Lower Parel and Prabhadevi Do Well in 3 BHK Units
According to latest data, localities in South Mumbai such as Prabhadevi and Lower Parel are seeing high supply in residential properties, especially in 3 BHK properties. It is also interesting to see that buyers in these particular areas too are showing interest in 3 BHK units.
The latest trends show that people looking for afffordable housing and 1/2 BHK units are looking for areas outside Mumbai city and its suburbs. These areas include Thane and few other areas in Navi Mumbai. Mumbai at this point has very few pockets which offer smaller units. However, residents who live in premium locations such as South Mumbai and few other locations prefer larger houses. According to realty experts, people who have been living in these localities for long do not like to move out and hence, whenever a property purchase happens, it is in the same area. Areas such as Lower Parel and Prabhadevi are able to offer them these kinds of properties at this point.
There is also another reason for high supply and demand for larger units in these areas. There has been active expansion of IT/ITeS-BPO sectors in South Mumbai, especially Prabhadevi. As such, there has been active development of high-end commercial as well as residential projects here. This has also increased the scope of ‘walk-to-work’ concept. The area has started attracting more professionals with high disposable income who do not mind spending a little extra to own a 3 BHK unit.
Projects and price range
There are some developers such as Kalpataru, DB Realty and Indiabulls offering 3 BHK properties in Prabhadevi and Lower Parel. The average area of 3 BHK unit in Lower Parel is in the range of 1,400 – 1,850 sq.ft and in Prabhadevi, it is in the range of 1,450 – 2,200 sq.ft.
The monthly rent for a 3 BHK property in Lower Parel is in the range of Rs. 80,000 – 2.5 lakhs, while it is between Rs. 75,000 – 2.5 lakhs in Prabhadevi. A 3 BHK unit may cost anywhere between Rs. 4 – 10 crore in both areas. The average capital value in Lower Parel is about Rs. 34,500 per sq.ft and Rs. 38,500 per sq.ft in Prabhadevi.
