Top 6 Benefits of Investing in Panvel | Reasons to Invest in Panvel

benefits-of-investing-in-panvel-reasons-to-invest-in-panvel

In this article we have discussed the 6 incredible benefits of investing in Panvel. If you are considering investing in Panvel real estate but concerned whether it is worth it, please go through the below pointers. The benefits discussed in this article are based on feedback from builders, brokers and clients living in Panvel.

The Panvel residential market has witnessed a significant growth in the past few years. The area offers a wide range of real estate investment opportunities. Properties in Navi Mumbai are really modern and known for luxury living. Of all the locations in Navi Mumbai, Panvel is the hotspot for the real estate boom. It offers a mix of fresh and spectacular scenery, robust infrastructure, connectivity and more! Here are some of the reasons to invest in Panvel real estate. 

The 6 amazing Benefits of investing in Panvel

1 Infrastructure-

Panvel is 40 km from Mumbai and falls in the Raigad district. It has proximity to Thane and Navi Mumbai, two well-planned cities with robust infrastructure and attracts a lot of attention due to its proximity to major upcoming infrastructure projects. It is highly regarded for its connectivity as it is the intersection of various highways including Sion-Panvel Expressway, Mumbai-Pune Highway, National Highways 66, 4 and 4B.

The railway department is also executing crucial tasks in Panvel, and Panvel’s CST high-speed rail corridor is seen as an important game changer. As it will significantly reduce travel time and improve the overall transport connectivity of this region.
Also the long awaited Navi Mumbai International Airport is very close. The new airport expected to be operational by the end of 2021. It also includes the project NAINA – Navi Mumbai Airport Notified Influence Area, developed by CIDCO. Another project that is attracting more investors to Panvel is a corridor of over 100 km from Alibaug to Virar.

2 Connectivity

One of the main benefits of investing in Panvel is the seamless connectivity to other areas of Mumbai. It is well connected to the major localities nearby, thanks to its amazing rail/road connectivity. The area also connected to the western and eastern highways and also in the center of Konkan, which can easily connect to other countries.

Connectivity of Mumbai Pune Expressway and Sion-Panvel exit further improves the reach to Panvel. As such, these roads provide easy access to all parts of Mumbai, making Panvel a great place to invest in real estate.

Check out:- flats for sale in Panvel

3 Profitable investment

Real estate is considered one of the smartest and most reliable investments. However in the case of real estate investing in the right position at the right time is very crucial. Otherwise you won’t get the desired output or profit. In terms of profit there are many benefits of investing in Panvel. When buying a property, the amount of potential major infrastructural and economic improvements in that location should be considered. Nowadays, it is profitable to buy a new home somewhere like Panvel where you can expect a better return on investment in the future. 

4 Less Traffic Hustle-

Panvel is a well-structured and well-planned place as a result people can move without any hustle even during peak rush hour. Since two decades, it has witnessed an amazing social and physical infrastructure growth. Although the recent breakthrough came later than Thane, making it an excellent investment destination.

5 Educational Institutes

Panvel has well-known educational institutions as well as many famous schools and colleges. The presence of prestigious schools and colleges are one of the benefits of investing in Panvel. Some of the most prominent educational institutions are Mahatma School of Academic Sciences and Sports, New Horizon Public School, Media Studies and Research and St. Joseph High School.

6 Less Pollution 

Low pollution is one of the main reasons to invest in Panvel. It is the perfect place for those who want to live in peace, who want to enjoy landscapes and greenery. It offers accommodation at very reasonable prices compared to Mumbai and has both affordable and luxury homes. Also the level of pollution very low in Panvel compared to other areas thus, making it the most desirable place to invest in a home. 

Conclusion-

When buying a property you should consider the amount of potential major infrastructural and economic improvements in that location. One should definitely consider Panvel, as the benefits of investing in Panvel are many. It is already a well planned city and has most of the amenities ideal for a perfect living. There are many banks, gyms, popular restaurants, clubs, amusement parks, shopping malls, etc. It also has some well-known and famous educational institutions. Considering all these factors, Panvel is definitely going to be one of the best areas to invest in real estate. 

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BRERA wants separate teams to help home buyers

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The Bihar Real Estate Regulatory Authority (BRERA) urges the state and central government to form an interdisciplinary team to ensure that real estate companies reimburse buyers money with interest or to get the building registered and give possession to buyers.

The bench of chairman Naveen Verma and members Nupur Banerjee and RB Sinha made the above suggestion on Monday. During a series of cases against Shine City Infraproject Private Limited, the directors of this company supposedly have gone to Dubai. They have cheated several people to register property in their name despite taking money against a housing project in Naubatpur, Patna. 

The bench noted that in addition to Patna, the company committed a similar infringement against home buyers in other cities like Odisha, Uttar Pradesh, and Jharkhand.

Help of ED will be beneficial

The bench has ordered all plaintiffs to file an FIR to the State Police Economic Offence Unit (EOU) with all the facts and documents related to the company and submit them to RERA.

The bench has requested Bihar DGP to set up a dedicated investigation team to look at the consequences of the case. And explore the possibilities of seeking help from key investigative authorities such as the ED (Enforcement Directorate) to catch offender. As the company’s activities span several states and directors have gone abroad. It has also ordered RERA’s secretary to send a letter to DGP, with facts in the case so investors can register FIR against the company. It also instructed the RERA Secretary to discuss the matter with the Registrar of Companies in Lucknow for details of the company.

The authority is also taking help from a retired police officer with experience in financial crime. The role of officer is to investigate complaints from more than 90 people, who paid money to buy a property in Naubatpur but never brought to justice.

