Get ready to shell out ₹56,000 per square foot if you want to stay in Mumbai’s Tardeo area
- Buying a house is becoming more and more expensive, as the metro cities are becoming crowded.
- ANAROCK, a property consultancy firm, shared the list of top 10 most expensive location in India to buy a house.
- The most expensive place to buy a house is Mumbai's Tardeo where a square foot of land can foot a bill of ₹56,200.
South Mumbai's Tardeo was declared most most expensive luxury residential location, which costs an enormous ₹ 56,200 per sq. ft. according to a property consultant ANAROCK.
It means an average home in Mumbai’s costliest district only start at around ₹ 6.6 crore.
Tardeo has three things going for it -- connectivity, connectivity and connectivity. This commercial and residential locality of the rich and the famous, is easily accessible to three key forms of transport — Chhatrapati Shivaji International Airport, Mumbai Central Railway Station and bus stands.
Mumbai also snagged the second and third most hyper-expensive luxury housing locations are also in Mumbai. Worli and Mahalaxmi, with per square feet prices at INR 41,500 and INR 40,000 per sq. ft. respectively.
And they are also heavily in demand. These two localities recorded an aggregate supply of over 9,600 units since 2013.
“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,” said Anuj Puri, chairman of ANAROCK Property Consultants.
The next two super expensive areas are from Chennai and not Delhi as expected. Nungambakkan and Egmore are beyond the reach of most common people, as their per square feet prices are between ₹15000 to ₹20,000 . Anna Nagar also made it to the seventh position.
Two of Delhi’s localities like Karol Bagh and Golf Course Road made it to the list however, and so did Kolkata’s Alipore area, along with Pune’s Koregaon Park.
It is not surprising to see the growth in expensive homes as the rich increasing in number. According to a Credit Suisse report, there were an estimated 3.42 lakh Dollar-millionaires in India as on mid-2018 who collectively held around $6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around $8.8 trillion by 2023. Market fluctuations make very little difference to the personal net worth of these individuals, indicating that they are not beaten by the slowdown like everyone else.
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