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New Delhi 9th fastest growing global prime residential market; Bengaluru, Mumbai in top 30: Report

While New Delhi and Mumbai have moved up by one and two places, respectively, from 10th and 30th ranks in the previous quarter, Bengaluru has slipped five places to 20th rank in September quarter.

ET Bureau|
Nov 19, 2019, 01.53 PM IST
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MUMBAI: New Delhi has emerged as the 9th fastest growing prime residential market in the world, with average luxury home prices in areas such as Greater Kailash, Vasant Vihar, Anand Niketan, Defence Colony and Green Park rising 4.4% on-year in the quarter ended September, showed Knight Frank Prime Global Cities Index.

Among other key markets, Bengaluru and Mumbai ranked ranked 20th and 28th on the list with prices moving up 2.1% and 0.8%, respectively.

While New Delhi and Mumbai have moved up by one and two places, respectively, from 10th and 30th ranks in the previous quarter, Bengaluru has slipped five places from 15th rank to 20th rank in September quarter.

New Delhi saw a 4.4% rise in weighted average capital value of prime residential properties to Rs 33,511 per sq ft, while Bengaluru, comprising areas such as Richmond Town, Frazer Town and Langford Town recorded a 2.1% rise in capital value to about Rs 19,709 per sq ft, the index showed.

Mumbai, comprising areas such as Cuffe Parade, Napeansea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex (BKC), Santacruz (W), Bandra (W), Khar (W) and Prabhadevi, registered a 0.8% increase in average capital value to Rs 64,775 per sq. ft.

“While Delhi and Mumbai have moved up in their rankings, luxury home prices have remained stable in both the cities in the past three months. Delhi’s prime residential market, which is characterised by its tight supply, had witnessed a growth of 4.4% in March 2019 quarter, leading to this performance in the Prime Global City Index,”said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

Moscow leads the index this quarter with prime home prices rising by 11.1% over the 12 months to September 2019, followed by Frankfurt 10.3% and Taipei 8.9%. Seoul was the weakest-performing global city in the year to September, with luxury home prices falling by 12.9%.

A prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value. The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45 cities worldwide.

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