A recent report by consultancy firm Mercer has brought the cost of living in Indian cities into the spotlight. According to the data provided in the report, Mumbai emerged as the costliest city to live for expatriates in India. Delhi was ranked second on the list while Chennai and Bengaluru were ranked third and fourth respectively.
The report ranks cities on the basis of 200 parameters, including housing, transportation, food, clothing, household goods and entertainment.
In major metros of India like Mumbai, Delhi and Bengaluru, the cost of properties has been a point of focus in several studies. For a person looking to rent or buy a property, data on what the move might cost becomes essential.
Relying on some of the data available on the real estate markets of Delhi, Mumbai and Bengaluru, here are some of the key things you should know about the property markets of these cities.
Going by the data available in real estate consultancy firm Knight Frank’s ‘India Real Estate’ report covering the July-December 2022 period, here’s what it might cost if a consumer is buying a property. According to the report, the average price range per square feet in some of the residential areas in Delhi NCR is:
Dwarka: Rs 6,500 -10,000 per sqft
Greater Kailash II: Rs 23,000 - 36,200 per sqft
Ghaziabad NH-24 Bypass: Rs 2,900 - 3,155 per sqft
Greater Noida Sector 1: Rs 3,215 - 4,000 per sqft
Gurugram Sector 77: Rs 5,250 - 6,500 per sqft
Noida Sector 78: Rs 4,600 - 5,900 per sqft
According to these rates, the price to buy a 650 sqft property can be calculated. For example, the average price of a property in Noida Sector 78 can range from Rs 30 lakh to Rs 40 lakh. However, it is important to note that the prices of properties may vary according to local factors and conditions.
Coming to rent, data from a cost of living report of real estate portal 99acres says that average rent of 1BHK in affordable residential areas of the city lies under Rs 15,000. However, the rent of properties changes according to the location. Renting in luxury areas of the city will cost over the above mentioned amount.
Classified as the costliest city to live for expatriates, the city has some of the highest rate for buying property. According to data available in real estate consultancy Knight Frank’s report, here’s what it might cost if a consumer is buying a property in some of the below mentioned areas:
Lower Parel: Rs 25,000 - 36,000 per sqft
Ghatkopar: Rs 12,000 - 22,000 per sqft
Tardeo: Rs 40,000 - 60,000 per sqft
Andheri: Rs 15,000 - 26,000 per sqft
Goregaon: Rs 13,000 - 24,000 per sqft
Panvel: Rs 3,800 - 7,500 per sqft
According to the prices mentioned in the report, one can calculate the average price of properties in these localities. However, the prices of property may vary from the rates mentioned above owing to different local factors, including location and condition of property.
The rent in Mumbai was found to be one of the highest in 2019 in a Mint analysis. According to the report, the average rent of 650 sqft apartment in the city is Rs 38,200. The fact is backed by cost of living analysis by 99acres which says that rent of individual apartments may cost over Rs 30,000. The average rent increases if a tenant moves to more posh localities of the city.
Considered an hub of IT sector related firms, the city ranked fourth in list of costliest Indian cities to live. According to the data available in Knight Frank report, here are the rates of properties in some of the areas:
KR Puram: Rs 4,000 - 7,100 per sqft
Yeshwantpur: Rs 6,000 - 10,900 per sqft
Rajajinagar: Rs 8,300 - 15,900 per sqft
Hebbal: Rs 5,500 - 12,000 per sqft
Lavelle Road: Rs 21,000 - 30,000 per sqft
Going by the average prices mentioned in the report, average cost of buying properties can be calculated. Rents in different part of city vary according to the local factors. However, an average estimate from reports suggests that rent for 1 BHK in some areas of the city can vary from Rs 10,000 - 15,000. However, a Times of India report published in March suggested that there has been 15-30 per cent rise in rents in some areas of the city. A techie quoted by the report stated that rent for a 2BHK in one of the areas had increased to Rs 30,000 from the earlier price of Rs 15,000 - 20,000.