Indian cities witness high-end property growth, Mumbai Ranks 6th
Real Estate

Indian cities witness high-end property growth, Mumbai Ranks 6th

Mumbai ranks 6th among 46 cities globally in terms of annual price growth of high-end residential properties with appreciation of 5.5 per cent, according to Knight Frank. Real estate consultant Knight Frank India in its report 'Prime Global Cities Index Q1 2023' said that Mumbai, Bengaluru, and New Delhi have registered an increase in average annual prices in January-March 2023.

According to the consultant, Mumbai moved up from the 38th rank in Q1 2022 to the 6th rank in Q1 2023 based on the annual growth in high-end or prime properties. The consultant stated that Bengaluru and New Delhi also witnessed an upward movement in index ranking to 16th and 22nd ranks from their previous 37th and 39th ranks, respectively, in the first quarter of the 2022 calendar year.

They further stated that the rise in average prices in Mumbai was recorded at 5.5 per cent year-on-year (YoY), while it was 3 per cent YoY in Bengaluru and 1.2 per cent YoY in New Delhi, compared to Q1 2022. Dubai clinched the top position globally with an increase of 44.2 per cent in prime residential properties values.

The consultant explained that the Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide. The index tracks nominal prices in local currency.

The consultant attributed Mumbai's significant rise on the international index to the rise in demand in the city. According to the consultant, the demand has been strong for all segments, and they have observed a rise in the sale of higher-value products.

Knight Frank India CMD Shishir Baijal commented that the Indian economy stood out with steady performance despite concerns around global growth and inflation that marked most of 2022.

However, he noted that the Indian real estate markets displayed continued momentum in demand amid concerns of an inflationary environment and weathered a steep rise in home loan rates over the past 12 months.

Also Read
Housing sales in FY23 were up 48% to Rs 3.47 lakh cr
DTCP will allow only 3 floors on affordable housing plots


Mumbai ranks 6th among 46 cities globally in terms of annual price growth of high-end residential properties with appreciation of 5.5 per cent, according to Knight Frank. Real estate consultant Knight Frank India in its report 'Prime Global Cities Index Q1 2023' said that Mumbai, Bengaluru, and New Delhi have registered an increase in average annual prices in January-March 2023. According to the consultant, Mumbai moved up from the 38th rank in Q1 2022 to the 6th rank in Q1 2023 based on the annual growth in high-end or prime properties. The consultant stated that Bengaluru and New Delhi also witnessed an upward movement in index ranking to 16th and 22nd ranks from their previous 37th and 39th ranks, respectively, in the first quarter of the 2022 calendar year. They further stated that the rise in average prices in Mumbai was recorded at 5.5 per cent year-on-year (YoY), while it was 3 per cent YoY in Bengaluru and 1.2 per cent YoY in New Delhi, compared to Q1 2022. Dubai clinched the top position globally with an increase of 44.2 per cent in prime residential properties values. The consultant explained that the Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide. The index tracks nominal prices in local currency. The consultant attributed Mumbai's significant rise on the international index to the rise in demand in the city. According to the consultant, the demand has been strong for all segments, and they have observed a rise in the sale of higher-value products. Knight Frank India CMD Shishir Baijal commented that the Indian economy stood out with steady performance despite concerns around global growth and inflation that marked most of 2022. However, he noted that the Indian real estate markets displayed continued momentum in demand amid concerns of an inflationary environment and weathered a steep rise in home loan rates over the past 12 months. Also Read Housing sales in FY23 were up 48% to Rs 3.47 lakh crDTCP will allow only 3 floors on affordable housing plots

Next Story
Infrastructure Transport

JNPA Becomes First Indian Port to Cross 10 Million TEU Capacity

The Jawaharlal Nehru Port Authority (JNPA), located at Uran in Navi Mumbai, has become the first port in India to achieve over 10 million TEUs (twenty-foot equivalent units) in container handling capacity.With the recent expansion, the port now operates five container terminals with a combined capacity of 10.4 million TEUs, alongside two liquid and two general cargo terminals.Handling more than half of India’s container traffic, JNPA processed 7.05 million TEUs in 2024 and has moved 15.39 million tonnes of containers and 16.64 million tonnes of total cargo in the first two months of FY 2025â..

Next Story
Infrastructure Transport

Nod for Rs. 36.26 billion Expansion of Pune Metro Line 2

The Union Cabinet has approved the Rs.36.26 billion expansion of Pune Metro Line 2, adding 12.75 km of track and 13 new stations to improve east–west connectivity across the city.The project aims to link Pune’s urban core with rapidly growing suburbs, supporting the city’s rising demand for efficient and sustainable transport solutions. This expansion is part of Corridor 2 of the Pune Metro and includes two key routes: Vanaz to Chandani Chowk (Corridor 2A) and Ramwadi to Wagholi/Vitthalwadi (Corridor 2B).It will connect residential, IT, and educational hubs in areas such as Bavdhan, Koth..

Next Story
Infrastructure Transport

Assembly begins for ‘Nayak’ TBM on Thane– Borivali Twin Tunnel Project

The assembly of ‘Nayak’, the first of four Tunnel Boring Machines (TBMs) for the Thane–Borivali Twin Tube Tunnel Project, has commenced at the Thane site. Built by German firm Herrenknecht AG and deployed by Megha Engineering & Infrastructure (MEIL), the TBM marks a key milestone in Mumbai’s ambitious 11.8-km underground road corridor beneath Sanjay Gandhi National Park.The twin tunnels will reduce the Thane–Borivali travel distance by 12 km and decongest Thane Ghodbunder Road. ‘Nayak’, with a 13.2-metre diameter, is designed to bore through challenging geological conditions ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?