Parel, a central Mumbai locality, has transformed from a mill district into a commercial and residential hub. Significant redevelopment has replaced textile mills with high-rise apartments, office complexes, and shopping malls. Parel hosts several hospitals, earning it the nickname "Medical Hub of Mumbai," and has excellent road and rail connectivity. In June, L&T Crescent Bay led real estate activity with the highest number of deals. Prices per square foot ranged from INR 17,333 to INR 52,729, catering to various buyer preferences. Parel's blend of industrial heritage and modern development makes it a desirable destination for homebuyers and investors.
Parel, once a mill district, has transformed into a commercial and residential hub in central Mumbai. This locality has undergone redevelopment, with former textile mill lands replaced by high-rise apartments, office complexes, and shopping malls. Parel hosts several hospitals and medical research centers, earning the nickname "Medical Hub of Mumbai." The area has excellent road and rail connectivity, making it accessible from various parts of the city. Despite its urban transformation, Parel retains elements of its industrial heritage, blending old and new. With its strategic location and ongoing development, Parel continues to attract businesses and residents, solidifying its position as a key neighborhood in Mumbai.
In June, L&T Crescent Bay led the real estate market by closing five deals, the highest in Parel 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%. 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. 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.
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.
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