When you think of real estate in Mumbai, the first thing that comes to mind is the immensely supply and availability of property and land in prime locations. Indeed, most central or southern locations in Mumbai have a huge disparity between demands and supply that in turn puts pressure on prices. Prices of property in Mumbai city have gone up to stratospheric levels and this has automatically reduced overall demand from all segments of the market. People now seek new and upcoming areas closer to Mumbai for purchasing property owing to the prospect of considerably lower prices and better infrastructure minus traffic hassles, congestion and other problems. Going by the demand for mid-range and comparatively affordable flats in Mumbai, Panvel seems to be the next big thing in Mumbai real estate markets. Navi Mumbai was earlier the emerging and rapidly developing residential zone but it has witnessed huge growth in population in recent years.
However, going by the volume of property for sale Mumbai, things are changing very swiftly indeed as more and more buyers snap up properties at reasonable rates in the area. Travelling time to Mumbai will be drastically reduced with this development and this is steadily sparking a rise in property prices here. However, prices are still lower in comparison to Navi Mumbai. The upcoming international airport will also boost infrastructural growth and progress in Panvel. Reliance is also planning a special economic zone or SEZ and this will boost residential demand further here. Residential flats in Mumbai are being built here and these offer anything from 1, 2 and 3 BHK apartments to 4 and 5 BHK configurations.