MUMBAI: South Mumbai's Tardeo is the country’s costliest residential location, commanding a staggering Rs 56,000 per sq ft average rate for homes available in the primary real estate market, according to property consultant Anarock.
Worli and Mahalaxmi in Mumbai Metropolitan Region are placed at second and third positions with average housing prices of Rs 41,500 and Rs 40,000 per sq ft, respectively.
Chennai's Nungambakkam ranks fourth with an average price of Rs 18,000 per sq ft, while Egmore ranks fifth with Rs 15,100 per sq ft rate. Anna Nagar is at the seventh place with price of Rs 13,000 per sq ft.
Delhi's Karol Bagh is at the sixth position with average price of Rs 13,500 per sq ft, while the Golf Course Road in Gurugram, Haryana, is ranked ninth carrying an average price tag of Rs 12,500 per sq ft.
Pune's Koregaon Park ranks eighth on the list, while Alipore in Kolkata comes in at the tenth spot. The average prices for luxury homes in these two micro-markets are Rs 12,500 and Rs 11,800 per sq ft, respectively.
Anarock added that no localities in Bengaluru or Hyderabad figured in the top 10 list.
Even as India's middle-class grapples with the prospect of an uncertain future in their careers and financial ability - the main drivers of housing demand - the rise of India's super-rich continues unabated, said the analyst.
In India, as in the rest of the world, super-luxury housing remains largely insulated from median real estate and economic dynamics.