With limited new build supply in prime locations of India’s major cities, wealthy real estate buyers are looking at new locations.
Now, leading agent JLL has compiled a list of 20 property hotspots in exclusive locations of sought-after cities that will appeal to High Net Worth Individuals (HNWIs).
Ashwinder Raj Singh, Chief Executive Officer of Residential Services, at JLL India, says, “Traditionally, the southern neighborhoods of India’s primary cities have always been the poshest and most desirable locations for HNI home buyers. Historically, these localities have housed the Who’s Who of the city.
“This phenomenon still continues; however, over time, other areas are competing with these legacy locations and attracting the younger nouveau riche. Several cities are seeing this happening. Extremely limited new supply of residences in prime neighborhoods is the most influencing reason of for HNIs looking for other areas wherein to buy luxury homes.”
This is JLL’s list of India’s Top 20 Residential Neighbourhoods
In the country’s financial capital, prices are not holding back those who want to own and can afford upmarket luxurious residences. South central Mumbai, once unflatteringly known as the mill district, has finally shed this image and now has quite a few trophy luxury projects under construction. The land parcels which mills previously occupied have given way to luxury skyscrapers that are changing the skyline Maximum City. Besides Lower Parel and Worli that constitute to south central Mumbai, areas such as Bandra, Juhu and Powai have distinguished themselves as the new posh localities of Mumbai.
Worli has come a long way to emerge as one of the prime real estate destinations in the country. In fact, this upmarket neighbourhood, which is strategically located to bridge the north-south divide, has managed to attain and retain prominence, with steadily appreciating property prices. Residential property prices have escalated to arouno Rs.35,000/square foot-Rs.60,000/square foot.
With the city’s Central Business District experiencing a tectonic shift from Nariman Point to Bandra Kurla Complex (BKC), Bandra is the new and preferred destination by the affluent class of the city. Many large corporate houses and consulates have moved their headquarters to BKC, effectively making Bandra the new heart of Mumbai. In particular, Bandra West is a popular residential destination that holds high lifestyle value. Because of its elite profile and the high level of available shopping, education, healthcare and recreation facilities, this area is always a preferred destination for prime property seekers. Many reputed developers here are offering residential projects via redevelopment schemes. Luxury homes cost between Rs.30,000-55,000/square foot, depending on the location and type of the project.
Lower Parel, Mumbai
Prime location and the Worli Sea Link make Lower Parel one of the most sought-after residential areas in Mumbai thanks to good connectivity with other parts of Mumbai and improved infrastructure. Lower Parel is contributing the maximum to Mumbai’s changing skyline, and many developers are offering world-class condos costing Rs.25,000-40,000/square foot.
As older, established areas of the city get saturated, residential development gets pushed to the edges. Navi Mumbai was the answer to the growing space crunch in Mumbai, and was created to cater to the rising demand for real estate and to ease the pressure on Mumbai. The satellite city Navi Mumbai is today the largest planned new city in the world. Navi Mumbai has successfully gained the tag of one of the most popular property destination in the country. With well-planned infrastructural development, the residential market there has witnessed a steady appreciation in its property prices.
Palm Beach Road, Navi Mumbai
There is a constant demand for residential property on the Palm Beach Road. This is merely because it is the only area in Navi Mumbai where maximum high-rise properties offer sea view. It is a highly aspirational locality, since it offers a luxury status almost on par with South Mumbai. The current property prices on Palm Beach road range from Rs.14,000-18,500/square foot.
Vashi, Navi Mumbai
Vashi is the first node of Navi Mumbai which was planned and executed by CIDCO. The area is well connected with the key business districts of the city and enjoys excellent connectivity to Mumbai and Pune. Property prices range between Rs.11,000-17,000/square foot.
Pune is no longer the small city whose only claim to fame was its proximity to Mumbai. The city whose real estate market has survived not only on urban but also rural demand emerging from the hinterlands of Maharashtra is today an individual economic powerhouse in all respects. Pune is a preferred retirement destination, but also attracts young people thanks to its job generation.
Koregaon Park, Pune
Koregaon Park, in the southern part of the city, is one of the most prestigious localities in Pune. It is an upmarket area that offers the best high-end luxurious apartments and bungalows, and predominantly appeals to the city’s affluent. The area has witnessed significant development, with numerous high-rise apartments, commercial establishments, retail stores and entertainment avenues now dotting Koregaon Park. Supply of commercial and residential real estate has been extremely limited until recently, with a number of new projects now being planned and developed. Residential properties cost Rs.13000-16000/square foot and above.
Kalyani Nagar, Pune
Kalyani Nagar has emerged as one of the most prominent and established commercial and residential real estate hubs on the eastern corridor of Pune. Strategically located between Koregaon Park and Viman Nagar, Kalyani Nagar benefits from close proximity to the airport, railway station and also to Kharadi and Hadapsar. This makes Kalyani Nagar an ideal destination for IT/ITES companies. Priced at an average of Rs.9000-13000/square foot, residential properties in Kalyani Nagar command a premium over many other areas.
Boat Club Road, Pune
Situated along the Mutha River, Boat Club Road is close to the airport, railway station and the city‘s primary business districts such as Dhole Patil Road and Bund Garden Road. A cluster of malls, market places, schools, hospitals and entertainment hubs are also nearby. Boat Club Road is located about 4kilometres north-east of the heart of the city, and is arguably the most upmarket residential destination of Pune. Prices are around Rs.13,500-Rs.15,500/square foot.