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Gujarat government offers property tax waiver for restaurants, hotels, resorts & water parks for FY21-22

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The move brings tremendous relief to the hotel industry, which is recovering from a severe income crisis following the pandemic. The property tax exemption is welcome after the industry has experienced a downturn with the first and second wave of Covid-19 cases. This step will definitely boost the hospitality sector and a good step by the state government.

On Monday the state government announced full exemption from property tax for hotels, restaurants, resorts and water parks in the fiscal year 2021-22.

The state also announced the revocation of flat electricity bills. So the hotel owners, restaurateurs, resort and water park owners only have to pay for the electricity they use.

It will ease financial burden on hoteliers

Jay Sudhakaran, general manager, Novotel Ahmedabad said, the industry felt neglected due to staff restrictions in companies and hotels that are not considered frontline workers. The news is a welcome change and would help many businesses who are struggling with COVID situation.

The Hotels and Restaurants Association (HRA) and the Gujarat Food Entrepreneurs Alliance (FEA) in Ahmedabad have issued statements and representations to the state government in this regard. On Monday afternoon, a meeting held between HRA representatives and Chief Minister Vijay Rupani, after which the decision was announced.

Narendra Somani, president, HRA, Gujarat said, rising rents, rising operating costs and lack of revenue due to the restrictions have severely impacted the restaurant and hotel businessess. The decision to abolish fixed electricity costs and property taxes will reduce the financial burden on hoteliers.

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CREDAI-MCHI urges Maharashtra Government to cut stamp duty to 2%

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Real estate association CREDAI-MCHI on Tuesday requested the Maharashtra government to cut the stamp duty to 2 percent in Mumbai to revive housing demand amid the COVID-19 pandemic.

The association wrote separate letters to Udhav Thackeray, Chief Minister of Maharashtra, Ajit Pawar, Minister of Finance, and Balasaheb Thorat. Deputy Chief Minister of Maharashtra and Minister of Revenue of Maharashtra.

Drastic reduction in stamp duty collection

In September 2020, the Maharashtra government announced a 2-3 percent reduction in stamp duty. The exemption became ineffective in March this year.
In support of its claim, the association cited a slowdown in housing sales and a sharp reduction in stamp duty collection for the state government.

CREDAI MCHI, which has more than 1,800 developer members, has asked the state government to reduce stamp duty to 2 percent in Mumbai by March 2022. In addition, authorities said the downward trend will continue and many potential buyers are hesitating due to higher transaction costs.

The industry authority noted that the decision to reduce stamp duty in August 2020 has helped the sector incredibly.
However, the decision not to renew the stamp duty refund after March and the outbreak of another wave has led to extremely low-key sentiment from home buyers. Revenue collection for the authorities has also fallen. Property registration and stamp duty collection fell by 70 percent in May compared to March.

Low inquiries since past few months!

Deepak Horadia, president of CREDAI-MCHI, said, the association has called for an extension of the cut beyond March. So that the momentum of this industrial and economic revival does not fade. “However, we have seen a strong downward trend in inquiries and sales in recent months. Which not only hampers the sustained progress made in the real estate sector but also the more than 250 aid industries that come into play. Goradia said the state government should be aware of the need to return stamp duty reduction. So to regain the confidence of home buyers as well as increase its own revenue collection.

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MahaRERA orders Radius Estates to refund & buyers to exit BKC project

MahaRERA instructed Radius Estates and Developers, a co-promoter of the Ten BKC project in Bandra, to let 14 homebuyers withdraw from their project. And to repay the amounts paid by buyers with interest for non-payment of provisional or pre-EMI and for delayed ownership. The authority also ordered the builder to pay MahaRERA a fine of 10 lakh.

According to the plaintiffs, the developer has not given ownership by 30 November 2019 and also did not refund the amounts paid. All 14 home buyers booked apartments as part of the free sale component of the renovation project between 2016 and 2017. They reserved apartments under a subsidy scheme and paid about 63% to 74% of the total consideration for their apartments to the developer.

Possession and Sale agreements didn’t give on time

Tanju Lodha, homebuyers’ side lawyer, said the developer had not complied with the sale and purchase agreements and failed to fulfill its obligations to pay pre-EMI to banks. Thereby violating the comfort letter issued by it. 

Delay due to lockdown

The co-promoter or agent represented by Vibhav Krishna stated that since the allotment letters have not been canceled, the complaints are baseless. The co-promoter said that due to lockdown the completion or end date of the project due to the closure has been postponed to December 2022. In addition, he said that he paid pre-EMI under the subvention scheme until January 2020. The entire amount received from the applicants was used for the construction.

The co-promoter also said that the promoters or developers are facing challenges due to disputes with middle-income groups. And that the case is awaiting commercial arbitration in Mumbai High Court.

Did Not Fulfil Commitments

MahaRERA member Vijay Satbir Singh noted that the co-developer has sent comfort letters to home buyers. In letter the promoter stated that it will pay the pre-EMI to financial institutions until possession. However, the co-promoter stopped paying the same amount in February 2020 and has breached its commitments and obligations. Although the co-founder agreed to repay the pre-EMI payment paid by the applicants but failed to do so.

The member stated that the co-promoter was not entitled to accept more than 20% of the total remuneration. In accordance with the MOFA (Ministry of Foreign Affairs) and 10% under RERA without entering into a registered sales contract with the buyers. And if the buyer not ready to complete purchase agreement it should have taken appropriate action against them or returned the money by canceling their apartment bookings.

Singh ordered the developer to refund the full amount with interest. At the marginal value of the SBI loan rate plus 2%. He also ordered to separately resolve any financial institution issues regarding repayment of money paid by them on behalf of the plaintiff.

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