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Real estate has always been the biggest pain point for Mumbai residents, with sky-high prices and confined space. It is no surprise that Mumbai is currently the most expensive housing location in India as per research by Anarock Property Consultants.
South Mumbai’s Tardeo leads the primary sale [first sale by the developer] category, where properties have an average price of Rs 56,200 per sq. ft. Following come Worli and Mahalaxmi, which command prices to the tune of Rs 41,500 per sq. ft. and Rs 40,000 per sq. ft. respectively. “One of the main reasons why the likes of Tardeo, Worli and Mahalaxmi top the list, instead of Altamount Road, Napean Sea Road and Cuffe Parade is the scarcity of land in the latter areas,” says Anuj Puri, chairman, Anarock Property Consultants.
Additionally, supply in the secondary or re-sale markets have not been considered for this study. Average prices are taken into account. If properties launched in Worli between 2013 and H1 2019, saw basic prices quoted between Rs 30,000 per sq. ft. and Rs 53,000 per sq. ft., the average price here is calculated at around Rs 41,500 per sq. ft. In the secondary markets segment in Mumbai, Altamount Road, Napean Sea Road and Cuffe Parade price tags ranged from Rs 50,000 to Rs 1,00,000 per sq. ft.
To find a lot of these luxury real estate properties—with average sizes ranging from 1,690-3,500 sq. ft--in south Mumbai, comes as no surprise, Puri adds. “A new trend is that luxury developers now market their projects as a standard of sustainable. A significant percentage of premium projects in these markets come with an organic vegetable gardens, organic café, herb garden, and so on.”
Of the three major southern cities—Chennai, Hyderabad and Bengaluru—only Chennai has made it to the top 10 most expensive luxury residential markets in India. Chennai’s Nungambakkam ranks 4th
, with an average price of Rs 18,000 per sq. ft; Egmore ranks 5th with average prices at Rs 15,100 per sq. ft, although the size of the premium units is about 17 percent larger than those in Mumbai. [See box below]
“In India as in the rest of the world, super-luxury housing remains largely insulated from median real estate and economic dynamics,” says Puri. Following Mumbai and Chennai, are areas in NCR, Pune and Kolkata. Puri adds, “Buyers in this housing category, coming from both ‘old’ and ‘new’ money, remain personally wealthy despite ups and downs in their businesses or the economy at large. The country’s most aspirational and expensive locations are their exclusive playgrounds.”