Adani Realty is getting ready to change the Panvel real estate market after gaining notoriety for its crucial part in the Dharavi redevelopment project. One of the biggest real estate projects in the Mumbai Metropolitan Region (MMR) in recent years, the company is reportedly planning to invest up to Rs 10,000 crore in a historic township development that is tentatively named Adani Panvel.
Spanning over 1,000 acres, the project aims to transform Panvel into a premium urban hub, further accelerating the region’s evolution from an affordable housing belt to a thriving centre for upscale and integrated township living. Backed by a major industry player, the project is expected to redefine Panvel’s urban identity and catalyse widespread infrastructural and economic growth.
Revolutionary infrastructural improvements have been a major factor in Panvel’s ascent to prominence in the real estate market. Atal Setu, popularly known as the Mumbai Trans Harbour Link (MTHL), has significantly shortened the commute between Panvel and South Mumbai, increasing the area’s allure for both homebuyers and investors. Additionally, Panvel’s connection will be strengthened and its long-term economic prospects will be enhanced by the forthcoming Navi Mumbai International Airport (NMIA), which is expected to play a significant role in regional development.
Adding to this momentum is the proposed Third Mumbai initiative — officially the Karnala-Sai-Chirner New Town — being developed by the Mumbai Metropolitan Region Development Authority (MMRDA). This expansive project will cover key notified zones around Atal Setu and the Navi Mumbai Airport Influence Notified Area (NAINA), laying the groundwork for a broader urban transformation across the region.
Panvel is quickly solidifying its position as a key growth hub for both residential and commercial development as road and highway networks keep growing. Industry participants have praised Adani Realty’s entry into the Panvel market, predicting that it will not only draw in more capital but also raise property values due to increased demand and changing buyer expectations.
Dhiren Tharwani, Director of Tharwani Realty, remarked, “The metropolitan spread of Mumbai is booming, and Navi Mumbai is leading this surge. Once associated with affordability, it is now positioning itself as a premium and ultra-premium real estate destination.”
Jignesh V Visaria, Partner at The Platinum Group, echoed this optimism, stating, “Navi Mumbai is rapidly establishing itself as a prime hub, thanks to major infrastructure upgrades and the presence of leading developers. Adani Realty’s 1,000-acre land acquisition signals a shift in the city’s trajectory towards large-scale, integrated living.”
Aksha Kamboj, Executive Chairperson of Aspect Global Ventures, added, “Mumbai’s peripheries are undergoing rapid transformation, and Navi Mumbai stands out as a key beneficiary. The entry of top-tier developers like Adani Realty is accelerating the region’s shift from a premium to an ultra-premium destination, catering to everyone from first-time homeowners to luxury buyers.”
Source: Deccan Herald
