Parel's Real Estate Boom: A Mix of Old and New
Parel, once a mill district, has transformed into a prime residential and commercial hub in central Mumbai, offering a unique blend of industrial heritage and modern development.
ParelMumbaiReal EstateLt Crescent BayProperty PricesReal Estate MaharashtraJul 21, 2024
In June, the real estate market in Parel witnessed significant activity, with L&T Crescent Bay leading the way by closing five deals, the highest in the area this month. This was followed by Peninsula Ashok Towers with three deals. Omkar Om Residency, Arihant Heritage, and Rajkamal Park registered two deals each, and the remaining 16 buildings registered one deal each. Resale transactions comprised 53% of the deals, while developer sales accounted for 30%.
The prices of apartments in Parel varied widely, with a high-end apartment in L&T Crescent Bay selling for INR 12.37 crores, while a more affordable option in Aikyadarshan CHS was available for close to INR 85 lakhs. The apartment sizes also varied, with the largest unit at 3,126 square feet in L&T Crescent Bay and the smallest at 300 square feet in Aikyadarshan CHS. This variety caters to a range of buyer preferences, from families seeking spacious homes to individuals preferring compact living spaces. Prices per square foot in Parel ranged from INR 17,333 to INR 52,729, with an average of around INR 31,352.
Most apartments sold were in the 500-1,000 square feet range, contributing 47% of total sales. Apartments between 1,000-1,500 square feet accounted for 27% of sales, and 20% of transactions were for units under 500 square feet. One apartment each was sold in the 1,500-2,000 square feet and 3,000-3,500 square feet ranges. In Parel, 43% of apartments sold were under INR 2 crores. Nearly one-third sold between INR 2-4 crores, and 17% between INR 4-6 crores. Two apartments sold above INR 8 crores, with one closing above INR 10 crores.
Larsen & Toubro (L&T) is a leading Indian conglomerate with a presence in real estate, construction, and other sectors. Their project, L&T Crescent Bay, is a prominent residential complex in Parel.
Parel continues to establish itself as a prime residential and commercial hub in central Mumbai, blending industrial heritage with modern development. The strong real estate activity in June, led by L&T Crescent Bay, highlights the area's market appeal. With diverse housing options, excellent connectivity, and amenities, Parel remains a desirable destination for homebuyers and investors.
Frequently Asked Questions
What is Parel known for?
Parel is known for its transformation from a mill district into a commercial and residential hub in central Mumbai.
What is the nickname of Parel?
Parel is nicknamed the 'Medical Hub of Mumbai' due to the presence of several hospitals and medical research centers.
What led the real estate market in Parel in June?
L&T Crescent Bay led the real estate market in Parel in June, closing five deals.
What is the average price per square foot in Parel?
The average price per square foot in Parel is around INR 31,352.
What percentage of apartments sold in Parel were under INR 2 crores?
43% of apartments sold in Parel were under INR 2 crores.
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