South Mumbai's residential areas are now 16th most expensive market in a global survey of the world's 80 top luxury residential markets. The same area was ranked at 36th place last year.
According to the 2013 survey by real estate consultancy firm Knight Frank, the average cost of residential areas in Colaba, Cuffe Parade, Malabar Hills and Napean Sea Road, is Rs 57,800 per sq ft. It means, a simple sitting chair space will be worth more than Rs 2 lakh in a South Mumbai apartment.
The prices are so high that a sum of $1 million can buy 88 sqm of luxury space in Mumbai. The same amount can get you 100 sqm in Istanbul, 133 sq m in Sao Paolo, 169 sqm in Dubai and 172 sqm in Cape Town.
The most expensive luxury residential market globally is Monaco, costing $5,350 to $5,920 per sq ft. This is followed by Hong Kong, costing $4,570 to $5,050 per sq ft, and London with prices ranging from $3,890 per sq ft to $4,300 per sq ft.
The 0.5 per cent growth in Mumbai rates is due to a positive growth in the city. And, who is leading this high price growth? The investors in luxury residential markets in Mumbai are domestic high net worth individuals. In fact, they may even take this growth to five percent next year.