Modelled on its flagship Shantigram township in Ahmedabad, the Panvel development is expected to be built in phases over a decade. Sources told Mint that the estimated investment will exceed Rs 100 billion — double the cost of Shantigram.

While the official launch is expected post the inauguration of the Navi Mumbai International Airport, groundwork has already started. A sales office is in place, and Adani Realty is currently finalising the product mix for the first phase — which could include residential plots or apartments.

The township will be connected to a new expressway access road for improved mobility. Regulatory approvals and core infrastructure are being fast-tracked ahead of the launch.

Adani Realty, now operating under Adani Properties, has ramped up its presence in the sector in recent years. Last year, it launched 9 PBR — a premium residential high-rise development in Nerul, Navi Mumbai. The company’s total portfolio has crossed 200 million sq. ft., with 130 million sq. ft. in the pipeline, according to an April 2024 Mint report.

Adani is also making aggressive plays in Mumbai’s redevelopment market. It recently emerged as the top bidder for the Rs 360 billion Motilal Nagar redevelopment and acquired a Rs 1.7 billion land parcel on South Mumbai’s Carmichael Road.

The Navi Mumbai real estate market is witnessing a surge, powered by major infrastructure pushes including the Navi Mumbai International Airport and the 22-km Mumbai Trans Harbour Link. Adani holds a 74 per cent stake in the airport’s operating company — Navi Mumbai International Airport Ltd — in partnership with CIDCO.

Experts see strong long-term potential in the area. “Demand for branded premium housing is growing, particularly among local upgraders,” said Ankit Talreja of Anarock Group. Hiranandani Group’s Niranjan Hiranandani added that the new airport will redefine the city’s real estate dynamics from day one.

Other top developers like K Raheja Corp and Godrej Properties are also betting big on Navi Mumbai. JLL India data shows 24 land deals covering 368 acres in the region between January 2023 and March 2025, with developers racing to secure prime locations.

“Navi Mumbai is being positioned as the ‘Third Mumbai’. With land rates still relatively affordable, demand is expected to surge,” said Shankar Arumugham of JLL India.