Property values have surged across Uran-Ulwe, Kharghar, Dronagiri, Taloja and Panvel, fuelled by sustained demand, improved connectivity and long-term investment potential.
The operationalisation of the ₹167 billion Navi Mumbai International Airport (NMIA) is already reshaping the region’s real estate landscape, with Panvel and surrounding nodes emerging as high-growth corridors.
According to Vimal Nadar, National Director & Head of Research at the real estate consultancy Colliers India, “The opening of NMIA signifies more than just a milestone in air travel. It marks a pivotal transformation in the region’s real estate landscape, particularly within the residential and commercial sectors.”
Property values have surged across key areas, including Uran-Ulwe, Kharghar, Dronagiri, Taloja and Panvel, driven by sustained demand and long-term investment potential. Navi Mumbai’s positioning as a sub-dollar office market, combined with enhanced connectivity and global access, is expected to accelerate office leasing activity in the coming years.
The proposed Aerocity near NMIA, designed to integrate commercial, residential and recreational spaces, will foster a new urban ecosystem blending work and lifestyle. With the Atal Setu sea link reducing travel times to Mumbai, the region remains firmly on the radar for homebuyers, developers and investors.
Deepak Khandelwal, Principal Partner & Chief Sales Officer at the property brokerage firm Square Yards, describes NMIA as “a cornerstone of the region’s broader infrastructure push,” supported by upgrades in road, rail, metro and waterway connectivity. “Its imminent operationalisation has already begun to reshape the real estate landscape, particularly across the Panvel region,” he said.
Between FY2021 and FY2025, apartment prices in Panvel rose by nearly 74 per cent, reaching ₹10,000-12,000 per square foot, compared to 45 per cent growth across the rest of Navi Mumbai, where prices stood higher at ₹19,000-21,000 per square foot. Plotted land in Panvel appreciated by 93 per cent, with rates averaging ₹80,000-85,000 per square yard, while other parts of the city saw slower growth of 58 per cent, despite commanding higher prices of ₹110,000-130,000 per square yard.
“With the first phase inaugurated and full-scale operations expected soon, the airport is set to drive the next wave of value creation, reinforcing Panvel’s position as one of the most promising growth hubs within the Mumbai Metropolitan Region and beyond,” adds Khandelwal.
-Manish Pant