Parel, which was heavily dependent on textile mills and thrived on them, is now one of Mumbai’s most sleek and fashionable areas. It is a locality where the city’s vintage charm is preserved while keeping up with new development. Parel is a great residential locality offering numerous benefits for investors and families. It has become a dream locality in Mumbai with better roads, malls, and schools.
Continue reading the blog for detailed information about Parel.
Location Overview
Parel is situated in the central part of Mumbai and is not far from the city. Parel is surrounded by Dadar and Sewri. The area looks calm and you can get all the facilities you need.
The famous Haji Ali Dargah and Mahalaxmi Racecourse are just a few minutes away by car. You can easily reach the business districts of Lower Parel and Nariman Point. There is no doubt that officegoers will take full advantage of it.
Connectivity
Parel is well connected in Mumbai. Parel and Elphinstone (Prabhadevi) Road railway stations combined provide accessibility from both the Central and Western lines.
In addition, the upcoming metro lines will be a great help for people travelling from and to areas like Bandra, Colaba, and Thane. Besides, buses and taxis are always available and with their help, you can cover your local visiting needs from Parel to other places.
Community & Lifestyle
Parel residents are a combination of old Mumbaikars and young professionals who usually take the trains to the business parks. The area is fashionable and has access to shopping malls like Phoenix Palladium and cafes.
There are also regular markets for basics and local shopping. People have theatres and places for weekend visits to spend some quality time. Parel still keeps its cultural roots alive through local festivities and community gatherings.
Educational Facilities
There are numerous popular schools and colleges within the vicinity of Parel for the families living there. You can have schools like Holy Cross High School, JBCN International School, and Don Bosco High School for better education.
Similarly, there are colleges for higher studies such as KEM Medical College and Tata Institute of Social Sciences in the nearby locality. There are also coaching institutes and activity centres to prepare the students for competitive exams and skill development.
Infrastructure and Amenities
The Parel has undergone major infrastructure changes over the past few years. Proper roads and several parks in the neighbourhood, like Five Gardens become the best place for children to play.
To maintain good health, there are top hospitals like KEM Hospital, Wadia Hospital, and Global Hospital. The area is also equipped with a good water supply and waste management facilities. Parel is still making strides toward future civic projects and urban improvements for residents.
Current Real Estate Scenario
Parel is a locality that has an enviable real estate market in Mumbai. The area is full of luxury high rises apartments and commercial spaces. Lodha and Marathon are among the builders that have constructed popular residential projects.
Property prices are higher than in the suburbs, but demand remains very strong due to the location and facilities.
Investment Opportunities
Parel is an alluring spot for investors. Real estate prices will continue to rise gradually due to the central location, excellent connectivity, and increasing commercial activity.
Rental yields are quite good because of working professionals. Investors can get a better return on their investment in both residential and commercial properties over a long period.
Summary
Parel has changed from being a typical mill sector to a fashionable part of Mumbai. It has emerged as the city’s most sought after neighbourhood because of its efficient transportation system and diverse range of lifestyle options. In fact, Parel is Mumbai’s urban residential centre, efficiently meeting the needs of both families and investors.
If you are dreaming of having your home in a prominent city, Parel is the ideal option for you. The city can offer you a relaxed and peaceful life!