Panvel, once a quiet suburb around 40 km from south Mumbai, is rapidly transforming into one of the most sought-after real estate hubs in the Mumbai Metropolitan Region (MMR), driven by the operationalisation of the Navi Mumbai International Airport and the enhanced connectivity provided by the Mumbai Trans Harbour Link.
Residential property prices in Panvel have surged over 53% in the past three years, rising from approximately Rs 8,800 per sq ft at the end of 2022 to Rs 13,500 per sq ft by the end of 2025, according to Anarock Research. In 2025 alone, prices grew 11% year-on-year, with an additional 5–7% uptick after the airport became operational last October, Anuj Puri, chairman of Anarock Property Consultants, noted. Even core Navi Mumbai areas have not kept pace with this growth.
What sets Panvel apart is its proximity to the airport — just 10 km away — and its inclusion in the Navi Mumbai Airport Influence Notified Area (NAINA), the state government’s ambitious “Third Mumbai” master plan. Large-scale infrastructure development has fueled robust demand from both end-users and investors, pushing plot rates up 40–50% in the same period. Aviation-linked housing demand has further accelerated growth, with the airport operator acquiring 405 ready apartments on a leave-and-licence basis at Wadhwa Group’s Panvel project last year.
Developers have swiftly followed the growth trajectory. Major players such as Godrej Properties, Hiranandani Group, Adani Group, and Embassy Group have expanded their footprint, alongside mid-tier developers sensing the next growth frontier. Between 2022 and 2025, 34,390 residential units were launched in Panvel, peaking in 2023, signaling strong investor confidence. Hiranandani Group is planning an education hub and residential complex within its 500-acre township, highlighting a move from speculative buying to holistic ecosystem development.
Developers are optimistic. “There is a huge improvement in infrastructure and connectivity to Panvel,” said Niranjan Hiranandani, managing director of Hiranandani Group. Aditya Virwani of Embassy Group added that “prices have doubled in the last 18 months” in anticipation of airport-related developments.
Yet experts urge measured expectations. Vivek Rathi, National Director-Research at Knight Frank India, cautioned that much of the infrastructure premium may already be factored into current prices, and future gains will depend on project execution and sustained demand. Nevertheless, Panvel is unmistakably shedding its peripheral status, emerging as a new centre of gravity in the region as the airport takes flight.
Source: Financial Express
