Proud moment! Delhi ranks 9th fastest growing prime residential market in the world - Check top locations in city
Check Top locations of the national capital!
International property consultancy Knight Frank has released a report - Prime Global Cities Index Q3 2019. The report talks about New Delhi being the 9th fastest-growing luxury residential market globally, and Bengaluru and Mumbai being in the Top 30. It also lists out the areas tracked in Delhi, Bengaluru and Mumbai for measuring the luxury home prices.
Top locations of the national capital
Knight Frank, in its latest report Prime Global Cities Index, has ranked New Delhi as the 9th fastest growing prime residential market in the world, with average luxury home prices in areas such as Greater Kailash, Vasant Vihar, Anand Niketan, Defence Colony and Green Park rising by 4.4% year-on-year in the third quarter of 2019 (Q3 2019).
Bengaluru (2.1%) and Mumbai (0.8%) were ranked 20th and 28th on the list, respectively.
While New Delhi and Mumbai have moved up by one and two places, respectively, from 10th and 30th ranks in Q2 2019, Bengaluru has slipped five places from 15th rank in Q2 to 20th rank in Q3 2019.
Prime location: New Delhi is rising!
New Delhi saw a 4.4% rise in weighted average capital value of prime residential properties to Rs 33,511 per sq ft in Q3 2019, while Bengaluru, comprising areas such as Richmond Town, Frazer Town, Sanjay Nagar, Langford Town, Lavelle Road, Vittal Mallya Road, Palace Road, Kasturba Road, Seshadripuram, Richmond Road, M.G. Road, Ulsoor, Cunningham Road, Infantry Road, Benson Road and St. Johns Road, recorded a 2.1% rise in capital value to about Rs 19,709 per sq. ft.
Mumbai, comprising areas such as Cuffe Parade, Napean Sea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex (BKC), Santacruz (W), Bandra (W), Khar (W) and Prabhadevi, registered a 0.8% increase in average capital value to Rs 64,775 per sq. ft.
CHART: KNIGHT FRANK PRIME GLOBAL CITIES INDEX Q3 2019
Commenting on the occasion, Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “While Delhi and Mumbai have moved up in their rankings, luxury home prices have remained stable in both the cities in the past three months. Delhi’s prime residential market, which is characterised by its tight supply, had witnessed a growth of 4.4% in March 2019 quarter, leading to this performance in the Prime Global City Index."
"Slowing of global economic growth, along with issues like US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum have influenced luxury buyers’ sentiment. Back in India as well, all the policy initiatives have been focused on boosting the development of affordable and mid-income housing, which has left the luxury property development a game for well-funded and organised firms to play,” Baijal added.