Mumbai beats NCR, Bangalore in residential land appreciation

Prices of prime residential land in Mumbai, the country's commercial capital, has appreciated the most among Indian cities, said a new report.

Prime land in Mumbai has appreciated 35.2% in the last two years on the back of change in development norms coupled with increase in residential prices. National capital region (NCR) and Bangalore have seen 24.9% and 26.1% increase in the last two years respectively, according to Prime Asia Development Index launched by global consultant Knight Frank.

However, In office land, the NCR saw the highest appreciation at 16.3% in the last two years while Mumbai and bangalore saw appreciation of 13.1% and 12.9% respectively.

Dr. Samantak Das, Chief Economist and Director - Research, Knight Frank India,said, ". Low transaction volumes coupled with large quantum of office supply led to a decline in the Prime Office Development Land Index by 13.1% in Mumbai during the last two years."