South Mumbai’s Tardeo leads India’s top 10 expensive primary housing locations

South Mumbai's Tardeo locality has emerged as the country’s most expensive luxury residential location in the primary (first sale by developer) residential real estate market. Luxury properties being built and offered for sale by the developers are priced at an average price of Rs 56,200 per sq. ft, showed data from ANAROCK Property Consultant.
Over the last seven years, this tony location in the financial capital recorded a new launch supply of over 1,100 units in the premium segment with average size of 1,690 sq ft, showed the data.

The next two hyper-expensive luxury housing locations are Mumbai’s Worli and Mahalaxmi that ranked second and third with new luxury residential properties price-tagged 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.

In terms of property typology, 2 and 3 bedroom apartments dominate the property spectrum in these two Mumbai Metropolitan Region (MMR) localities. On an average, the built-up size of these units ranges between 1,690 sq ft and 3,500 sq. ft.

Besides the highly aspirational SoBo label, 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.

The top 10 rankings are based on the average prices of all new luxury units launched between 2013 and first half of 2019. Over this period, average prices in the mentioned micro-markets were calculated to be the highest in the respective cities. 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 considered here.

Chennai has emerged as the most expensive in south India out of the three major cities tracked including Chennai, Hyderabad, and Bangalore, only micro-markets in Chennai qualify for the list of the top 10 most expensive luxury residential markets in India. These include Nungambakkam at fourth rank with average price of Rs 18,000 per sq ft, Egmore at fifth place with average price of Rs 15,100 per sq ft and Anna Nagar at seventh place with prices at around Rs 13,000 per sq ft.

Interestingly, the average built-up size of the premium units in Chennai is about 17% larger than those in MMR. In Chennai, luxury apartment sizes are in the range of 2,190-2,890 sq ft.

In NCR, Karol Bagh stood at sixth and Golf Couse Road ranked at ninth on the list of most expensive luxury residential destinations, with an average price of Rs 13,500 per sq ft. and Rs 12,500 per sq ft, respectively. These two localities recorded an aggregate supply of 5,630 luxury units since 2013 till date.

Pune's Koregaon Park ranked eighth on the list, while Alipore in Kolkata stood at 10th position. 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 7 cities command exorbitant price tags for resale properties – much steeper than prices in the primary sales market. With land for new developments being a scarce commodity in these markets, Indian billionaires often prefer to opt for such properties on the resale market because of the sheer scarcity. Some of the most expensive secondary micro-markets include:

MMR: Altamount Road, Napean Sea Road and Cuffe Parade. Properties in these localities range between Rs 50,000 to Rs 1,00,000 per sq ft.

NCR: Greater Kailash II, Anand Niketan and Defence Colony in Delhi command a price between Rs 25,000 per sq ft. to Rs 47,000 per sq ft.

Bangalore: Properties in Indiranagar, Sadashivnagar and Jaya Nagar come with a price tag between Rs 9,000 per sq ft to Rs 20,000 per sq ft.

Chennai: In expensive localities of Alwarpet, Anna Salai, RA Puram and T Nagar, properties are worth anywhere between Rs 12,000 to Rs 20,000 per sq ft.

Hyderabad: Banjara Hills, Jubilee Hills and Whitefields come with a price tag of Rs 6,000 to Rs 14,000 per sq ft.

Pune: Ashok Nagar, Bhosle Nagar and Boat Club Road are expensive resale markets with properties priced as low as Rs 11,000 per sq ft. and going up to Rs 18,000 per sq ft.

Kolkata: Rash Behari Avenue, Prince Anwar Shah Road, Bhowanipore and Gariahat are among the most expensive localities with prices between Rs 7,500 to Rs 13,500 per sq ft.