WITH HOME LOAN RATES FALLING, IT’S A GOOD TIME TO BUY A HOUSE
HOTSPOT: LOWER PAREL, MUMBAI
Lower Parel is a locality in South Mumbai which has undergone a tremendous metamorphosis, from an industrial hub to one of the toniest commercial and residential localities of the financial capital of India. Once dominated by textile mills, the property market of Lower Parel has transformed into a posh locality as part of the redevelopment of Mumbai mills.
Over the years, commercial real estate demand in Mumbai has moved northward from its established prime business districts of Nariman Point and BandraKurla Complex (BKC) to Lower Parel, which is considered as one of the most expensive real estate markets in Mumbai.
The established commercial market of Lower Parel is now a key multi-faceted destination that hosts luxury residential skyscrapers, restaurants, pubs and organized as well as unorganised retail. As a part of the Secondary Business District (SBD), Lower Parel property market has a variety of commercial spaces, including full-fledged business parks, and serves as a workplace for countless professionals in Mumbai. Lower Parel is also an IT-driven growth corridor.
Located in the heart of the city, this locality has experienced skyrocketing development over the years to cater to the literally endless demand for commercial and residential real estate. It provides excellent connectivity to several key areas like Prabhadevi, Dadar East, Mahalakshmi and Worli and serves as a major connect to important business hubs of the city — Bandra (at 8.2 km), Nariman Point (at 10.7 km), Vikhroli (at 15.6 km) and Andheri (at 17.3 km). It is also well-linked to many strategic roads and it lends its name to two railway stations (Parel and Lower Parel) on the Mumbai suburban railway.
Lower Parel will become incredibly pricey in the coming years as supply stagnates. The ease in connectivity it provides to various parts of the city is a major driving force.. The residential property rates in this locality range from anything between ~23,000-32,000/sq.ft. depending on the age of building, exact location and developer’s brand value and consummate amenities such as parking, open spaces, etc. Some of the leading developers of Mumbai are active here with superlative projects of world-class specifications.
This property market is home to some of Mumbai’s most prominent business parks like Peninsula Business Park, Indiabulls Sky, World Crest, Urmi Estate and Marathon Futurex which house major national and international industry players. It also hosts the very prominent High Street Phoenix Mall along with the luxury mall Palladium, as well as the five-star hotels St Regis and Four Seasons. With the booming energy of IT companies and corporates and luxury apartments, Lower Parel is a melting pot of high-end workplaces and lifestyle residential options — making it the perfect destination for astute real estate investors with fairly deep pockets.