New Delhi: At Rs 56,200 per sq ft, south Mumbai's Tardeo is India’s most expensive luxury residential location in the country, a report Property consultant ANAROCK said.
“South Mumbai's Tardeo is India’s most expensive luxury residential location in the primary (first sale by developer) residential real estate market. Luxury properties here come with an astronomic average price tag of Rs 56,200 per sq. Ft,” the ANAROCK report said.
The ANAROCK further revealed that over the last seven years, this tony location in the financial capital recorded a new launch supply of over 1,100 units in the premium segment with average size of 1,690 sq. ft.
The next two hyper-expensive luxury housing locations are also in Mumbai. Worli and Mahalaxmi rank 2nd and 3rd with new luxury residential properties price-tagged at Rs 41,500 and Rs 40,000 per sq. ft. respectively. These two localities recorded an aggregate supply of over 9,600 units since 2013.
In NCR, Karol Bagh comes in 6th and Golf Couse Road ranks 9th on the list of most expensive luxury residential destinations, with an average price of Rs 13,500 per sq ft and Rs 12,500 per sq ft respectively.
Pune's Koregaon Park ranks 8th on the list, while Alipore in Kolkata ranks 10th. Average prices for luxury homes in these two micro-markets are Rs 12,500 per sq ft and Rs 11,800 per sq ft. respectively.
Meanwhile, out of the three major southern cities tracked --Chennai, Hyderabad, and Bangalore – only micro-markets in Chennai qualify for the list of the top 10 most expensive luxury residential markets in India. Nungambakkam ranks at 4th place at Rs 18,000 per sq ft; Egmore at 5th place at Rs 15,100 per sq ft and Anna Nagar at the 7th place at Rs 13,000 per sq ft, the report said.
The top 10 rankings are based on the average prices of all new luxury units launched between 2013 and H1 2019. Over this period, avg. prices in the mentioned micro-markets were calculated to be the highest in the respective cities.