Real Estate
Lalbaug – Parel transforming from a mill land area into an emerging ultra-premium luxurious residential hub
The areas of Lalbaug and Parel were once known to have housed large acres of defunct mill land and were lined with chawls housing Mumbai’s middle working class. Since the past decade or so, we have seen a rapid transformation of this entire Lalbaug, Parel belt into an ultra-premium residential hub. High rise luxury residential structures dot the landscape making it one of the most sought after addresses in downtown Mumbai
Due to its prime location and luxurious offerings, this locality is gradually attracting HNIs, NRIs, industrialist and rich businessmen, to make it their home. The key pull is of course luxurious amenities provided for a sustainable living experience, quick connectivity, quality social infrastructure in the vicinity and upcoming infra projects. These are going to be game changers in propelling property prices to a new high in this fast-developing location in the heart of Mumbai.
The Lalbaug, Parel belt is close to the Eastern corridor which has large acres of vacant land belonging to the Bombay Port Trust and railways which the government is keen to put to better use. The city of Mumbai has reached a point of saturation with absolutely no open space available. These vacant plots of land on the Eastern flank of the city, have the potential to ease the city’ housing problem. Plans are afoot to develop these areas for recreational purposes with gardens, opens spaces that promote water sport tourism etc. Premium residential, commercial, retail, hospitality projects are also on the anvil, in a bid to develop this area on a global scale, with world class amenities provided for its residents.
Lalbaug and Parel will benefit immensely if the Eastern corridor is developed. This is due to its proximity as well as easy connectivity to other parts of the city. There are various reasons that make Lalbaug and Parel good investment options.
Connectivity
This area is well connected to all major areas of the city. In terms of rail connectivity, the Harbor line, Central and Western railways are all, just a stone throw away. It has excellent road connectivity that connects it to business districts like Lower Parel, BKC and Worli. In terms of faster commute by road to north Mumbai then you have the arterial road of Dr. Ambedkar which runs through this locality as well as the Eastern Freeway which is just 3 Kms from here. The monorail network also passes in close proximity giving greater flexibility to people travelling from east to west of Mumbai.
Surrounding Social Infrastructure:
Lalbaug, Parel as a residential location is blessed with excellent social infrastructure comparable with the very best that Mumbai has to offer. Residents are pampered with ample choices, right from shopping, fine dining restaurants to 7-star hotels; premier educational institutions and excellent healthcare centers.
Residents can indulge in shopping at leading malls like High Street Phoenix and Palladium Mall. Food Connoisseurs can dine at ITC Grand Central, St. Regis and other fine dining restaurants that abound in this neighborhood. Tata Memorial, Masina Hospital in healthcare and Diamond Jubilee High School and Regina Pacis in education are some of the other premier institutions present, in this rapidly developing tony neighborhood.
Upcoming infrastructure:
This belt is a prime location and in close proximity to some of the most prestigious projects ever to be undertaken; which seek to be a game changer for this location as well as for the city of Mumbai.
- Trans- Harbour Sea Link
- Sewri – Worli Elevated Corridor (SWEC)
- Mumbai Eastern Waterfront project
Future Prospects:
Lalbaug and Parel stand at the threshold of being the most coveted address to flaunt in Mumbai’s luxury housing space. There is a growing demand for luxury housing, post the pandemic, that offers larger tailormade apartments catering to individual needs of family members. These projects consist of apartments ranging from 2 BHK to 5 BHK configuration. Presently, property rates are quite competitive here, but are moving north as we speak.
Home buyers or investors will immensely benefit in the long term with assured higher returns on their investments. This is due to its prime location but more importantly, upcoming infra projects that are going to change the entire landscape of this area. Most of these projects will result in improved recreational activity, promote sustainable living, East- West connectivity as well connect Mumbai to the mainland via the Trans-Harbour Sea Link.