Why Is Parel One of the Preferred Suburbs of South Mumbai

Parel, located in the heart of Mumbai, has emerged as one of the most preferred suburbs of South Mumbai for real estate investment. The area has witnessed significant growth in recent years, with several new projects in the pipeline. In this blog, we will take a closer look at why Parel is one of the preferred suburbs of South Mumbai.

Location Advantage

Parel's strategic location is one of the primary factors contributing to its realty growth. The area is well-connected to other parts of Mumbai through major arterial roads such as the Eastern Express Highway and the Western Express Highway. The Parel railway station, a central railway hub, connects the area to other parts of Mumbai and the rest of India.

Moreover, Parel is close to major business hubs such as BKC, Lower Parel, and Worli. The area's proximity to these business hubs has made it an attractive location for professionals and entrepreneurs.

Infrastructure Development

The development of infrastructure in Parel has been significant in recent years. The Mumbai Metropolitan Region Development Authority (MMRDA) has undertaken several infrastructure projects in the area, including constructing the Mumbai Metro Line 3.

Additionally, the area has witnessed the development of several commercial and residential projects in recent years, catering to the growing demand for properties. The development of infrastructure and the growth of commercial and residential projects have contributed to Parel's realty market growth.

Growth Potential

Parel's realty future is bright due to its growth potential. The area has witnessed significant growth in commercial and residential properties, with developers coming up with new projects to cater to the growing demand. The demand for properties in Parel is driven by its strategic location, well-developed infrastructure, and excellent connectivity.

Moreover, Parel's rental yields are higher than in other parts of Mumbai. The area has a high demand for rental properties, primarily from professionals working in nearby business hubs. The high rental yields make Parel an attractive location for property investors.

For example, A 1 BHK flat in Parel, Mumbai, typically ranges from 350 to 550 square feet, with prices starting at around INR 1.5 crore, offering convenient access to various amenities and transportation options.

Social Infrastructure

Parel is well-equipped with social infrastructure, such as schools, hospitals, and shopping centres. The area has several reputed educational institutions, including the TATA Institute of Social Sciences and the KEM Hospital Nursing College.

Moreover, Parel has several hospitals and healthcare centres, including the KEM and Wadia hospitals. The area also has several shopping centres, such as the Palladium Mall and the High Street Phoenix.

The social infrastructure in Parel has made the area a preferred location for families and professionals looking for a comfortable and convenient lifestyle.

Future Prospects

The future of Parel's realty market looks promising. The area is expected to grow significantly in the coming years, with several new projects in the pipeline. The development of infrastructure, including the metro line and the growth potential in the area, is expected to boost the demand for properties in the area.

Moreover, the proposed Coastal Road project, which will connect South Mumbai to Bandra, is expected to improve connectivity and accessibility further. The project will also lead to the development of new commercial and residential projects in the area, making it an attractive location for property buyers and investors.

Conclusion

Parel's realty future looks promising due to its strategic location, well-developed infrastructure, growth potential, and social infrastructure. The development of infrastructure and the growth potential in the area have contributed to the increase in property transactions.

Moreover, Parel's well-equipped social infrastructure has made it an ideal location for families and professionals seeking a comfortable and convenient lifestyle. The future of Parel's realty market looks bright, and investors can expect high returns on their investments in the area.