With a population of over 21,296,500, Mumbai is the second most populous city in India. It is surpassed only by the national capital. However, there is a reason Mumbai attracts hundreds of thousands of people each year. The promise of steady work, a dynamic life, the conveniences of urban living, and the fulfilment of dreams - that is what the city holds for all Mumbaikars. One of these dreams is to own a residential property.
Before we start to understand the rise of demand for housing in Parel, let us take a quick look at its history and significance in Mumbai's growth. Parel was one of the original Seven Islands of Bombay. The history of settlement in the region goes back several centuries. Back in the British era, Parel was one of the centres of cotton textile mills, promoting business and commerce that spurred the financial growth of Mumbai as a whole. The central role played by Parel in the rise of the city as one of the major financial hotspots of the world is undeniable.
With the rise of Mumbai in its modern avatar, Parel, Worli, and Colaba have crystallised as some of the most opulent, posh, and sought-after residential neighbourhoods of the city. These neighbourhoods have witnessed a great surge in upscale living, more so from young families that love the convenience and luxury accorded to them. Let us take a closer look at Parel, one of the booming real estate micro markets of Mumbai.
Located strategically between South Bombay and the central suburbs, Parel has excellent connectivity to some of the bustling commercial centres of the city. Commuting to workplaces in Lower Parel, Bandra Kurla Complex (BKC), Fort, Dadar, Andheri, Prabhadevi, and even to Thane and Navi Mumbai is effortless and convenient. The International Airport is not too far. Easy access to the Eastern Express Highway, the Eastern Freeway, the Bandra Worli Sea Link, and the GD Ambedkar Marg give Parel incredible access to the length and breadth of Mumbai. No matter which part of the city you work in, you can get there in minutes.
Why do families love Parel? The answer is very simple. Parel is one of the most happening places in Mumbai. The highly developed infrastructure is commendable, but what residents look for are top-notch dining and entertainment centres in Parel. The high-end Phoenix Mall is one of the best in town, but the street shopping in the neighbourhood also offers a very exciting experience. This neighbourhood also has some of the best hospitals in Mumbai, including the Tata Memorial Hospital, King Edward Memorial Hospital, and Global Hospital. Parel also has some of the top schools and colleges.
Every festival and every occasion is celebrated with such great joy when you are in Parel. And who doesn't want to live in the neighbourhood of Lalbaugcha Raja, one of the oldest, biggest and most iconic Ganesh mandals? Radhakrishna Colony, Ambedkar Nagar, and Mint Colony are among the oldest residential colonies in central Mumbai. The community life here is very conducive to family and social lives.
Lower Parel is one of the most glamorous neighbourhoods in Mumbai. With a number of corporations and businesses, it is also a booming residential neighbourhood. Apart from being a wonderful home for your family, investing in a 2BHK flat in Parel is a great financial decision. Property values have been booming, and rental incomes are at an all-time high. Just what you are looking for in the apartment of your dreams, right?
Blox brings buyers verified properties from some of the top developers of Mumbai with a track record of delivering top-notch homes. Some of these spectacular projects come from developers like Alamdar Infrastructure, Kiron Group, Bhairav Developers, Bhoomi Group, Kalpataru Builders, and Larsen & Toubro.
If you are a young family looking to buy a wonderful residential property in Parel or Lower Property, these are some of the top under-construction projects you must consider - Kiron Inspire, Bhairav Blessings, Bhoomi Simana, Kalpataru Avana, Pearl Heights, Ruparel Icon, and Runwal Nirwana. If you are keen on ready-to-move projects, L&T Crescent Bay and Ruparel Ariana should be on top of your list. Almadar The Auro in Lower Parel is also a great choice.
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Mira Bhayander is a municipal corporation in Maharashtra’s Thane District and has a border with North Mumbai too. Those who have properties under the jurisdiction of the MBMC (Mira Road-Bhayander Municipal Corporation) have to pay their Mira Bhayander property taxes on residential and commercial units, including homes, business establishments and more.
The vibrant city of Mumbai, which serves as India's financial hub, has always been a prime attraction for companies looking to establish themselves at the epicentre of the nation's economic hub. As the city continues its transformation, the commercial real estate scenario in Mumbai is experiencing substantial shifts.