Parel's Real Estate Boom: Insights into June's Top Deals and Trends
L&T Crescent Bay led Parel's real estate market in June with 5 deals, followed by Peninsula Ashok Towers. Get insights into the area's top deals, prices, and trends.
Real EstateParelMumbaiLt Crescent BayPeninsula Ashok TowersReal Estate NewsJul 21, 2024
In June, L&T Crescent Bay led the real estate market by closing five deals, the highest in Parel this month. Peninsula Ashok Towers followed with three deals, while Omkar Om Residency, Arihant Heritage, and Rajkamal Park registered two deals each. The remaining 16 buildings registered one deal each. Resale transactions comprised 53% of the deals, while developer sales accounted for 30%. A high-end apartment in L&T Crescent Bay sold for INR 12.37 crores, while a more affordable option in Aikyadarshan CHS was available for close to INR 85 lakhs.
Apartment sizes 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.
The area's real estate activity in June highlights Parel's market appeal, with diverse housing options, excellent connectivity, and amenities making it a desirable destination for homebuyers and investors. With its strategic location and ongoing development, Parel continues to solidify its position as a key neighborhood in Mumbai.
Frequently Asked Questions
Which building led the real estate market in Parel in June?
L&T Crescent Bay led the real estate market by closing five deals, the highest in Parel this month.
What was the highest price per square foot recorded in Parel in June?
The highest price per square foot recorded in Parel in June was INR 52,729.
What percentage of apartments sold were under INR 2 crores in Parel in June?
43% of apartments sold were under INR 2 crores in Parel in June.
What is Parel known as due to the presence of several hospitals and medical research centers?
Parel is known as the 'Medical Hub of Mumbai' due to the presence of several hospitals and medical research centers.
What percentage of deals were resale transactions in Parel in June?
Resale transactions comprised 53% of the deals in Parel in June.
Related News Articles
India Emerges as a Real Estate Powerhouse in Asia
India's real estate sector is witnessing unprecedented growth, with the total valuation of top 100 realty companies reaching Rs 14.2 trillion, a report reveals.
India's Residential Real Estate Segment to Witness 5-6% Growth in Average Sale Price by FY25
ICRA expects 10-12% increase in area sold in top 7 cities; luxury home launches drive growth in average sale price
Understanding RERA Norms for Realtors: A Boost to Transparency and Trust in Real Estate
RERA brings accountability and transparency to the real estate sector, benefiting home seekers and sellers. Learn about the rules for realtors and how they promote a healthy real estate market.
Max Estates Sells Rs 4100 Cr Worth Housing in Gurugram: A Boost to Real Estate Sector
Max Estates, a leading real estate developer, has sold Rs 4100 crore worth of housing in Gurugram, marking a significant milestone in the sector.
Indian Real Estate Market Shows Improved Demand with Inventory Overhang Down to 22 Months
The Indian residential real estate market has seen a significant improvement in demand, with the inventory overhang decreasing to 22 months in the June quarter, compared to 34 months in the same period last year. Key regions, including Gurugram and Ahmeda
Mumbai Budget 2025-26: BMC Unveils Over Rs 74,000 Crore Plan for Infrastructure and Development
The Municipal Corporation of Greater Mumbai (BMC) has presented a robust budget of over Rs 74,000 crore for the financial year 2025-26. The budget focuses on enhancing infrastructure, improving public services, and promoting sustainable development in the