Located in the southern tip of Mumbai, Parel is a fast-paced and rapidly developing locality, sandwiched between Eastern Freeway and Dr Baba Saheb Ambedkar Road. Its neighbouring localities include Worli, Dadar East, Ghodapdeo, and Prabhadevi. The region is engulfed by the Arabian Sea and a few blotches of green land. It is divided into several housing colonies such as Sindhu Nagar, Tilak Nagar, Krishna Nagar, and Saidham Nagar, and enjoys the presence of the famous Golanji Hill Water Reservoir.
Parel has sound social infrastructure with notable schools, colleges, and hospitals scattered around the region. JBCN International School, Sharada Mandir High School and Junior College, Bombay Veterinary College, and Gokhale Education Society Parel Kendra are few educational institutions here. Hospitals in the area include King Edward Memorial Hospital, Bajaj Orthopaedic Hospital, Mahatma Gandhi Memorial Hospital, and KBH Bachooali Eye & ENT Hospital.
The commercial infrastructure of the locality is also commendable. Malls and stores like Maitri’s Car Mall, Westside, New Home Fresh, Patel Super Market, and Rainbow dot the streets of the locality. An array of restaurants such as The White Owl, Aditi Vegetarian Restaurant, Jumbo King, and G.D. Chinese Corner also dart the region.
The supply of water and electricity in Parel is facilitated by the Bombay Municipal Corporation (BMC) and Maharashtra State Electricity Board (MSEB), respectively. The availability of impressive social and commercial infrastructure makes the locality appealing to families, couples, and single professionals.
Key Projects in Parel :
|L&T Crescent Bay|
Connectivity and Transit Points
Eastern Freeway and Dr Baba Saheb Ambedkar Road link Parel to developed areas in Mumbai, like Chembur, Dadar East, and Matunga. Eastern Freeway further connects the locality to Navi Mumbai via Sion-Panvel Expressway.
Parel Village Bus Stop is a prominent bus stop situated in the locality. It facilitates travel to Worli, Bandra, Goregaon, and Airoli. Intra-city train services can be availed by boarding trains at Parel Railway Station, which operates under the Mumbai Suburban Railway. Mumbai Central Railway Station is located 3 km from Parel, and provides intra-city as well as inter-city travel.
Air transport is facilitated by Chhatrapati Shivaji International Airport, which is situated 15 km away, and can be reached within 40 minutes via NH-8.
Factors for Growth in the Past
Development of roads such as Dr Baba Saheb Ambedkar Road and Eastern Freeway enhanced the locality’s connectivity, making it accessible to the rest of Mumbai. The presence of an active transport system in the region was another factor that triggered growth.
Availability of land in this part of the city greatly contributed towards the real estate development of the area. Reputed builders such as Peninsula Land Ltd, Prarthana Builders and Developers, Rohan Lifescapes Ltd, and Rupji Construction set up several projects here, kick-starting the apartment culture. Affordable property prices in this area attracted scores of people to come to this area to buy property.
Residential and Commercial Market
Residential Market Trends
Apartments, residential plots, and independent houses shape the residential property market of Parel. Apartments are the most commonly found property, selling at an average rate of Rs 30,135 per sq. ft. Independent houses come next, selling at an average rate of Rs 24,300 per sq. ft. The average rate of residential plots in Parel is Rs 15,600 per sq. ft.
The price range of 1-3 BHK apartment units range from Rs 1 crore to Rs 6 crore, while the price of residential plots range between Rs 2 crore and Rs 5 crore.
The region plays host to a wide variety of rental properties, as well. The average rate of apartments in Parel is Rs 84 per sq. ft., whereas the average rate of independent houses here is Rs 65 per sq. ft. The rent for 1-3 BHK apartment units range from Rs 34,600 per month to Rs 1 lakh per month.
Commercial Market Trends
Parel’s commercial market perfectly complements its residential market. The average rate of offices is Rs 25,940 per sq. ft., and the average rate of shops is Rs 44,600 per sq. ft.
The locality has plenty of commercial properties for rent and lease, as well. The average rent of offices is Rs 120 per sq. ft., while the average rent rate of shops is Rs 220 per sq. ft. The rent for offices range from Rs 1 lakh per month to Rs 5 lakh per month. The average rent of shops in the area is Rs 1 lakh per month.
One of the major challenges faced by the area’s residents is the presence of potholes on the stretch from Lower Parel to Eastern Express Highway, making commuting difficult. Even though the civic authorities have repaired the road temporarily, it continues to cause inconvenience to commuters. Traffic snarls and water-logging during monsoons are other issues that need immediate addressing in this part of the city.
Factors for Growth in the Future
Parel boasts of an eccentric residential market, hosting successful projects like Peninsula Ashok Towers, Dosti Flamingos, Shraddha CHS, Prarthana Heights, and Nalanda Apartment. With several large-scale residential projects like L&T Crescent Bay, Veda exclusive, Kalpataru Avana, Lodha Venezia, and Ruparel Ariana slated for completion soon, the future of the real estate market in the area looks quite promising.
The upcoming Chembur-Wadala phase of the Monorail Project is going to be functional soon, and will connect Chembur to Lower Parel. The completion of this project will improve the region’s connectivity to a large extent.