Apart from Tardeo in Mumbai (Rs 56,000 per square feet), the list of top 10 most expensive residential locations in India in the primary market include cities such as Chennai, Delhi and Kolkata. No locations in Bengaluru or Hyderabad were found on the list
New Delhi: Commanding a staggering Rs 56,000 per square feet average rate for homes available in the primary real estate market, South Mumbai's Tardeo is India's costliest residential location, according to property consultant Anarock.
With average housing prices of Rs 41,500 and Rs 40,000 per square feet, Worli and Mahalaxmi in Mumbai Metropolitan Region (MMR) are placed at second and third positions respectively, in Anarock’s list of top 10 most expensive residential locations in India in the primary market that consists of new properties launched by builders and excludes resale ones.
"South Mumbai's Tardeo is India's most expensive residential location in the primary residential real estate market. Property here comes with an astronomical price tag of INR 56,200 per square feet," Anarock chairman Anuj Puri said.
The report also stated that the prominent residential and commercial location in South Mumbai, Tardeo, also known as Tardeo Road, enjoys excellent connectivity and is largely self-sufficient with high-grade educational and healthcare institutions as well as hotels and fine dining restaurants.
Locations in the south also found its way on the list. Chennai's Nungambakkam ranks fourth with an average price of Rs 18,000 per square feet, while Egmore ranks fifth with Rs 15,100 per square feet rate. Anna Nagar is at the seventh place with price of Rs 13,000 per square feet.
With an average price of Rs 13,500 per square feet, Delhi's Karol Bagh was found in sixth position, while the Golf Course Road in Gurugram, Haryana ranked ninth carrying an average price tag of Rs 12,500 per square feet.
These two localities in the national capital region (Delhi-NCR) recorded an aggregate supply of 5,630 units since 2013 till date.
Pune's Koregaon Park ranked eighth with a price tag of Rs 12,500 per square feet, and Alipore in Kolkata closed the list at tenth spot with Rs 11,800 per square feet.
Bengaluru or Hyderabad did not make it to the top 10.
"Even as India's middle-class grapples with the prospect of an uncertain future in their careers and financial ability - the main drivers of housing demand - the rise of India's super-rich continues unabated," Puri said.
The consultant also quoted a Credit Suisse report, which estimated that India housed 3.42 lakh dollar-millionaires as on mid-2018. The report also stated that the millionaires collectively held $6 trillion and forecast that 5.26 lakh Indian dollar millionaires' wealth will hold $8.8 trillion by 2023.
"Market fluctuations make very little difference to the personal net worth of these individuals," Puri said.
In India, as in the rest of the world, super-luxury housing remains largely insulated from median real estate and economic dynamics, he added.
"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," Puri concluded.
With PTI inputs
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Last Updated 9, Sep 2019, 11:14 AM