Lower Parel would be a good option to consider in rental location in Mumbai.

Q: Hi, would Lower Parel be a good rental location with a green advantage in Mumbai? How?????

Puneet Laskar,

24th February 2015

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Replies (5)

Hi Sanjay,
As per the local body, they plan to develop 8 smaller green spaces for cycling tracks, senior citizens' walk area, children's play gardens and designated lawns for yoga, in Lower Parel. Other projects in the offing include a cleaning campaign at DC Road and improved maintenance of existing parks in the area.

Kanthi Sridhar, Bangalore

26th February 2015

Comment

Hi Sujan,
Recently, the Brihanmumbai Municipal Corporation fully acquired a plot of 8.2 acres from Bombay Dyeing to develop into a large park. Work has already begun with the leveling of the ground and construction of a wall around the plot. Horticultural department has already started mobilising machinery to start work on the garden and hope to complete it by mid-2015.

Sanjay Gupta, Delhi-NCR

25th February 2015

Comment

Well Sujan,
Although there are a number of projects that have been announced in Lower Parel by leading developers, majority of them will reach completion and hand over the possession only in 2016. Thus, lack of availability of fresh stock, has kept this micro-market from witnessing any significant increase in rental values.

The locality of Lower Parel comes under Brihanmumbai Municipal Corporation.

Veena K,

24th February 2015

Comment

Yes Sujan,
Rental values in Lower Parel were between Rs 22000-35000/month for a 500 sq-ft flat, in the October-December 2014 quarter, a drop from the Rs 35000-40000/month quoted in the April-June 2014 quarter. Industry experts merits the drop to several reasons. Lower Parel offers apartments which are mostly old structures with few amenities. Thus, people prefer to go for nearby areas such as Worli, which offers rentals at slightly higher rates, but has relatively modern constructions and comes with more amenities.

Veena K,

24th February 2015

Comment

Thanks Veena,
Did you see any significant increase in rental value? If not then what is the reason behind it? The locality of Lower Parel comes under which local body?

Sujan Mitra,

24th February 2015

Hi,
If you are looking to live in south Mumbai, Lower Parel would be a good option to consider in today's scenario. There are two reasons for this: Low rental values as compared to the neighborhood areas. A future greener locality, with the BMC already starting work on a 8.2 acre area to develop a large park, in addition to 8 other green spaces.

Veena K,

24th February 2015

Comment

Really Veena,
What is the current rate of rental property in that area? Dis you see any drop in the rental price recently? Which are the the other areas where people prefer to rent?

Sujan Mitra,

24th February 2015