The real estate market in Panvel is booming. And for good reason. Affordable, well developed, for a wide range of budgets and in pristine natural surroundings. With the infrastructure push powering growth, Panvel is an opportunity not to be missed. So what things should you look out for if Panvel has caught your eye?
Builder Credibility
Check the track record of your developer for the 1 BHK and 2 BHK properties in Panvel that they’ve completed previously. And projects they’ve completed in other areas as well.
How was the construction quality on those projects? Were they delivered on time? Have they maintained the amenities well, after possession? All these things point out how reliable a developer is and if you should trust them with your hard-earned money.
Legal and Approval Checks
Ensure your project is legal and has all the necessary approvals.
RERA registration: Verify that the builder and project are registered on the MahaRERA (Maharashtra Real Estate Regulatory Authority) website.Title Deed: Proves the developer has clear ownership of the land.Encumbrance Certificate: Confirms the property is free of loans, mortgages and legal disputes.Municipal approvals: Check for building plan sanctions, commencement certificate and occupation certificate.Land Use and Zoning: Check if the land falls under residential-use zone as per CIDCO/NAINA plans.
Location and Connectivity
The price of your new 2 BHK flat in Panvel will vary considerably based on how close it is to major transport hubs like the Navi Mumbai International Airport (NMIA), Mumbai Trans Harbour Link (MTHL), railway and metro stations and the Sion-Panvel highway.
You should also check proximity to nearby schools, hospitals, markets and malls. Consider if your area is prone to waterlogging in the monsoons.
Pricing and Affordability
Compare the per sq. ft. price of your 1 BHK in Panvel with other 1 BHKs in nearby projects. There may be various hidden charges like floor rise, parking, club membership fees and maintenance fees that could catch you by surprise later.
If the idea is to rent out your purchase later, then estimate how much rental yield is expected for that locality and project.
Project Amenities and Infrastructure
Make sure the construction quality of your 2 BHK in Panvel is up to the mark. The materials used should be of good quality and preferably earthquake resistant. There should be uninterrupted water supply, electricity backup and sewage systems in place.
Amenities like gyms, clubhouses, gardens, sports courts, swimming pools and jogging tracks are often available and you should choose a project that provides access to the ones you enjoy most. Some projects have very high maintenance charges for these amenities, so that is a point to take into consideration.
Possession Timeline
If your project is under construction, check the RERA for possession date and penalties for delay. If it is ready-to-move you should verify the occupation certificate to avoid any issues.
Resale and Rental Potential
You should check the demand in the area from families, students and working professionals if you are planning to rent your flat out. 1 BHK flats in Panvel are popular amongst working professionals who don’t need much space while 2 BHKs are more suited to families and groups of people living together. Compare the rental prices to nearby locations in other projects.
If you are planning to sell later on, take note of the sales trends for that location and keep an eye on any infrastructure set to be completed at a later date that could propel the value higher.
Panvel continues to be a great place to live and invest in. Being careful about the projects you consider and doing your due diligence will ensure you face no issues later on. Panvel real estate is in the ascendancy. Your future home awaits.