Bengaluru has one of the fastest growing real estate markets in the country, and luxury housing is one of the most vibrant and dynamic segments in the city. The growing demand for luxury housing can be attributed to the rapid rise in the number of HNWIs, the rapid pace of urbanisation, the influx of global lifestyle trends and the growth of service industries such as technology and financial services which are constantly propelling middle-income group individuals into the HNWIs bracket.
Sadashivanagar is an upscale residential neighbourhood of Bengaluru, and one of its traditional luxury destinations. With prices at a record Rs.30,000/square foot for property under construction, the highest residential presales capital value in the city’s history, the area has earned the tag of most expensive neighbourhood of Bengaluru.
Indiranagar in east Bangalore is yet another hyper-expensive locality in Bengaluru. It is well-connected with other parts of the city via Namma Metro, Purple Line and the BMTC bus line. Indiranagar is an important residential hub of Bangalore and property prices can reach Rs.12,000-18,000/square foot.
Banjara Hills, Hyderabad
This is an upmarket locality in greater Hyderabad. Top-notch luxury hotel brands along with huge shopping malls are present in this area. Banjara Hills is known to be the most happening place in Hyderabad, and is certainly one of the most elite localities in the city. The neighbourhood is self-sustaining in terms of social and general infrastructure and benefits from excellent connectivity to the railway station, airport and business districts. The buyer profile is largely skewed towards the senior management of corporates, software professionals, doctors, advocates, chartered accountants and the business class. It is also highly coveted by corporates looking to open their offices and guest houses. Properties cost between Rs.7,500-14,000/square foot.
Jubilee Hills, Hyderabad
Jubilee Hills is another posh suburban neighbourhood in west Hyderabad. It is one of the most expensive commercial and residential locations in India, with prime land prices fetching up to Rs.200,000/square yard. This suburb is bordered by the wealthy commercial districts of Banjara Hills and is two kilometres from the IT-hub of HITEC City. Business tycoons, industrialists, film personalities and other HNWIs live in Jubilee Hills.
Boat Club Road, Chennai
Boat Club Road in Chennai is a calm locality situated away from the daily hustle and bustle of the city. Homes here touch Rs.27,000/square foot, Boat Club Road spreads across two square kilometres in south Chennai and is certainly the most aspired area, leaving even Poes Gardens behind.
Poes Garden, Chennai
Poes Garden, surrounded by lush green trees and inhabited by some of the most prominent names from the business world, is one of the most sought-after locations in Chennai. Considered to be one of the cleanest patches of the city, is a VIP area where many top notch business tycoons and politicians live, including former Chief Minister of Tamil Nadu Jayalalithaa and actor Rajinikanth. Property rates range between Rs.33,000-35,000/square foot.
Located on the banks of river Hooghly, Kolkata has a very rich cultural ethos, and has traditionally been home to many famous personalities in India. Despite its rather low-key real estate market, Kolkata has always been considered one of the wealthy cities of the country. The demand for luxury properties in Kolkata primarily comes from Non Resident Indians (NRIs) and HNWIs living in nearby cities that prefer making safe investments in one of India’s most conservative markets, so the demand for luxury homes in Kolkata is steady.
Located ahead of the ancient Victoria Memorial, Fort William and the race course, Alipore is one of the more notable upmarket residential neighbourhoods of Kolkata. This neighbourhood is the privileged residence of the most prominent government officials of the city with prices between Rs.15,000-22,000/square foot Many reputed business families such as the Singhanias, Jalans, Goenkas and the Mittals also live in the area.
Convenience, quality lifestyle and connectivity are the main factors that make Ballygunge one of the best living areas in Southern Kolkata. The buyer profile is heavily inclined towards the HNWIs and NRIs and it offers significant scope for capital appreciation and promises healthy returns, there are a lot of investors. Prices between Rs.10,000-12,500/square foot
Lutyens’ Delhi, which includes Aurangzeb Road, Mansingh Road, Prithviraj Road, Shahjahan Road and the nearby localities of Golf Links, Chanakyapuri, Jor Baug and Sunder Nagar, have long been the most preferred locations for country’s rich and powerful. Besides being strategically located, this micro-market has a very high snob value attached to it.
Greater Kailash, Delhi
Greater Kailash, often referred as GK, is an upmarket residential neighbourhood in South Delhi. Divided into two zones, namely GK-1 and GK-2, and located around a section of the Outer Ring Road, it is home to some of the most affluent families in Delhi. Prices range between Rs.17,000-22,000/square foot.
Gurgaon, DLF City Phase-5
Located in Gurgaon, Haryana, on the south-western outskirts of New Delhi, DLF City Phase-5 is a part of Delhi Metropolitan Area and an important high-end real estate destination in the National Capital Region (NCR). Its strategic importance lies in its close proximity to the domestic and international airports and the significant IT influence in Gurgaon. It has good social infrastructure, rapidly developing physical infrastructure and top-quality educational institutions in the vicinity, which makes Phase-5 of DLF City a highly desirable location. It offers gated communities, villas and high-end apartments.
Golf Course Road
Golf Course Road, also known as GCR, is considered a very high-end locality and there are many large apartment blocks in this area. It is centrally located and is well connected, The area around Golf Course Road has a mix of residential and commercial options with prices for residential condos around Rs.13,000-19,000/square foot. The upcoming Golf Course Road Extension also offers more options.