Proud moment for Mumbai! This location tops list of India’s top 10 most expensive housing locations
South Mumbai's Tardeo is India’s most expensive luxury residential location in the primary (first sale by developer) residential real estate market, according to a report.
South Mumbai's Tardeo is India’s most expensive luxury residential location in the primary (first sale by developer) residential real estate market, according to a report. Luxury properties here come with an astronomic average price tag of Rs 56,200 per sq. ft. According to an ANAROCK Property Consultants report, the next two hyper-expensive luxury housing locations are also located in Mumbai. Worli and Mahalaxmi rank second and third with new luxury residential property prices of 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, it said.
The report stated that over the last seven years, Mumbai's Tardeo neighbourhood recorded a new supply of over 1,100 units in the premium segment with average size of 1,690 sq. ft. On average, the built-up size of these units ranges anywhere between 1,690 and 3,500 sq. ft. 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.
Chennai is the most expensive South Indian market. 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. No localities in Bengaluru and Hyderabad made it to the top 10 list.
The top 10 rankings are based on the average prices of all-new luxury units launched between 2013 and the first hald of 2019. Over this period, average prices in the mentioned micro-markets were calculated to be the highest in the respective cities. Mumbai Metropolitan Region (MMR) is one of the most expensive markets among the top 7 cities and has several localities with high price tags. Only the top 3 most expensive localities are located in the financial capital of India.