>Parveen was born in Junagadh, Gujarat in a Muslim family. She did her early schooling in Aurangabad and later attended St. Xavier’s College, Ahmedabad. Her father Vali Mohammed Babi, was an administrator with the Nawab of Junagadh. Parveen was born fourteen years after the marriage of her parents and was an only child. She lost her father at the age of seven.
Parveen never married but had relationships with many married men; director Mahesh Bhatt, actors Kabir Bedi, and Danny Denzongpa. She was also strongly rumoured to have had an affair with her co-star of many films, Amitabh Bachchan. Bhatt later wrote and directed Arth (1982), a semi-autobiographical film about his relationship with Babi, and wrote and produced Woh Lamhe (2006) based on actual facts about his relationship with her