South Mumbai- world’s 16th most expensive property market
India’s economic capital has been listed as 16th most costliest property market in the world, although at a time when it is worst hit with drought in 40 years.
The residential localities in South Mumbai have been adjudged as the 16th most expensive realty market in a recent global survey. The same localities were in the 36th position last year.
As per a survey by Knight Frank, the average rates of properties in Colaba, Cuffe Parade, Malabar Hills and Napean Sea Road is around Rs 57,800 per sq ft.
This means an apartment in South Mumbai will have a sitting chair space of worth Rs 2 lakh.
The rates of properties have gone so high that it has been ensured that 1-2 percent price hikes can be witnessed in the luxury segment in the next two years.
Also expected is a 0.5 percent growth in Mumbai rates which is due to a positive growth in the city.
The investors in luxury residential market in Mumbai are domestic high net worth individuals. It is also expected that the investors and developers can take this percent to 5 in coming years.
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