Parel – An area of convergence

Authored by Deepak Goradia, Vice Chairman and Managing Director - Dosti Realty There is absolutely no second thought about it - the real estate domain in Mumbai is legendary. However, the emphasis of property investors has been continually fluctuating in tandem with the altering dynamic aspects in Mumbai. In current times, three dynamics drive the pattern of property investment in Mumbai – prospects of future growth /developments, price and demand of the property. Taking into consideration the above mentioned three factors, Parel in recent times has emerged as a preferred Central Mumbai housing location and has over the years grown into one of the sought-after investment destinations in Mumbai as well. Growing into one of the prime residential locations, Parel seamlessly connects central Mumbai to South Mumbai, western and central suburbs. Reaching the commercial hubs of Nariman Point, Fort, Lower Parel, Prabhadevi, , BKC  and Thane via rail, the eastern express freeway, the BandraWorli sea link, Eastern Express Highway etc is a breeze for the average commuter.  This coupled with superlative and well-established social and civic infrastructure in close proximity be it educational institutions  like JBCN International School,  Podar International School, Ruia College, Welingkar College or  hospitals like Global, KEM, Tata Memorial or entertainment / shopping options like  Shivaji Park, High Street Phoenix Mall,  PVR, Hard Rock Cafe, Todi Mill  or places of worship like BhagwanAdeshwariji , Jain Derasar, Siddhivinayak Temple etc make it a convenient location. Owing to these factors, Parel has witnessed a sturdy demand from the mid-management cadre of home investors as well as the quintessential business income groups over the years. The liveliness of this location is also accentuated by the new developments coming up, be it infrastructure, commercial or residential which is set to transform the location further. The increasing residential developments are set to redefine Parel’s real estate skyline with the luxury component playing a significant role in terms of large spacious apartment sizes. Additionally, the proposed Worli to Sewri Road as well as the Mumbai Trans Harbour link is set to further easy connectivity to the Western Suburbs and Navi Mumbai respectively. Top 5 reasons for probable buyers to invest in Parel are:

• Great connectivity with to all parts of the city with prospects of infrastructural growth in the future
• Excellent social and civic infrastructure within Parel as well as the immediate  vicinity
• Increasing number of commercial and residential developments in recent years
• High demand for newer residential developments which offer luxury in terms of large spacious apartment sizes
• Upward movement of prices in the Parel location over the past decade

On a closing note, the augmented growth of infrastructure coupled with a promising real estate future is playing a major role in unquestionably accelerating the valuation of the locality in the near future.