South Mumbai’s Top Real Estate Location Is Parel
Parel, which was formerly a centre for industry, has significantly changed over time. With a variety of alternatives in the developed and under-construction categories, the region has become a sought-after real estate destination for investment purposes.
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The past few years have seen a remarkable rush of residential debuts in Parel, a neighbourhood in South Mumbai. With the support of the proliferation of numerous start-ups, close proximity to the business district, and easy connection, the area has progressively turned into a potential hotspot for investors. Due to its advantageous placement on the city map, Parel is a desirable destination in addition to offering long-term investment potential.
Construction of new homes in Parel
Parel, formerly a well-known location for cotton & textile mills, is today a key centre for IT/ITeS enterprises and a wide range of commercial and corporate ventures. The introduction of the walk-to-work culture has resulted in a huge increase in residential construction in the area. As a result, Parel has attracted interest from both the renter community and end-users. Young entrepreneurs and professionals in the workforce both favour this area.
The proximity to Lower Parel, a well-known commercial sector, has further fueled the region’s expansion and encouraged other reputable developers to enter the market. Many developers have already made their presence known in Parel, including Lodha Group, Neumec Builders, & L&T Realty. The neighborhood’s typical capital price per square foot is roughly Rs 27,400. In contrast, the typical monthly rent for a 1-bedroom apartment is between Rs. 26,000 and Rs. Rent for a two-bedroom apartment in Parel ranges from Rs 55,000 to Rs 66,000 per month.
What justifies investing in Parel?
Parel is anticipated to generate good profits in the future given the price trends there and the ongoing demand. Excellent social infrastructure, strong connectivity, and affordable prices are a few of the key drivers of the region’s development. The neighbourhood currently has a number of prestigious schools, entertainment hotspots, and healthcare facilities nearby. Tata Memorial Centre, Maharshi Dayanand College of Arts, Wadia Hospital, & ITC Grand Central are a few of the important institutions in Parel. The two most well-known malls in Parel are the high-street Phoenix Mall & Palladium Mall.
Connectivity in parel
When it comes to connection, Parel provides seamless access to other important places via important arterial routes like the Dr. Ambedkar Road. The neighbourhood, which is situated along the Eastern Freeway, is connected to the Western Express Highway by the Gokhale Road as well. In addition, it is a component of the Mumbai monorail. The neighbourhood is easily reachable from Worli, Mahalakshmi, & Nariman Point with to its excellent transportation infrastructure (roads and trains). In contrast to the famed Bandra-Kurla Complex (BKC), which can be reached in around 15-20 minutes, the international airport is located 20 minutes away from the area.
Due to its close vicinity to Lower Parel, a prominent commercial area in Mumbai, Parel sees a healthy influx of tenants and homeowners. Additionally, the area attracts the interest of professionals who work in Bandra Kurla Complex (BKC) and Nariman Point. There are 1–5 BHK residential units in the area; however 2 BHK flats are the most popular. Additionally, there is a high demand in the area for rental homes. This is also the case because Parel’s rental rates are considerably lower than those in Lower Parel and Worli. However, there aren’t many differences in the capital rates. In the following three years, investing in Parel can result in capital & rental rate increases of 15-20 percent. The region’s real estate prices will increase as a result of the new metro network.
Below are few projects listed:
Popular projects in Parel, Mumbai
|Project Name||Developer Name||Status|
|Ruparel Nova||Ruparel Group||Possession in Jun 2024|
|Ruparal Ariana||Ruparel Realty||Possession in Dec 2021|
|L and T Crescent Bay||L & T Realty and Omkar Realtors||Ready to move|
|Dosti Belleza||Dosti Group||Possession in Jun 2021|
|Lodha Venezia||Lodha Group||Ready to move|
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