Mumbai is the second most populous city in India, following the national capital. Nevertheless, Mumbai continues to draw hundreds of thousands of people each year with its promise of steady employment, urban conveniences, lively lifestyle, and the potential for realizing one’s dreams. Parel, a locality in Mumbai, ticks all these boxes!
Parel was once an individual island and a part of the Seven Islands of Bombay, which the Portuguese ceded to England. Subsequently, it was connected to the other islands in the area. Located in South Mumbai, Parel has experienced a significant surge in residential launches in recent years. With a range of developed and under-construction options available, the area has become highly attractive to potential investors.
So, whether you are planning on investing in real estate or are just curious to know the flat prices in Lower Parel, we have got you covered!
Table of Contents
Property Demand in Parel
Parel is a popular choice among homebuyers and tenants due to its proximity to Lower Parel, a major commercial hub in Mumbai. It also attracts working professionals who have offices in Bandra Kurla Complex (BKC) or Nariman Point.
The area offers a number of residential units, ranging from 1 to 5 BHK apartments. However, the 2 BHK apartments are very high in demand. The demand for rental properties is also significant, given that the rental rates in Parel are relatively lower than those in Lower Parel or Worli. Although, there isn’t much difference in the capital rates.
Real Estate Trends in Parel
Parel’s real estate market has seen a 6.13 percent year-on-year growth. Other than capital rates, the rental yield is also anticipated to see an increase. There are a number of reasons as to why there is expected to be an increase in the property rates in the area. For instance, the upcoming metro network is expected to boost property prices quite significantly.
This growth can also be attributed to the rise of numerous start-ups, its proximity to the commercial district, and excellent connectivity. No wonder Parel, Mumbai has emerged as a promising hotspot for potential investors. In addition to its long-term investment potential, Parel is also an ideal location due to its strategic position on the city map. People can consider having a look at upcoming residential projects like Bhoomi Simana, Kalpataru Avana, Kiron Inspire, Pearl Heights, Rubberwala Valencia, and Runwal Nirvana.
Factors Driving Property Prices in Parel
Once known to be an industrial hub, Parel is now a highly sought-after real estate destination for investors as well as homebuyers. But there are quite a few reasons behind this. Firstly, the area boasts an extensive rail network connecting it to other parts of the city. The Suburban Railway Station, with its favorable road infrastructure, serves as a significant stop on the Lalbagh Flyover.
Also, the neighborhood is known for its safety, with well-lit streets comprising 721 LED lights and continuous police patrolling from nearby police stations. For recreation, the BMC Garden & Children’s Park, a popular amusement park, is situated in the area.
To makes thing even better, Parel’s pollution rate is also quite low, with an AQI of 35. This further makes it a relatively healthy place to live. All these factors are responsible for the ever-increasing demand as well as flat prices in Lower Parel.
Conclusion
Overall, the real estate market in Parel Mumbai has emerged as a lucrative investment opportunity in recent years. With its prime location, excellent connectivity, and numerous development projects underway, Parel is quickly becoming one of Mumbai’s most sought-after residential and commercial neighborhoods, which can help you achieve significant returns on your investments.
