Nestled amidst the bustling region of South Mumbai, Parel which was earlier known as an industrial hub has today emerged as a most sought-out residential destination among both end-users as well as investors. Backed by a well-established infrastructure, commercial hubs as well as seamless connectivity, the locality has witnessed a huge jump in the housing launches as well as property prices in the last few years.
Take a look at various other factors that makes Parel, a hot residential locality of South Mumbai:
Location and Connectivity
Parel is well-connected to all other areas of Mumbai via a thriving rail and road network. It enjoys smooth connectivity via important arterial roads like Dr. Ambedkar Road. The monorail also passes from this region. Besides this, both Eastern Freeway and Western Express Highway are linked to this locality connecting it to important areas like Nariman Point, Worli, and Mahalakshmi. The commercial district of Bandra-Kurla Complex (BKC) is just 15-20 minutes away from Parel. Moreover, it takes just 20 minutes to reach International Airport from Parel.
Lower Parel is one of the famous suburban railway stations present in the locality.
Social and Civic Infrastructure
Apart from good connectivity, Parel is also home to well-developed and flourishing social and civic infrastructure. It boasts the presence of several renowned schools, institutes, hospitals, retail, and entertainment centers. The major ones are Maharshi Dayanand College of Arts, Wadia Hospital, Tata Memorial Centre, ITC Grand Central, Phoenix Mall, and Palladium Mall.
Real Estate Market
A few years back, Parel was known for its cotton and textile mills, but will infrastructural developments, today it has become a commercial hub that includes many leading IT/ITes offices and corporate MNCs. This has attracted many working professionals to purchase and rent a home here. In recent years, the locality has witnessed many new residential launches in the mid-segment and luxury segment by leading developers that have gained the attention of professionals, entrepreneurs, and businessmen. Leading developers like Lodha, Neumec Builders, and L&T Realty have already developed their luxury projects here.
According to experts, the presence of a thriving commercial center in the Lower Parel is the major reason for the growing housing demand among both homebuyers as well as tenants. The proposed metro network will further boost the residential demand in Parel.
Some of the big-ticket projects in Parel are L&T Crescent Bay, Dosti Belleza, Ruparel Ariana, and Kingston Tower, etc.
Property Price and Trends
Because of the presence of established infrastructure and connectivity, property price in Parel has jumped from what it was a few years ago. At present, the average property price in Parel is Rs 26,878 per sqft. However, the maximum price of the apartment goes up to Rs 32,393/ sqft. One can easily find luxury apartments, villas and penthouses here. A 2 BHK apartment starts from Rs 2 crore.
On the other hand, the monthly rental for a 1 BHK unit ranges between Rs 30,000- 34000 per month and for a 2 BHK, it is Rs 63,000 onwards.
Seeing the current trend, expert suggests these prices will further increase in years to come.