[ecis2016.org] Parel, a district in Girangaon, is a preferred Central Mumbai residential location. With continuous developments, Parel is a beneficial investment destination.
Parel, originally a separate island, was one amongst the Seven Islands of Bombay which was
You are reading: Parel Real Estate property market: An overview
ceded by the Portuguese to England. Later, it was linked up with the other islands.
Parel real estate has been witnessing a tremendous flurry of residential launches in recent times.
Highest demands have been recorded for 2 and 3 BHK housing units. Today realizing the
extraordinary growth and flourishing scenario of the area, developers are also concentrating on
building homes. Therefore, there is a recent trend of constructing buildings from the original
textile mills due to which the district came into limelight during the Great Bombay Textile Strike
of 1982. Property values ranging between Rs 30,000-35,000 per sq ft and worth Rs 2 crores and
above are most sought after in this locality at present.
Besides being a long-term investment prospective, Parel is also an ideal destination for its
strategic location. The city’s map promptly exemplifies the diversity of social, economic and
educational infrastructures that the district hosts. A variety of well-known educational
institutions as well as reputed hospitals with well-connected railway networks make Parel a
profit-fetching investment.
Some of the well-known builders in Parel include Indiabulls Real Estate, L&T Realty, Lodha
Read also : Oberoi to take over Rs 3,000-crore stalled redevelopment project in Worli
Group and Neumec Builders.
Connectivity with nearby Parul Real Estate localities
Eastern and Western Express Highways and Sea-links
Strategic location and railway connectivity
Monorail connectivity
Access to biggest commercial hub in Mumbai
Excellent social infrastructure
Employment hubs near Parul Real Estate
Lower Parel is one of the key commercial destinations of Mumbai.
Being a part of the Secondary Business District (SBD), it houses dozens of office spaces
and serves as a workplace for numerous people.
Schools in Parul Real Estate and other social amenities
Parel offers good social infrastructure to residence. Reputed schools in Parel include the Cama
Montessori & Primary School and Helen Keller Institute. Some well-known colleges in Parel
are Maharishi Dayanand College of Arts, Science and Commerce and Seth GS Medical College.
Leading hospitals in Parel include Mahatma Gandhi Memorial Hospital and Global Hospitals.
Read also : Property rates & trends in Madipakkam, Chennai
High Street Phoenix and Palladium Mall are some of the popular malls in Parel.
Physical infrastructure in Parul Real Estate
Upcoming big ticket projects in Parel promise to develop the area even more in the coming
years.
Price trends in Parul Real Estate
Price Appreciation- 0.57% in the last couple of years
Current property rates- INR Rs. 23,510 per sq. ft.
Rental values- INR Rs. 63000- Rs. 77000 for a 1000 sq. ft. apartment
Reasons to invest in Parul Real Estate
Considering the price trends in Parel and the rising demand, the area should prove to be a good
investment. Excellent social infrastructure, competitive pricing and good connectivity are
eminent factors behind Parel’s growth. This will subsequently lead to residential and civic
development.
However, there are a few problems like traffic congestion in peak hours and inadequacy of mid-
range housing options in the area. But with good appreciation and excellent connectivity, Parel
does make a good investment proposition.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
