Synopsis
A recent report reveals that with $1 million, one can buy only 99 sq m of prime property in Mumbai, 208 sq m in Delhi, and 370 sq m in Bengaluru. The report highlights significant price growth in luxury residential markets across India.Key Takeaways
- Buyers can purchase only 99 sq m in Mumbai for $1 million.
- Delhi offers 208 sq m and Bengaluru 370 sq m for the same amount.
- Monaco remains the top expensive city globally.
- Indian cities are becoming competitive in luxury real estate.
- Delhi and Bengaluru saw significant price growth.
Bengaluru, March 6 (NationPress) With $1 million (approximately Rs 8.7 crore) available, buyers can acquire only 99 square metres of premium residential space in Mumbai, while Delhi offers 208 square metres and Bengaluru provides 370 square metres, as reported on Thursday.
Monaco maintains its position as the world's priciest city, where $1 million buys just 19 square metres, followed by Hong Kong (22 sq m) and Singapore (32 sq m).
The prime international residential index (PIRI 100) has seen a 3.6 percent increase in 2024, as per Knight Frank’s renowned The Wealth Report 2025.
Out of 100 luxury real estate markets monitored, 80 reported positive or stable annual price growth.
Seoul tops the list with an 18.4 percent year-on-year rise, while Manila, the previous leader, has dropped to second with 17.9 percent.
Dubai (16.9 percent), Riyadh (16 percent), and Tokyo (12.1 percent) complete the top five.
“The growth in prime property prices in Delhi and Bengaluru reached 13 percent and 14 percent, respectively, making these locations increasingly attractive for global investors. The strengthening of the US dollar has enhanced the relative affordability of these cities in USD terms, allowing buyers to secure more space than in 2014,” stated Shishir Baijal, Chairman and Managing Director of Knight Frank India.
As premier international markets experienced an average price rise of 3.6 percent in 2024, Indian cities are increasingly asserting themselves as viable contenders in the global luxury real estate market.
Among Indian cities, Delhi ranks 18th, owing to a remarkable 6.7 percent year-on-year growth in luxury residential prices. Mumbai follows at 21st, while Bengaluru stands at 40th. Both Bengaluru and Delhi improved their rankings year-on-year; Delhi surged from 37th in 2023 to 18th in 2024, while Bengaluru climbed from 59th to 40th.
