Panvel periphery is going to emerge as the new destination for affordable homes for many prospective buyers. The Union ministry of environment, forest and climate change has given a go-ahead to lay the second railway line on forest land for the doubling of the Karjat-Panvel corridor, which is being executed by Mumbai Railway Vikas Corporation (MRVC).
There is a plan to connect Karjat to CSMT via Panvel in the coming years as it will cut down travel time by at least half an hour. At present, the travel time in a local from Karjat to CSMT is 2.15 hours and this is likely to come down to 1.50 hours to 1.55 hours.
Developers from the city say that this is likely to create a new area for the development of affordable housing. The stretch along the railway line upto Chowk junction, a number of housing projects are already lined up and with a direct train to CSMT in the future, the demand will rise.
Manohar Shroff, senior vice president of MCHI Credai Navi Mumbai said that the new railway corridor will create demand in both Karjat and Panvel. “A few villages along the stretch also come under NAINA and it will be a good destination for affordable housing,” said Shroff. He added that it was a long pending proposal that seems to be completed soon. Around 29 km corridor is expected to be completed by 2025 and the suburban trains are likely to start services.
Developers from the city say that in coming years, the stretch along the old Mumbai-Pune highway which will be almost parallel to the new railway line will be in demand.
At present, a large number of projects are ongoing including from well-known developers like Godrej, Wadhwa, Hiranandani, and Devtaa Group. Hem Tuteja, managing director of Devtaa Group said that it is a long pending railway project and its execution will make the location more attractive for home buyers. The group has an ongoing project at Wavandhal village near Chowk along the project with one BHK to two BHK.
