Parel also known as Lower Parel is a fast developing neighborhood of Mumbai. Deriving its name from two railway stations (Parel and Lower) on the Suburban Railway, it was one of the original seven islands of Mumbai. The area is a prime commercial business center in South and houses dozens of office spaces that serves as a workplace for millions.
Being located in Central Mumbai, Parel provides excellent connectivity to other major location in Mumbai by different means of transport. Western way Highway and Easter Highway are two major highways that connects Parel with other locations in the Mumbai city. The Eastern Highway is 12 minutes way from Parel via King’s Circle Flyover and Bandra-Eorli sea link is 19 minutes away. The Sea Link offers good connectivity between Bandra and Parel which also brought new opportunities in luxury housing as well. The area enjoys rail support via two lifelines of Mumbai i.e. the central and western line. In addition to this, it is surrounded by railway junctions of Parel, Elphinstone Road, Lower Parel, Chinchpokli, Byculla, Sewri and Wadala. Moreover, the much awaited Monorail is finally set to start in the near future which will further improve the connectivity of the area. The prominent Jacob Circle railway station is located at a distance of 3Km.
Educational Institutions and Hospitals
There are many renowned schools and colleges operating in various parts of Parel. These include J.J Primary English School, Bhagini Kala Mandir High School, Cama Montessori & Primary School, Jalbhai Dorabji Bharda High School, Abhyudaya Education Secondary High School. The list of college includes Maharashi Dayanand College Of Arts, Science & Com, Seth GS Medical College etc.
MGM Hospital, Mahatma Gandhi Memorial hospitals, The Bai Sakarbai Dinshaw Animal Hospital and Global Hospitals are some of the hospitals located here.
al Estate in Parel
al Estate in Parel had seen rapid developments with successfully completed projects like Habitat, insula Ashok Gardens and Tata Glen Edge. There are 10 ongoing projects in Parel and 3 projects are due for possession in 2014. In addition to these, there are several projects in the pipeline that are slated for delivery in 2015-17. L&T , altors and Developers, Group, Peninsula Land are some of the prominent developers in Parel.
Along with state-of-the-art amenities and security features, these projects offer varied configuration ranging from 2-5 BHK units. However, buyers’ preference is mostly inclined towards 3BHK apartments, closely followed by 2BHK units. The minimum apartment price in Parel is Rs. 31,195 per Sq.ft. and maximum apartment price is Rs. 32,760 per Sq.ft. which brings average apartment price of Rs. 31,978 per Sq.ft. Due to its strategic location and good infrastructure, property in Parel would witness price appreciation in the coming years.