Mumbai has always been on the radar of potential real estate investors due to its rising prices. Over the years, Lower Parel and Prabhadevi have been among the most famous localities in South Mumbai. Here are the reasons why these localities have been the preferred choice.
To say that the real estate market in Mumbai has always been burgeoning is no understatement. While there have been numerous challenges in the past year and a half, the outlook remains optimistic, and with supportive government policies, the real estate industry is all set to bounce back sooner than expected.
With the city’s real estate market being one of the strongest and most vibrant, there has never been a shortage of upmarket localities and properties that provide value for money to investors. Lower Parel and Prabhadevi in South Mumbai are such hotspots that are highly sought after and have emerged as the go-to choice for customers and investors alike. Given that they are elite urban precincts and home to posh residential complexes, the demand for luxurious housing in Lower Parel and Prabhadevi is constantly rising. However, the residential inventory in these areas is fast depleting, as indicated by prominent real estate developers like Lodha Group, K. Raheja Corp and Rustomjee Group. Units in these areas are rapidly lapped up by customers who are eager to experience the essence of SoBo (South Bombay) life.
An erstwhile industrial hub housing the famous textile mills of Mumbai- Lower Parel and the surrounding Prabhadevi area has undergone a massive transformation in the last decade or so. Today, the housing landscape in these pockets is dotted by several luxurious residential complexes, commercial buildings, hotels, boutiques, shopping malls, and cafes. Touted as the city’s finest residential neighbourhoods, these areas offer several advantages, making it a prime location in South Central Mumbai. Businessmen, High Net Worth Individuals (HNIs), and investors have sure taken a fancy to these localities, resulting in high demand and a depleting inventory. Akin to a great product that sells itself, projects in these localities are in high demand as more customers desire to reside in the upmarket SoBo (South Bombay) as it has always been called.
Lower Parel and Prabhadevi have several commercial complexes housing key Indian and multinational companies. The food and dining scene is happening too, with several high-end hotels like Four Seasons and St Regis, fine restaurants and upbeat clubs in the vicinity. If shopping is on your mind, you need not look further than Palladium Mall and High Street Phoenix, which house some of the best national and international brands.
Another key positive of the Lower Parel-Prabhadevi belt is its location. It is well-connected to various parts of South Mumbai like Worli, Mahalakshmi and Nariman Point and the central business hub (Bandra Kurla Complex). With a base here, you can easily reach hotspots like domestic and international airports.
Premium housing landscape
Given the various factors that work in favour of Lower Parel-Prabhadevi, it is no surprise that premium real estate builders have developed some of the best residential complexes in this vicinity. High rises with stunning views of the city leave consumers spoilt for choices. Well-designed residences with world-class amenities and beautifully curated open spaces make this a heaven for the discerning customer. Top-notch developers are leaving no stone unturned in designing houses that are a perfect blend of aesthetics and functionality, thereby offering customers a luxurious global lifestyle. These residences are indeed perceived as highly valuable by buyers, which is evident by the rate at which units are being sold. So, if you want to experience the best of South Mumbai life and its energetic vibe, Lower Parel-Prabhadevi is the area to look out for.
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