Lifestyle

Parel Real Estate property market: An overview

[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 : Sohna Road property market: An overview

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.

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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/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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