Lower Parel–Worli belt, an upmarket residential neighbourhood in South Central Mumbai

A busy textile manufacturing hub until a couple of decades ago, the Lower Parel - Worli pocket in Mumbai has transformed drastically over the last 10-12 years. The mill lands have given way to a host of luxury residential dwellings, commercial establishments, chic hotels, fine restaurants, entertainment and retail establishments. These have redefined the landscape of the Lower Parel - Worli area.

The way overall infrastructure is shaping up, this micro-market has become one of the most sought after residential destinations in South Central Mumbai. A 2015 JLL report had in fact, listed Lower Parel - Worli belt among India’s top 20 residential neighbourhoods. Interestingly, the locality has been climbing the charts offering high net worth individuals (HNIs) a desired lifestyle, facilities and social status that comes with flaunting the pin code. While end-users have already taken fancy to the excellent locational advantage it offers, this upmarket neighbourhood is garnering significant interest from the investor community as well.

Bustling upmarket neighbourhood
Location is the most crucial factor that helps end-users and investors in the final decision-making process and the Lower Parel - Worli neighbourhood offers that uniqueness. As a part of a premium micro-market; it is a fast-developing locality in South Central Mumbai area comprising Mahalakshmi, Tardeo and Prabhadevi. The locality boasts of high-rises offering residents spectacular panoramic views of the city coupled with world-class amenities. Prominent among these include the luxurious ‘The World Towers’ and ‘Lodha Park’.

Well connected
This area has excellent road and rail network connecting various parts of South Mumbai to the central business district - Bandra Kurla Complex (BKC). The connectivity ensures a smooth commute to international and domestic airports located in Mumbai’s western suburbs, railways stations such as Lokmanya Tilak Terminus, Bandra Terminus, Mumbai Central and Chhatrapati Shivaji Maharaj Terminus for long-distance trains. Proximity to Western Express Highway, Eastern Express Highway and Eastern Freeway offers excellent road connectivity to various parts of Mumbai.

The already operational Monorail line from Wadala to Jacob Circle, with a station at Lower Parel, has added to the available connectivity options. And the under construction Mumbai Metro Line 3 from Cuffe Parade to Andheri Seepz will allow Lower Parel - Worli residents to board the metro from Worli in the near future.

The high life
A bustling commercial hub today, the Lower Parel - Worli area offers prominent Indian and multinational companies new-age office complexes with the best of amenities and lifestyle. The increasing commercial real estate activity has in-fact, prompted realtors to complement it with residential developments.

This combination paved the way for a variety of food and beverage concepts and destinations being housed in this locality. Among the most popular destinations are Kamala Mills and Todi Mills also known as Mathuradas Mill Compound. A must visit in the to-do list while in Mumbai, these two locations are flocked by the who’s who in the party/ social circle, media, entertainment and the corporate world.

Boasting of some of the best venues for business meets as well as social gatherings, both Kamala Mills and Todi Mills are the go-to destinations for holding get-together events with friends, colleagues and family. In fact, some of the fine dining addresses go beyond food and drinks focusing on delivering experiences that are second to none.

Satiating the need for shopping, entertainment and a host of lifestyle cravings are landmark destinations like High Street Phoenix and Palladium Mall. In fact, the former has played a catalyst’s role creating a multiplier effect and giving Lower Parel - Worli belt the status it currently enjoys among real estate destinations in Mumbai.

Healthcare and education
That’s not all, the locality has some of the best healthcare facilities and services something that’s very unique to the Lower Parel - Worli neighbourhood. There are quite a few schools in the immediate neighbourhood too catering to the local population.

Residential options
The various pockets of South Central Mumbai already have a considerable number of residential real estate developments. As per reports, this market currently has a decent mix of high end and luxury residential inventory.

Inventory, in the Lower Parel – Worli belt, however, is a fraction of the overall number resulting in a high demand scenario for premium and luxurious dwellings. Interestingly, as per registered sales data from PropStack**, Lodha Group holds over 40% market share in the Rs 4- 12 crore segment in this micro-market.

Over the last three quarters, this micro-market has witnessed a growing interest in ready to move in homes resulting in almost 80% of total sales in ready-to-move-in or nearing completion category.

The overall available supply in South Central Mumbai is an indication of a buyer’s market scenario. However, the Lower Parel micro-market enjoys a higher score after Worli when compared with other localities. The overall quality of life coupled with various facilities make the Lower Parel - Worli belt a dream location for end-users and investors alike.

Prospects
The Lower Parel - Worli locality still has some ground to cover and blossom to its fullest potential. With a strong development pipeline in terms of infrastructure and other facilities coupled with a gradual pick up in absorption levels of residential apartments, the Lower Parel - Worli area is inching to be in the list of top five best neighbourhoods to live in a few years from now. While prices may seem a bit on the higher side, it’s still a value buy for those seeking quality and a way of life that’s among the best in the country.

The overall residential market in India, according to global property consultants Colliers International India, has been undergoing a prolonged demand slowdown since 2013. However, the winds are changing and housing sales are expected to pick up in the second half of 2020, pointed Colliers in its recent report. Among reasons that are likely to bring about this change in demand for housing especially from end-users includes lower interest rates on home loans in addition to government reforms.

** source provided by propstack on behalf of Lodha.