Prices rising in the luxury housing market
The ultra luxury housing market has refused the broader slowdown in the economy with the prices all across the prime areas in Delhi, Mumbai, Kolkata, Chennai and Bangalore which have been rising over in the last three years.
The data of the resale and secondary market prices along the 21 key areas in five major cities compiled by Jones Lang LaSalle show cases that the prices has raised by around 90 percent between the year 2011 and 2014 with the only exception of Cuffe Parade that have experienced a decline in the prices by around 8 percent from Rs 60,000 per sq ft in 2011 to Rs 55,000 per sq ft in the year 2014.
The affordable and medium segments have not experienced any such price rise as stated by the experts. They say that the low supply and the high demand for luxury segment is one of the major reasons for this rise.
The biggest rise in Mumbai was seen in the Mahalaxmi area where the prices have gone up by around 57 percent for the high net worth individual category (HNI).
Om Ahuja, the CEO of residential services, JLL India said that the business authorities who never wanted to consider any other option but Malabar Hill or Nepean Sea Road are seeing new areas like Worli, Bandra-BKC and Mahalaxmi.
Source: The Indian Express
high net worth individuals, HNIs, Housing in India, Jones Lang LaSalle, luxury apartments in India, luxury housing in India, luxury housing market, luxury housing projects, luxury housing projects in india, NRIs, projects in India
