In recent times, communication technologies have evolved at a brisk rate. 3G and 4G networks have already been widely deployed. However, with increase in user number and applications, alternative strategies in the form of 5G systems have been devised. Thus, it is desirable to have communication systems which can provide low error levels with minimum delay. DPLL based systems play a versatile role in modern day communication receivers. Popular DPLL receiver packages based on Zero Crossing (ZC) and Least Square Polynomial Fitting (LSPF) techniques have been recently proposed to serve standalone reception in communcation setups. Such systems involve intensive computations and thus show excellant error performance ; but are bottlenecked by poor time performance. The LSPF-DPLL system was aided by a Modified Phase Resolving Numerically Controlled Oscilator (MPR-NCO) to achieve both improved error and time performance in another subsequent DPLL design that was proposed of late. This design is modified in the DPLL system proposed here by incorporating a Parallelized LSPF based Phase-Frequency Detector to achieve furhter improvements in time performance while maintaining the system’s error performance.