An offline parameter estimation problem of an induction motor using a well known, efficient yet simple meta heuristic algorithm DEGL (Differential Evolution with a neighborhood based mutation scheme) has been presented in this article. Two different induction motor models such as approximate and exact models are considered. The parameter estimation methodology describes a method for estimating the steady-state equivalent circuit parameters from the motor performance characteristics, which is normally available from the manufacturer data or from tests. Differential Evolution is not completely free from the problems of slow or premature convergence, that's why the idea of a much more efficient variant of DE comes. The variant of DE used for solving this problem utilize the concept of the neighborhood of each population member. The feasibility of the proposed method is demonstrated for two different motors and it is compared with the genetic algorithm and the Particle Swarm Optimization algorithm. From the simulation results it is evident that DEGL outperforms both the algorithms (GA and PSO) in the estimation of the parameters of the induction motor.