Mumbai ranked above Delhi and Bengaluru among cities with highest growth in prime property prices

With a 5.5% rise in the prices of high end properties, Mumbai has been ranked above Delhi and Bengaluru on Knight Frank's list of cities with the highest growth in the value of prime real estate.

While Mumbai emerged on top in India, it surged from the 38th to the sixth position in global rankings, as the demand for luxury housing in Mumbai topped the sales of properties in all segments.

After the government announced that deduction on capital gains from property investments will be capped at Rs 10 crore, properties such as Lodha Malabar saw big ticket purchases including Bajaj Auto Chairman Niraj Bajaj's pent house and the Taparia Family's flats.

Another Mumbai property that clocked some of the biggest real estate deals after the Union Budget's announcement, was Three Sixty West in Worli, where the Damani family also bought 23 flats worth Rs 1,200 crore.

On the global stage, Dubai topped the Knight Frank list after posting a whopping 44.2% uptick in average prices within a year.