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By:

Bhalchandra Chorghade

11 August 2025 at 7:24:18 pm

Panvel: MMR’s next economic hub

Panvel is now emerging as a multi-modal gateway linking Mumbai’s commercial economy with Navi Mumbai’s airport, JNPA’s port ecosystem and Raigad’s industrial belt Mumbai: For centuries, Panvel’s importance came from its location. The town grew around land and sea trade routes and was historically known for its rice market. Today, that same locational advantage is being recast in a dramatically different economic landscape — one shaped by an international airport, a major container port,...

Panvel: MMR’s next economic hub

Panvel is now emerging as a multi-modal gateway linking Mumbai’s commercial economy with Navi Mumbai’s airport, JNPA’s port ecosystem and Raigad’s industrial belt Mumbai: For centuries, Panvel’s importance came from its location. The town grew around land and sea trade routes and was historically known for its rice market. Today, that same locational advantage is being recast in a dramatically different economic landscape — one shaped by an international airport, a major container port, expressways, freight corridors, railways and expanding urban infrastructure. Panvel is consequently moving from being a transit point between Mumbai, Pune and the Konkan to becoming a destination in its own right. “Panvel can no longer be viewed merely as a residential extension of Mumbai and Navi Mumbai. It is fast becoming a commercial and economic destination in its own right,” said Prashant Thakur, MLA, Panvel Assembly Constituency. The transformation is not entirely new. Panvel is around 300 years old and its evolution was closely linked to trade and transportation. Its commercial DNA, therefore, predates the development of Navi Mumbai by several decades. What has changed is the scale and quality of connectivity around it. The development of Navi Mumbai from the 1970s brought planned nodes such as New Panvel, Kharghar, Kamothe, Kalamboli and Taloja into a rapidly urbanising landscape. The creation of the Panvel Municipal Corporation in 2016 further expanded the administrative footprint, bringing the old town and several rapidly developing areas within one municipal framework. That expansion is now meeting an unprecedented infrastructure build-out. Panvel’s Geography Panvel’s strongest advantage is not any single project but the convergence of several major transport systems. The Mumbai–Pune Expressway and Sion–Panvel corridor connect it with Mumbai and Pune, while the Mumbai–Goa highway provides access towards the Konkan. Close by are JNPA, the Navi Mumbai International Airport and the wider Navi Mumbai urban economy. Then came the 21.8-km Atal Bihari Vajpayee Sewri–Nhava Sheva Atal Setu. Opened to traffic in January 2024, the bridge has strengthened the physical and economic connection between Mumbai and the Navi Mumbai–Panvel–Raigad region. For Panvel, its significance extends beyond shorter travel times. It has expanded the geography within which companies can locate offices, warehouses, hotels and support businesses. “The coming decade can establish Panvel and its surrounding region as one of India’s most dynamic economic growth centres,” said Thakur. “An international airport, a world-class port ecosystem, highways, railways, Metro connectivity and Atal Setu are creating an economic ecosystem of enormous potential.” The Navi Mumbai International Airport has added another dimension to this transformation. With commercial operations commencing in December 2025 and international connectivity subsequently being added, the airport corridor has moved from being a long-term infrastructure proposition to an operating economic ecosystem. For Panvel, the airport effect could extend well beyond residential real estate. An international airport generates demand for business hotels, corporate offices, aviation-linked services, logistics, retail, hospitality, healthcare and other ancillary businesses. The emerging airport corridor is already changing the development narrative across Panvel, Ulwe, Kharghar, Taloja, Karanjade, New Panvel and Dronagiri. Perhaps the most distinctive element of Panvel’s economic proposition is its proximity to two major gateways — JNPA and NMIA. JNPA is integrated into the national freight network and is supported by road and rail connectivity, including the Dedicated Freight Corridor. The wider port ecosystem is also being strengthened through improved road links and connectivity towards Panvel and the airport. This gives the region a natural advantage in logistics, warehousing and supply-chain activity. The opportunity extends into the wider Raigad industrial belt, including Taloja, Patalganga, Roha and surrounding manufacturing clusters. For chemical and manufacturing companies, Panvel can potentially serve as a commercial and logistics gateway. Proximity to JNPA can facilitate the movement of