Panvel and Kalyan - Two Areas Outside Mumbai To Invest In

Buyers of apartments in Mumbai look for affordability with good infrastructure, adequate power and water supply and good connectivity with the rest of the city for easy commute to and from work. These facilities are now being made available in Kalyan.

The area falls under the Greater Mumbai area being planned and is being polished by the Maharashtrian Government into the next big city, after Mumbai and Pune.

Realty Sector

The per square feet flooring price in Kalyan ranges between Rs 4,800 and Rs 6,000. There are more end users in Kalyan and most of them belong to the middle and upper middle class, according to the Anand Housing Agency which is a brokerage firm operating in the city.  Kalyan caters to the wants of people from various segments. From middle to high class, everyone can buy an apartment here. 1, 2 and 3BHK along with luxury apartments are available here that are priced between Rs 35 lakhs and Rs 2 crore.

Market experts of the area feel that the way Kalyan’s infrastructure is being created, price of property might go up quickly in the next few years. Therefore, for end users and investors, this is the right time to buy apartments and plots here.

Because of the rapid growth, many industries, companies and financial institutions are starting their branches or offices in places close by. The area also sees an increase in commercial sector due to the SEZs close by along with MIDC estates.

Even though prices of property in Navi Mumbai and Thane are almost equal to that in Kalyan, Kalyan scores more than them in terms of future growth and connectivity. People working in Mumbai, Navi Mumbaia and Thane have already started buying houses here because of the closeness to their workplace. When compared to Navi Mumbai, Mumbaiand Thane, Kalyan has more affordable properties in the midst of high quality social infrastructure which is attractive to house hunters.

Development of Infrastructure

In the recent years, Kalyan has witnessed a large quantity of infrastructural and industrial development. This huge development has also enticed developers to start residential projects in the area by transforming it into the ideal area for home buyers.

The KDMC or Kalyan Dombivli Municipal Corporation has toiled hard to supply sufficient electricity and water, systems for disposal of garbage and public parks to the area. Rail over bridges, wide roads, bridges, subways and underpasses are being made at lightning pace in the city. The area already has a good number of hospitals, schools, markets, educational institutes and shopping malls.

Some of the renowned developers working here are Dynamic Buildtech, Nirmal Lifestyle, Ashapura Constructions, Saisatyam Group, Gajra Group and Lodha Group. They have started their projects because of substantial commercial and residential growth and connectivity.

Connectivity

When it comes to commuting, Kalyan is well connected. The KDMC own buses which ply in the city and nearby villages and townships. Alongside the buses, auto rickshaws are the major vehicles for transport.

The railway station Kalyan Junction is being remodelled for easy rail transport in the city. Several important Indian cities are already connected to it and once completed, it will be almost next to CST.

Two monorail lines have been planned by the MMRDA, one which will be linking Kalyan to Dombivli and Ulhasnagar and the other will link Mahape to Kalyan.

A 4 lane expressway is being made too which will link Kalyan to Vasai-Virar-Panvel-Diva Bhiwandi and Alibaug. A plan has been proposed to build a central western and central harbour line.

Panvel Another area where you can invest in Navi Mumbai is Panvel where property prices have escalated by almost 35 percent. There is several land blocks available in the area which developers are using for numerous housing projects. There are projects which are in differing stages of completion and some of them are offering buyers to possess the flats by the end of the year 2014 and some others by 2015. Projects which have just begun construction offer possession in 2016 and 2017.

People belonging to different classes are offered residential properties in the various projects here. Most of the projects are being developed in the 1 BHK, 2BHK and 3BHK modules where the prices range between Rs 40 lakhs and Rs 1 crore. The facilities that are offered here include 24 hours security, water disposal, club house, car parking, power back up, gym etc.

The number of projects in this area is increasing because of the growing demand. Even though far from Mumbai, people are still opting to buy property here for good connectivity. Most buyers belong to the service class and they have families. They prefer to live here because of the affordability and easy commute to business disctricts.

The other reason for the rising demand is relative low pricing. Compared to Nerul, Vasai and Mumbai, the prices here are low while infrastructure and facilities is roughly the same. Many investors are from Navi Mumbai and Mumbai itself.

A nodal city of Navi Mumbai, Panvel is developing at lightning page under the CIDCO or City and Industrial Development Corporation of Maharashtra Limited. The residential sectors are all well thought out and have plenty of electricity and water supply. Social infrastructure is good with the inclusion of hospitals, schools, banks, restaurants and malls etc. Roads, flyovers, subways and parks are also being created at a rapid pace. The Pune Mumbai Expressway, Uran Road, JNPT Road and Panvel Pargaon Road give the area easy connection to areas in South and Navi Mumbai, Dombivli, Thane, Kalyan, Badlapur and Ambarnath. The city is situated close to the under construction Navi Mumbai International Airport.

Panvel is a promising realty market in Mumbai and has a prospective increase in property value to the tune of 30 to 40 percent after the completion of the International Airport and other social infrastructure.

From the point of view of an investor, the area has shown good increase in returns in the last few years. For an apartment which had a per square feet rate of Rs 2000 to Rs 2200, you will have to pay Rs 4,000 to Rs 4,500. Presently, the area is affordable although with the kind of development being made, the costs are going to inflate in the coming 3-4 years.