Spend Rs 8.7 crore for 99 sq m prime residence in Mumbai, 208 sq m in Delhi: Report

Bengaluru, March 6 (IANS) With $1 million (nearly Rs 8.7 crore) in hand, one can purchase just 99 square metre of prime residential property in Mumbai nowadays, followed by 208 square metre in Delhi and 370 square metre in Bengaluru, a report showed on Thursday.

Monaco continues its reign as the world’s most expensive city where $1 million can get you 19 square metres of space, followed by Hong Kong (22 sq m) and Singapore (32 sq m).

The value of prime international residential index (PIRI 100) has increased by 3.6 per cent in 2024, according to Knight Frank’s flagship The Wealth Report 2025.

Of the 100 luxury residential markets tracked, 80 recorded positive or same annual price growth.

Seoul with 18.4 per cent YoY rise, leads the rankings, while Manila with 17.9 per cent (last year’s frontrunner) slipped to second spot.

Dubai (16.9 per cent), Riyadh (16 per cent) and Tokyo (12.1 per cent) complete the top five.

“Prime property price growth in Delhi and Bengaluru stood at 13 per cent and 14 per cent, respectively, making them more affordable for global buyers. With the US dollar strengthening, the relative affordability of these cities has improved in USD terms, enabling buyers to acquire more space compared to 2014,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

As prime international markets saw an average price increase of 3.6 per cent in 2024, Indian cities continue to establish themselves as competitive players in the global luxury real estate landscape.

Among Indian cities, Delhi is ranked 18th, a significant jump driven by a 6.7 per cent year on year (YoY) growth in luxury residential prices. Mumbai follows at 21st, while Bengaluru ranks 40th. Both Bengaluru and Delhi climbed ranks in YoY terms. Delhi moved up from 37th place in 2023 to 18th in 2024, while Bengaluru rose from 59th to 40th.

–IANS

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