imported raw materials, equipment and chemical feedstock, while road and freight connectivity can support distribution to domestic markets. The future opportunity could also extend beyond bulk chemicals to specialty chemicals, pharmaceuticals, advanced materials, chemical equipment and downstream manufacturing. NMIA adds another layer by improving access for high-value and time-sensitive products, corporate executives, technical specialists and international business. However, such growth would require planned industrial infrastructure — including common utilities, effluent treatment, hazardous-material handling, waste management, water recycling and emergency-response systems. Commercial Model Mumbai’s traditional commercial districts face constraints of land availability, high real-estate costs and congestion. Panvel, by contrast, can offer larger land parcels and the possibility of integrated development around multiple transport modes. This opens the door to a different commercial model — large office campuses, mixed-use developments, business parks, hotels, logistics facilities, institutional campuses and specialised industrial offices. Healthcare and education could become equally important components of this ecosystem. Thakur said the development of Medicity and Educity, along with emerging concepts such as Innovation City and Third Mumbai, could further alter the economic geography of the Panvel–Pen region. “Kharghar is also emerging as an important commercial destination, with plans for a new business centre. All these developments point towards one clear conclusion: Panvel is not merely a residential growth corridor; it is becoming a commercial and economic destination,” he said. Jobs Drive Inclusion The real test of Panvel’s transformation, however, will be the employment ecosystem it creates. The airport, logistics sector, IT and digital services, healthcare, hospitality, construction, engineering, financial services and emerging industries can generate opportunities across a broad range of skill levels. “Our youth must be the biggest beneficiaries of this transformation,” said Thakur. “I want the young people of Panvel not merely to witness this transformation, but to participate in it, benefit from it and eventually lead it.” That would require greater emphasis on technical education, industry-oriented training, skill development and employability programmes. An emerging education ecosystem could also create opportunities for specialised disciplines such as chemical engineering, biotechnology, materials science, aviation services and industrial research. The challenge is to build infrastructure ahead of demand. The scale of the opportunity also brings a significant planning challenge. As commercial activity and population increase, Panvel will need adequate water supply, electricity, roads, public transport, sewage systems, waste management, healthcare, education and other civic infrastructure. Rapid urbanisation without corresponding infrastructure capacity could undermine some of the advantages that are currently attracting investment. “Growth must be supported by quality infrastructure,” Thakur said. “Infrastructure capacity must grow ahead of demand rather than struggle to catch up with it.” The proposed Panvel Development Plan for 2024–2044 assumes a much larger urban footprint and seeks to provide a longer-term framework for managing growth. The challenge will be to ensure that infrastructure planning keeps pace with the speed at which private and public investment is reshaping the region. Panvel’s transformation is therefore not simply another real-estate story. Its significance lies in the convergence of its past and future: a centuries-old trading town is now located at the intersection of an international airport, one of India’s major container ports, national highways, the Mumbai–Pune economic corridor, freight infrastructure, suburban rail and metropolitan expansion. Economic Centre Mumbai has traditionally been the economic centre, while Navi Mumbai was developed as its planned counterpoint. Panvel is now emerging as the bridge between that established metropolitan economy and the next growth geography stretching towards Raigad. “Panvel is changing. Panvel is connecting. Panvel is creating opportunities. And Panvel is now emerging as a new commercial address on the global map,” said Thakur. The real shift is from transit to destination. If infrastructure investment is matched by integrated planning, employment generation, social amenities and sustainable industrial development, Panvel could evolve into something more significant than a residential extension of Mumbai or Navi Mumbai: a multi-modal commercial and socio-economic hub serving the entire MMR–Raigad corridor.

Lateral upgrade to ailing annihilation

Sep 9, 2024
3 min read

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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