A 1 BHK is part of the starter pack for any young professional looking for a place to rent or a newly married couple trying to create their own little slice of heaven. Nestled in the heart of nature, Panvel could very well be heaven on Earth as it mixes modern living with a strong connection to nature.
Splurging at malls and cafes or spending the day spotting birds, whatever your preference, Panvel has an option for you. If a 1 BHK in Panvel tickles your fancy, read through this quick, little guide on how to make that thought a reality.
Planning Your Budget
Buying your 1 BHK flat in Panvel is going to take some money and careful consideration of your finances. Your income and the savings you have, will allow you to choose what sort of EMIs you can afford to handle. Also take into account the other charges that come along with home ownership, like stamp duty and registration, GST for projects under construction, parking and maintenance charges, and society deposits and fees.
The good thing about 1 BHK projects in Panvel is that they are comparatively cheaper to what you would be shelling out in areas of Mumbai and Navi Mumbai. Having an EMI at 35-40% of your monthly income is the guideline that is suggested but of course, take a look at the circumstances and choose what works best for you. The government provides help to potential first-time homeowners through the PMAY (Pradhan Mantri Awas Yojana).
Location and Connectivity
As they say, location is everything. And Panvel just happens to be sitting right on the mother lode. The Navi Mumbai International Airport, the Mumbai Trans Harbour Link, the Jawaharlal Nehru Port Authority as well as having good metro and railway connectivity. Panvel is very well connected. You know how you have that one friend who knows everyone and gels with everyone. That friend is Panvel.
Anyway, what this enhanced connectivity means is that if you are an investor, Panvel is the place to invest. If you are a potential homeowner who is wondering if that 1 BHK flat in Panvel near the railway station is the one, it probably is. What this airport and connectivity ensure is that there will be tremendous economic activity taking place and if you invest now, the future does indicate an upward trend in prices.
When you are considering a 1 BHK flat in Panvel, take note of how close they are to the railway station and highway. Also take into consideration the nearby schools, hospitals, markets and cultural hotspots that interest you. The safety, infrastructure and future growth of Panvel are in a good place but do your due diligence and check if where you are buying is a flood-prone area.
Looking at the different areas of the tehsil, Old Panvel has better demand for resale and is well established. New Panvel has better infrastructure and layout thanks to CIDCO planning and is close to Panvel railway station. Kharghar, Taloja, Kamothe and Kalamboli are fast developing residential hubs with good connectivity. Areas close to the Navi Mumbai International Airport like Ulwe and Pushpak Nagar are great investment spots.
Selecting your 1 BHK flat in Panvel
If you are buying a new construction 1 BHK flat, GST will apply but you will get modern amenities and you can opt for a flexible payment plan. If you are buying a resale 1 BHK, the owner will usually want the full amount at that moment. There is no GST but be very vigilant and check all the legal papers with an eagle eye.
Buy from builders with good reputation and who have a successful track record of delivering MahaRERA-approved projects (Maharashtra Real Estate Regulatory Authority). Take a very good look at the floor plans and carpet area of the flat. Amenities like lifts, parking area, security, water supply and power backup should be provided and work well. Choose if you want your flat on a lower or higher floor and consider the ventilation of the flat as well as the sunlight you will receive in different seasons. You also have a choice in which direction you want your balcony facing.
Legal and Technical Checks
Ask the builder for copies of municipal approvals and sanctioned plans. Verify the RERA registration of your 1 BHK project on the MahaRERA website. You can also check the bank approval list as a project is usually safe when financed by a top bank. Verify occupancy certificate which signifies that a flat is safe for humans to live in. Also when your home loan is approved by a bank, it means the bank has evaluated the builder and project and confirmed that they are credible.
Cost Now vs Value Later
One thing to consider is the cost of the 1 BHK flat at this moment in time and the potential value it could have later. Even if you are buying your forever home, it makes sense to ensure that if the need ever arises to sell it later, that you remain in profit.
A 1 BHK flat in Panvel has a low cost of entry compared to a 1 BHK flat in Navi Mumbai or a 1 BHK in Mumbai. Due to the presence of the Navi Mumbai International Airport and good infrastructure and connectivity in general, Panvel has a very high potential for future price appreciation. If you are buying a 1 BHK for the purpose of renting it out, there will be a steady demand from professionals, students and families living and working in the area.
It is also a good idea to compare it to other 1 BHKs in nearby localities. They will differ in price based on carpet area and amenities, so you can choose one that meets your needs and aesthetics.
Visit your 1 BHK project in person
Your 1 BHK will obviously look amazing in the brochure and in the photos. Make a trip to Panvel and see for yourself if it matches all that it claims to be. Check the layout of your apartment, the construction quality, the general ambience of the area, traffic and noise levels. Your 1 BHK should have plenty of natural light and proper ventilation to ensure your health and wellbeing. Ensure that water availability and power backups are in place. You should take note of the parking areas and also consider if your flat is built in a low-lying area that may be prone to water logging in the monsoons.
Buying Your 1 BHK
ou’ve fell in love with your flat and are ready to buy. Do a thorough check of all the documents and apply for a home loan after considering the various payment plans on offer. Consider availing schemes like the PMAY (Pradhan Mantri Awas Yojana) if you are eligible. Pay the booking amount and sign the agreement to sell. Register your property at the sub-registrar office and take possession with occupancy certificate. And voila! That 1 BHK is finally yours.
Panvel is a city built for the future. The time is perfect to step in, grab your 1 BHK and be part of the meteoric rise on the horizon. Connected to the world, yet still, deeply connected to nature. The future is connected and Panvel is at its heart.
