Mumbai houses the country’s top three most expensive locations for luxury residential houses - primary (first sale by developer), says the latest report by ANAROCK Property consultants. With a price tag of Rs 56,200 per square feet (sq. ft.), Tardeo in Mumbai has emerged as the costliest location, followed by Worli and Mahalakshmi, which command a price of Rs 41,500 and Rs 40,000 per sq. ft. respectively.
“In terms of property typology, 2/3BHK apartments dominate the property spectrum in these two Mumbai Metropolitan Region (MMR) localities. On an average, the built-up size of these units is in the range of 1,690 - 3,500 sq. ft. Besides the highly aspirational South Bombay (SoBo) label, many luxury projects in these expensive markets offer unrestricted views of the racecourse and eastern sea views, premium amenities – and privacy, which is arguably the biggest luxury in India's most congested city,” says Anuj Puri, chairman, ANAROCK Property Consultants.
Chennai’s Nungambakkam ranks fourth with average price of Rs 18,000 per sq. ft, followed by Egmore at the fifth spot with an average price tag at Rs 15,100 per sq. ft, the findings suggest. CLICK TO VIEW THE CHART
ANAROCK’S top 10 rankings are based on the average prices of all new luxury units launched between 2013 and the first half of 2019 (H1-2019). Over this period, average prices in the mentioned micro-markets were calculated to be the highest in the respective cities.
In the National Capital Region (NCR), prices of luxury residential units in Karol Bagh are higher than those in the upscale Golf Course Road by nearly 8 per cent, the report says, with some of the projects bundling in with roof-top cafés with spectacular views, observatory decks, restaurants, spas and various other luxury amenities.
“In NCR, Karol Bagh comes in sixth and Golf Couse Road ranks ninth on the list of most expensive luxury residential destinations, with an average price of Rs 13,500 per square feet (sq. ft.) and Rs 12,500 per sq. ft., respectively. These two localities recorded an aggregate supply of 5,630 luxury units since 2013 till date,” the report says.
Recently, a report by Knight Frank had put New Delhi as the 10th fastest-growing city in the world in luxury residential real estate, with a rise of 4.4 per cent in capital values over the past one year. Bengaluru, with a rise of 2.8 per cent in capital value year-on-year, and Mumbai (up 0.8 per cent) are ranked 15th and 30th, respectively, in the 46 cities tracked by Knight Frank globally.
“New Delhi, by virtue of limited supply of luxury properties, saw a rise in weighted average of capital values at Rs 33,511 per square feet — an annual rise of 4.4 per cent. Bengaluru recorded a weighted average capital value of approximately Rs 19,000 per square feet, recording an annual increase of 2.8 per cent. Mumbai saw a weighted average capital value for prime properties at Rs 64,764 per square feet,” the Knight Frank report had said.