Now I'm enjoying the zooming effects(animations) while at the same time, extending the battery life to some extent by doing some little settings! Thanks to the valuable answer provided by Ralph (see above).
The procedure is:
Settings > Wallpapers and brightness > either choose a new wallpaper or tap one of your existing wallpapers > you can then turn on or off Perspective Zoom > tap Set
(If you turn Perspective Zoom OFF, you won't be getting the parallax effect or vice versa)
And after you complete the above steps successfully, you can say Goodbye to the useless (to me lol) and battery hungry parallax effect and enjoy the zooming (pretty amazing thing which looks good while working) at the same time!!!
But even after doing that, you can notice some parallax effect left over in the home screen, but I think that's normal (Or maybe even a bug lol). And the best part about that new option introduced in iOS 7.1 is, you can choose where you want the parallax effect to work (I mean you can either experience parallax effect in the lock screen or in the homescreen or both) It's your wish, buyt while doing the above steps, turn "OFF" the Reduce Motion in Settings>General>Accessibility>Reduce Motion>OFF
Try it @GetVladimir.com !!!
Regards,
Paneesh.