Feb 21 2015 : The Times of India (Mumbai)
Lower Parel is more than just a place where offices are. It offers greener living and will become an attractive destination for homebuyers in the years to come
If you are looking to live in south Mumbai, Lower Parel would be a good option to consider in today's scenario. There are two reasons for this: Low rental values as compared to the neighbourhood areas.
A future greener locality, with the BMC already starting work on a 8.2 acre area to develop a large park, in addition to eight other green spaces.
As per MagicBricks.com data, the rental values in Lower Parel were between Rs 22,000-35,000 per month for a 500 sq ft flat, in the October-December 2014 quarter, a drop from the Rs 35,000-40,000 per month quoted in the April-June 2014 quarter.Industry experts attribute the drop to several reasons. “Lower Parel offers apartments which are mostly old structures with few amenities,“ says Harakh Kumar, owner of Harakh Estates, a property consultancy firm dealing in south Mumbai. “Thus, people prefer to opt for nearby areas such as Worli, which offers rentals at slightly higher rates, but has relatively modern constructions and comes with more amenities.“
Although there are several projects that have been announced in Lower Parel by leading developers, majority of them will reach completion and hand over the possession only in 2016. Thus, lack of availability of fresh stock, has kept this micro-market from witnessing any significant increase in rental values.
INCREASED GREEN SPACE
The Area Locality Management (ALM) communities in Lower Parel, have been active in the beautification and betterment of the area.Recently, the Brihanmumbai Municipal Corporation (BMC) fully acquired a plot of 8.2 acres from Bombay Dyeing to develop into a large park. Work has already begun with the leveling of the ground and construction of a wall around the plot.“We have already started mobilising machinery to start work on the garden and hope to complete it by mid-2015,“ said a civic official from the horticultural department here.In addition, according to sources at the municipal councilor's office, they also plan to develop eight smaller green spaces for cycling tracks, senior citizens' walk area, children's play gardens and designated lawns for yoga, in Lower Parel. Other projects in the offing include a cleaning campaign at DC Road and improved maintenance of existing parks in the area.So, if you now move into a rented accommodation in Lower Parel, you will get one at a more affordable rate and you will be able to live in greener surroundings, going forward.