Real estate consultancy Knight Frank has stated in its report that Mumbai is the 16th most expensive city in the world in terms of owning a prime residential property with a price tag of around Rs 57,000 per sq ft,. As per the Knight Frank’s prime international residential index, the Indian financial capital is also among the few global cities that saw realty prices going up in 2012.
The consultancy has seen a price increase of 0.5 per cent in prime residential properties in Mumbai in 2012 at Rs 57,800 per sq ft, Knight Frank India Research and Advisory Services Director Samantak Das said on March 19. The London-based consultancy expects 1-2 per cent growth in prices in the luxury segment in the next two years, he said.
According to the ‘Wealth Report 2013', Mumbai’s prime properties are located in the southern part of the island city like Colaba, Cuffe Parade and Malabar Hills, among others. Das pointed out that National Capital Region or NCR (Delhi and its surrounding urban areas) may witness less than 5 per cent rise in prices of luxury homes in 2013.
About the buying trend in these properties in the country, Das said Knight Frank is receiving a large number of enquiries for high-end units but actual transactions are slow in this space as of now.