South Mumbai's Tardeo has emerged as India’s most expensive luxury residential location in the primary (first sale by developer) residential real estate market, followed by Worli and Mahalaxmi – also in Mumbai. According to a market research by Anarock Property Consultants, luxury properties in Tardeo come with an astronomical average price tag of Rs 56,200 per square foot.
In Worli, the average price of new luxury residential properties is Rs 41,500 per sq. ft. and it is Rs 40,000 per sq. ft. in Mahalaxmi. The study has also found that two and three BHK apartments dominate the property spectrum in these two Mumbai Metropolitan Region localities. On an average, the built-up size of these units ranges anywhere between 1,690-3,500 sq. ft.
“Besides the highly aspirational South Bombay 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,” said Anuj Puri, Chairman, Anarock Property Consultants.
“In addition to mainstay luxury amenities, luxury developers now market their projects as a new standard of sustainable and even with the organic living. A significant percentage of premium projects in these markets come with an organic vegetable gardens, organic café, herb garden, and so on,” he said.
In this study of the real estate market, Chennai emerged as the most expensive South Indian market with Nungambakkam and Egmore coming in fourth place and fifth in the ranking with average property prices of Rs 18,000 per sq. ft. and Rs 15,100 per sq. ft. respectively.
“Interestingly, the average built-up size of the premium units in Chennai is about 17 per cent larger than those in Mumbai. In Chennai, luxury apartment sizes are in the range of 2,190-2,890 sq. ft,” Puri explained.
Anna Nagar, another Chennai locality, ranked seventh with price tag of Rs 13,000 per sq. ft. No localities in Bangalore and Hyderabad made it to the top 10 list.
Other most expensive cities in the country included Karol Bagh in Delhi (ranked sixth with price tag of Rs 13,500), Pune’s Koregaon Park (ranked eighth at Rs 12,500), Golf Course Road in NCR (ranked ninth at Rs 12,500) and Kolkata’s Alipore (ranked tenth at Rs 11,800 per. sq ft.)