South Mumbai's Tardeo is the country’s most expensive luxury residential location in the primary residential real estate market, with luxury properties commanding an average price tag of Rs 56,200 per sq ft, followed by Worli and Mahalaxmi at Rs 41,500 and Rs 40,000 per sq ft, respectively, a report by Anarock Property Consultants said on Monday.
Most of the luxury projects in these expensive markets offer unrestricted views of the racecourse and western sea views, premium amenities and privacy, which is arguably the biggest luxury in India’s most congested city, Anarock said. A significant percentage of premium projects in these markets come with organic vegetable gardens, organic cafe, herb garden, etc.
Over the last seven years, this tony location in the country’s financial capital recorded new supply launches of over 1,100 units in the premium segment with an average size of 1,690 sq ft.
The next two hyper-expensive luxury housing locations are also in Mumbai. Worli and Mahalaxmi which rank second and third, with new luxury residential properties priced 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, the report said. In terms of property typology, 2/3 BHK apartments dominate the property spectrum in these two MMR localities. On an average, the built-up size of these units range between 1,690 sq ft and 3,500 sq ft, the report said.
In Delhi-NCR, Karol Bagh was ranked sixth and Golf Course Road (Gurgaon) ninth on the list of most expensive luxury residential destinations with an average price of Rs 13,500 and Rs 12,500 per sq ft, respectively.
These two localities recorded an aggregate supply of 5,630 luxury units since 2013 till date. Some of the projects sport roof-top cafes with spectacular views, observatory decks, restaurants, spas and various other luxury accoutrements, the report said.
Of the three major southern cities tracked — Chennai, Hyderabad, and Bengaluru — only micro-markets in Chennai qualify for the list of the top 10 most expensive luxury residential markets in the country. Nungambakkam stands fourth with a price of around Rs 18,000 per sq ft; Egmore ranks fifth at Rs 15,100 per sq ft and Anna Nagar seventh at Rs 13,000 per sq ft.
But, the average built-up size of the premium units in Chennai is around 17% larger than those in Mumbai Metropolitan Region (MMR). In Chennai, luxury apartment sizes range between 2,190 sq ft and 2,890 sq ft, the report said.
No localities in Bengaluru and Hyderabad make it to the top 10 list. But in the primary market, Rajajinagar is the most expensive luxury market in Bengaluru with luxury properties commanding Rs 11,500 per sq ft, followed by Koramangala with average prices of Rs 10,600 per sq ft and Jagjeevanran Nagar at Rs 10,000 per sq ft, the report said.
Madhapur is the most expensive luxury market in Hyderabad at Rs 6,500 per sq ft for luxury homes, followed by hitech city and Gachibowli with average prices of Rs 6,200 and Rs 5,700 per sq ft, respectively, the report said.
Pune’s Koregaon Park ranks eight on the list, while Alipore in Kolkata ranks tenth. 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.
Several prominent areas across the top seven cities also command exorbitant price tags for resale properties — much steeper than prices in the primary sales market.
Some of the most expensive secondary micro-markets included MMR’s Altamount Road, Napean Sea Road and Cuffe Parade.
Properties in these localities range between Rs 50,000 and Rs 1,00,000 per sq ft.
In NCR, Greater Kailash II, Anand Niketan and Defence Colony in Delhi command between Rs 25,000 and Rs 47,000 per sq ft, the report added.