Rs 10,000 crore township of Adani Group coming up in Panvel

Navi Mumbai: Following its pivotal role in the Dharavi redevelopment project in Mumbai, Adani Realty is now setting its sights on Panvel, where it has planned a nearly Rs 10,000 crore expansive township development mega-project.

The project will boost the property market in the satellite township of Navi Mumbai.

Tentatively named Adani Panvel, spanning over 1,000 acres, this landmark project is being touted as one of the most substantial real estate investments within the Mumbai Metropolitan Region (MMR) in recent years.

With its sheer scale and the backing of a major industry player, Adani Panvel is expected to redefine the urban fabric of the region.

Panvel has emerged as a magnet for real estate investment, owing to rapid infrastructural developments in and around the area. Key among these is the Mumbai Trans Harbour Link (MTHL), also known as Atal Setu, which has significantly cut travel time between Panvel and South Mumbai, bringing areas like Nariman Point within closer reach.

Additionally, the highly anticipated Navi Mumbai International Airport (NMIA) is poised to act as a major catalyst for growth, further enhancing Panvel’s connectivity and appeal.

Another transformative initiative in the pipeline is the development of Third Mumbai, officially known as Karnala-Sai-Chirner New Town. Planned by the Mumbai Metropolitan Region Development Authority (MMRDA), this project encompasses notified zones around both Atal Setu and the Navi Mumbai Airport Influence Notified Area (NAINA).

With extensive road and highway expansions also underway, Panvel is becoming an increasingly strategic hub for both residential and commercial development.

Industry stakeholders are optimistic about Adani Realty’s entry into the Panvel real estate market. Experts believe the move will not only attract further investment but also drive property prices upward, reflecting the rising demand and future potential of the region.

Dhiren Tharwani, Director of Tharwani Realty, noted: “The metropolitan areas of Mumbai are flourishing, and Navi Mumbai is at the forefront. What was once known primarily for affordable housing is now evolving into a premium and even ultra-premium real estate destination.”

Jignesh V Visaria, Partner at The Platinum Group, said, “Navi Mumbai is rapidly establishing itself as a key hub, driven by massive infrastructure upgrades and a growing influx of renowned developers. The acquisition of a 1,000-acre land parcel by Adani Realty not only reinforces the city’s growth trajectory but also signals a shift in buyer expectations towards large-scale, integrated townships.”

Aksha Kamboj, Executive Chairperson, Aspect Global Ventures, said: “Mumbai’s peripheries are witnessing rapid growth, with Navi Mumbai emerging as one of the city’s most promising real estate markets. The region has increasingly attracted several prominent developers who recognise its untapped potential and strategic advantages. What was once considered a premium market is now evolving into an ultra-premium destination, catering to a diverse spectrum of buyers, from aspiring homeowners to discerning luxury investors.”