India's Most Expensive Cities

India’s Most Expensive Locales

All of us harbor a secret desire to live in the poshest colony of our city. We bring you a tad closer to luxury by leading you on a walk through India’s most expensive addresses.

After a long hard day’s work, which is the one place you long for? Someplace where you can loosen your tie, sit with your feet up on the coffee table, a beer in one hand and the TV on in the background, your cares and worries outside the door? That place has to be your hearth and home. But while home may be where the heart is for most of us, it also happens to be a near-priceless gem on the real estate market. All homeowners know that owning real estate is an excellent asset.

That was about us mere mortals. Now, where do the rich go after a long day at work? Home, of course, in spite of what the tabloids tell us. The only difference is that their homes are located in localities that we’d feel out of place in.

With property prices sky rocketing through the clouds, the following choice addresses are revered with awe and wonder. After all, investments in the realty sector do lead to rich capital gains. The real estate boom is also helping to facilitate the growth of the Indian economy.

The colonial-style bungalows, lush greenery, well-manicured rose gardens aren’t the only things that raise eyebrows…it’s the names of the home-dwellers as well. The list can read like a veritable Who’s Who.

So where are these luxury locales?

Hyderabad

Hyderabad’s most expensive locales are, not surprisingly, in Banjara Hills and Jubilee Hills. The rates for an apartment are 6000 Rs/sqft and a plot costs 50000 Rs/sq yard. In fact, due to the mix of commercial as well as residential properties in Banjara Hills, its popularity seems to have gone up…and how! People are willing to pay through their noses for a piece of something in Banjara Hills, where the collective amount of the properties in this neighbourhood add up to a stunning Rs. 96,000 crore! The well-planned organization of this neighbourhood only adds to its lure. Smelling salts anyone?

Anyway, not surprisingly, areas near the IT hubs also recorded huge highs; in North Hyderabd, places like Hi-Tech City and Info City saw property prices rise to 4500 Rs/sqft for an apartment. The impression seems to be that those techies can obviously afford it…

Bangalore

Which brings us to the country’s Silicon Valley. Techies seem to lavish it out at places like Koramangla, Whitefield Main Road and Domlur, where renting an apartment could set one back by Rs. 25,000 to 45,000 for a 3 BHK.

Bangalore’s oomph factor oozes out of the Lavelle Road area, home to many of the city’s high-profile residents. The fact that Bangalore Club is located there only helps. This area, along with MG Road and Residency Road, makes up central Bangalore and is posh, exclusive and highly sought after. Real estate value can be anything between 70,000 and 95,000 Rs/sqft.

The city’s old bastions are also still highly sought after. You have a Jaymahal Extension, a Malleswaram, even a Basvangudi and Banashankari, where property prices can easily go up to Rs 90,000 /sqyd! Old is gold is right!

Chennai

Another Southern capital is the city of Chennai, the once-upon-a-time Madras. While the prices recorded here are not as flabbergasting as some of the rates that exist in other cities throughout India, you do have an area like Boat Club Road, which boasts of lush luxury and exclusivity. An apartment here could cost you near about Rs.15,000 / sqft. You could end up spending close to and even more than, Rs. 12,000 / sqft for a place on Poes Garden.

With the IT corridor just getting better and better, you can expect the rates to only go up!

Delhi

The capital of our great nation. Home to our hallowed politicians and many industrial icons, not to mention reputed men and women of letters. So, it wouldn’t come as a bolt from the blue that Delhi, as well as Mumbai, has some of the costliest official real estate in the world. In well-known areas such as Connaught Place and Golf Link, you could end up shelling out 15000 – 25000 Rs/sqft for builder flats. Plots per sqyd are going at exorbitant prices of 1,50,000 – 2,50,000! Phenomenal, or what? This is central Delhi.

What about the other areas? Well, the Eastern part of Delhi seems to register the lowest rates, the minimum being 3000 Rs/sqft and the maximum being 6000 Rs/sqft for a builder flat.

South Delhi is, without a doubt, oh-la-la land what with the rates for a builder flat registering for as low as 12000 Rs/sqft to as high as 16000 Rs/sqft in an area like Panchsheel Enclave. Vasant Vihar seems to be the fat of the cream in South Delhi, with builder flat rates ranging from Rs 16000 – 20000 per sqft, while the plots are going for anything between Rs. 3.5 lacs to 4 lacs per sqft.

But here’s a little nugget of information to blow your mind…the cumulative value of residences on Amrita SherGill Marg adds up to a massive Rs. 7, 236 crores! The property per sqyd valued at Rs.3 – 3.5 lacs! Delhi door hai, or what?

Kolkata

There are many lovely residential areas in India’s former capital. The poshest localities in the city, such as Ballygung Circular Road, Ballygung Park Road and Park Street command staggering rates like 6500 – 7500 Rs/sqft! Coming in a close second by commanding a cool 6000 – 7000 Rs/sqft are prime properties like Alipore, Loudon Street, Gurusaday Road and Queens Park. Other areas that fetch high prices are Mayfair Road and Middleton Row, the rate per sqft being anything between 6000 to 6500 rupees. Dream areas all, the bungalows here as well as the gorgeous high-risers are all magnificent and expensive to boot! The sum total of the exclusive bungalows on Alipore Road is a massive, Rs. 630 crores. However, there haven’t been any vacant plots available on this particular stretch for years. The high-rise apartments, which are being made by tearing down the quaint, British-style bungalows, fetch huge sums.

Mumbai

India’s financial capital and home to many MNCs, financial institutions and industries. Also, the city of celluloid dreams. It’s, thus, not too surprising a fact that Mumbai has some of the most expensive real estate - not just in this country, but also in the world. It’s true! Globally, along with Delhi, Mumbai has some of the most expensive office locations.

It’s interesting to note that while in a Delhi or Kolkata, a Mr. Moneybags would like to spread his wings over a gorgeous, many-acred bungalow or farm house. But in amchi Mumbai, it’s the apartment buildings facing the sea that hold special appeal. So that’s why you’ll have to shell out anything between 35,000 and 60,000 Rs/sqft for a lovely, lofty apartment on Napean Sea Road. You’ll find that the higher you climb, literally and figuratively, you’ll end up paying more. So, enjoy the view and pray nobody in your family has vertigo!

Owning or even renting office space in Nariman Point is also a matter of privilege, since it is the fifth most costliest office locality in the world!

Other to-die-for areas in India’s city of dreams are Cuffe Parade, Malabar Hills, Worli Seaface and Marine Drive, better known as the glittering Queen’s Necklace. All these areas are located in South Mumbai.

In the Western suburbs of the city, you’ll find that the areas of Khar and Bandra can burn a hole in your pocket, what with real estate valuing at close to 20,000 – 30,000 Rs/sqft.

So there you have it folks, a summary of some of the most exclusive and poshest localities in our country. Do you have a dream destination?