Luxury housing in Lower Parel thrives due to accessibility to commercial hubs
Nov 19, 2013
Source : The Times of India

 

MUMBAI: The proximity to the Bandra-Worli Sea Link, Dr Annie Besant Road, Dr E Moses Road and Senapati Bapat Road, is attracting end-users to buy luxury homes in Lower Parel. These roads connect the area with several prime commercial as well as residential destinations within the city of Mumbai.

“Lower Parel or Upper Worli as people often call it, is an apt location for affluent professionals working in Mumbai. While it has the high-class charm of south Mumbai, its location makes it very convenient – 20 minutes from Nariman Point, 15 minutes from the Bandra-Kurla Complex (BKC) and 20 minutes from the airport,” says Vinesh Abhichandni, a city-based realtor.

Good connectivity with other parts of Mumbai and improved infrastructure adds value to the investments made by the uber rich in the area. “The Bandra-Worli Sea Link has not only opened the road for good connectivity between Bandra and Lower Parel but has also brought new opportunities in luxury housing,” informs Natraj V Krishnan of Realtors Network, a city-based brokerage firm.

A 2,000 sq ft apartment in Lower Parel is generally available at Rs 4 crores. According to Om Ahuja, CEO-residential services, Jones Lang LaSalle India, “It’s the high and upper middle-income group, mostly top-notch professionals, who are investing in such properties.” He adds, “We see most transactions in the Rs 25,000-35,000 per sq ft range.”

According to MagicBricks.com data, 3-BHK apartments in the 3,500 sq ft category are available at Rs 8 crores, while 3-BHK units of 2,700 sq ft find buyers for Rs 6 crores and 2-BHKs with an area of 2,150 sq ft are selling at Rs 5 crores. The basic selling price of 4,000-sq-ft apartments in the locality exceeds Rs 10 crores.

Key takeaways:

Proximity to the Bandra-Worli Sea Link, Dr Annie Besant Road, Dr E Moses Road and Senapati Bapat Road.

A 2,000 sq ft apartment in Lower Parel is generally available for Rs 4 crores.

The basic selling price of the 4,000 sq ft apartment in the locality exceeds Rs 10 crores.

Most transactions are in the Rs 25,000-35,000 per sq ft range.

 

 

 

 

 

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