Chennai: Mumbai continues to be the most expensive city in terms of real estate — with prime property prices significantly higher than other top cities. Among the three costliest cities, the average prime residential property price in Mumbai is 93 per cent higher than that in Delhi and 235 per cent higher than the average price in Bengaluru.
As per the data from Knight Frank, prime property price in Mumbai was Rs 64,649 per sq.ft in Q1 2019, rising 0.3 per cent Rs 64,432 per sq.ft in 2018. Mumbai prices have been consistently rising every year since 2014 - having risen 5.1 per cent in the period 2014-18.
Compared to Delhi, prime property in Mumbai was 93 per cent costlier. But Delhi saw the highest price increment of 4.4 per cent to Rs 33,507 per sq ft in Q1 2019 in comparison with average prime property price of Rs 32,107 in 2018. However, Delhi prices have remained volatile in the past four years. The city saw a drop in average prime property price by 4.9 per cent in 2016 and by another 2.3 per cent in 2017. However, in 2018, prices moved up by 1.4 per cent.
Bangalore witnessed 0.8 per cent rise in average prime property price to Rs 19,447 per sq ft against Rs 19,296 per sq.ft in 2018. Bangalore prices were seen going up in 2015 and remained stagnant in 2016. In 2017, it dropped a little in 2017, only to recover in 2018.
"The prime property market in India has been either stable or seen marginal drop in prices in the last 5 years. The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury.
According to Attitude Survey, 14 per cent of Indian ultra-high net-worth individuals are expected to buy a new home in 2019, an indication of latent demand for prime property in 2019," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
