranquillity and city convenience. The upcoming Navi Mumbai International Airport, set to be a game-changer, will further stimulate economic growth and significantly raise real estate demand in both Upper Kharghar and Panvel.
Infrastructure developments in these regions are set to transform the real estate landscape. The proposed Kharghar Corporate Park and the forthcoming Kharghar-Turbhe Link Road (KTLR) will streamline commutes from Mumbai, Thane, and Navi Mumbai. Similarly, the Virar-Alibaug Multimodal Corridor will enhance connectivity across the region, linking key residential and industrial areas and fostering new growth opportunities. These infrastructure projects are expected to elevate property values and guarantee strong returns for real estate investors.
Promising Returns on Investment
Financial metrics indicate impressive investment returns for both Upper Kharghar and Panvel. According to a Colliers report published in January 2024, Upper Kharghar is set for substantial capital appreciation and rental yields, with anticipated returns of 1.4x in five years and a rental yield of around 3%. The region has seen a capital appreciation of approximately 37% over the past five years, with a potential ROI of about 10%. Panvel also offers promising returns on investment due to its strategic location, ongoing infrastructural developments, and lower real estate costs. The spill-over effect of development from neighbouring areas and the natural expansion towards the north due to lush green forest areas and the Taloja river, has bolstered population growth and real estate demand in Upper Kharghar and Panvel.
Lifestyle and Environment
Unlike many parts of MMR, Navi Mumbai stands out for its clean and green environment, offering significantly better air quality compared to the congested urban centers of Mumbai. Upper Kharghar and Panvel, in particular, are known for their lush green surroundings, ample open spaces, and well-planned infrastructure. These areas boast a lower pollution level, making them healthier and more pleasant places to live. The serene landscapes, coupled with modern amenities and well-maintained public spaces, provide a superior lifestyle, attracting families and professionals seeking a balanced and quality living environment.
The tranquil settings, combined with excellent connectivity and upcoming infrastructure projects, make Upper Kharghar and Panvel ideal choices for those prioritising health, wellness, and convenience. The presence of educational institutions, healthcare facilities, and recreational amenities enriches the social infrastructure and thus improves the lifestyle quotient, attracting families and professionals seeking a well-rounded living environment. The lush green forest areas on the western side of Upper Kharghar and the serene Taloja River flowing on the eastern flank create a natural channel for development, further enhancing the region’s attractiveness. Panvel on the other hand is nestled along the banks of the Panvel Creek, surrounded by the picturesque Matheran Hills making it a different living experience.
Finally, the evolving structure of real estate in these areas is underpinned by its strategic positioning, leading to extensive infrastructure development, and housing projects that promise returns on investment. As Upper Kharghar and Panvel continue to grow and develop, they will go on to offer significant opportunities for buyers, cementing their status as dynamic and thriving real estate hotspots within the MMR.
