Mumbai 16th costliest global city for luxury homes: Report

Mumbai is the 16th most expensive city in the world in terms of owning a prime residential property with a price tag of around Rs 57,000 per sq ft, real estate consultancy Knight Frank has said in a report.

As per the Knight Frank's prime international residential index, the financial capital is also among the few global cities that saw realty prices going up in 2012. "We have seen a price increase of 0.5 percent in prime residential properties in Mumbai in 2012 at Rs 57,800 per sq ft," Knight Frank India Research and Advisory Services Director Samantak Das told reporters here today.

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The London-based consultancy expects 1-2 percent growth in prices in the luxury segment in the next two years, he said.

According to the 'Wealth Report 2013', Mumbai's prime properties are located in the southern part of the island city like Colaba, Cuffe Parade and Malabar Hills, among others. Das pointed out that National Capital Region or NCR (Delhi and its surrounding urban areas) may witness less than 5 percent rise in prices of luxury homes in 2013.

Talking about the buying trend in these properties in the country, Das said Knight Frank is receiving a large number of enquiries for high-end units but actual transactions are slow in this space as of now.

As per the report, the top five costliest cities in terms of prime residential property are Monaco, Hong Kong, London, Geneva and Paris (in that order).

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