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Top 10 Most Expensive Residential Locations in India

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Top 10 Most Expensive Residential Locations in India

In Anarock’s latest survey, Mumbai’s Tardeo tops the list of India’s 10 most expensive residential locations

Homes are perhaps our biggest driving force to achieve success. These days most educated young Indian millennials set a goal of owning a home by the time they hit their mid-thirties. With rising real estate prices it is no surprise that quite a few of them opt for affordable housing. However, they do dream of owning a home at a posh location with the best of amenities as that increases their stature in society.

Property consultant Anarock has released the list of the Top 10 costliest residential locales of India. These are luxury projects and cost quite a fortune.

It is no surprise that Mumbai dominates this list on the top 3 positions. South Mumbai’s Tardeo takes the first place with a price tag of a whopping Rs 56,000 per sq. ft. In the second and third place are Worli and Mahalaxmi with average housing prices of Rs 41,500 and Rs 40,000 per sq. ft. respectively.

Anarock’s Chairman Anuj Puri confirmed the news. Puri said, “Tardeo is India’s most expensive residential location in the primary residential real estate market. Property here comes with an astronomical price tag of Rs 56,200 per sq. ft.”

The entire area from Nana Chowk to Haji Ali Junction is Tardeo. It is one of Mumbai’s most famous residential and commercial areas. It provides excellent connectivity and has world-class educational and healthcare institutions. Some of Mumbai’s most plush hotels and fine dining restaurants are located here.

Three areas of South Indian city Chennai occupy the fourth, fifth and seventh position in the list. In fourth place is Nungambakkam with an average price of Rs 18,000 per sq. ft., Egmore ranks fifth with Rs 15,100 per sq. ft. and Anna Nagar ranks seventh with Rs 13,000 per sq ft.

Two of NCR’s (National Capital Region’s) locations, Delhi’s Karol Bagh and Gurugram’s Golf Course Road came sixth and ninth with an average price tag Rs 13,500 per sq. ft. and Rs 12,500 per sq. ft. respectively. Since 2013, Karol Bagh and Golf Course Road have had an aggregate supply of 5,630 units.

With a price tag of Rs 12,500, Pune’s Koregaon Park ranks eighth on the list, while Kolkata’s Alipore finishes at the tenth spot with Rs 11,800 per sq. ft. 

LocationPrice per sq. ft.
Tardeo (Mumbai)Rs 56,200
Worli (Mumbai)Rs 41,500
Mahalaxmi (Mumbai)Rs 40,000
Nungambakkam (Chennai) Rs 18,000 
Egmore (Chennai) Rs 15,100
Karol Bagh (New Delhi)Rs 13,500
Anna Nagar (Chennai) Rs 13,000 
Golf Course Road (Gurugram) Rs 12,500
Koregaon Park (Pune) Rs 12,500
Alipore (Kolkata) Rs 11,800

The reasons why these areas command a high price tag are limited land supply and moderate construction pipelines. It is noteworthy that none of the places in Bengaluru or Hyderabad made it to the list.

Puri feels that the vast percentage of luxury home buyers are India’s affluent class.

Puri added, “Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated.”

Puri said that super-luxury housing in India just like all the other countries is largely insulated from median real estate and economic dynamics.

“Buyers in this housing category, coming from both ‘old’ and ‘new’ money, remain personally wealthy despite ups and downs in their businesses or the economy at large,” Puri stated.

They buy homes mostly in India’s most aspirational and expensive locations.

The above findings were based solely on new property launches and does not include resale ones.

Source: The Hindu BusinessLine

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