According to a latest report released by the Knight Frank's 'Prime Global Cities Index Q1 2024' , Mumbai, financial capital city, recorded the highest year-on-year growth.
With this, the price of luxury homes in Mumbai and Delhi have seen a significant increase of nearly 11 per cent in the first quarter of FY24.
It is pertinent to note that Mumbai rose to the third position among the list of top 44 cities globally in terms of appreciation of housing prices. Last year, it was at sixth position in the same period. This surge was driven by strong demand for higher-value properties. New Delhi, capital city of India, rose from 17th position to fifth.
"Mumbai and Delhi are among the most sought-after cities in India, attracting the highest number of people from across the country. These cities' metropolitan culture, robust economic infrastructure, and diverse opportunities make them prime locations for both domestic and international companies. Consequently, the pay scales in these cities are higher, driving significant demand for property. Mumbai, in particular, faces unique challenges due to its landlocked nature, resulting in a limited supply of properties in desirable locations. With demand consistently outpacing supply, property prices in both Mumbai and Delhi have been rising for decades and are expected to continue this trend, said Sunil Dewali, Co-CEO of Andromeda Sales & Distribution Pvt Ltd, parent company of Andromeda Realty Advisors.
Meanwhile, Bengaluru witnessed a slight drop to 17th rank from 16th position last year. Manila and Tokyo secured the top 2 ranks respectively.
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