Mumbai ranks fourth globally in terms of price rise of luxury homes

Mumbai has secured the fourth position among 46 cities worldwide in terms of the price surge in luxury residential properties, as reported by Knight Frank. The real estate consultancy, Knight Frank India, published the Prime Global Cities Index Q3 2023 on Wednesday. The report highlighted that Mumbai, along with Bengaluru and New Delhi, experienced an uptick in the average annual prices of prime residential or luxury homes during the July-September period.

Mumbai recorded the 4th highest year-on-year growth in prime residential prices in Q3 2023. The 6.5 per cent increase in prime residential prices has moved the city up by 18 places from 22nd rank in Q3 2022, Knight Frank said.

New Delhi and Bengaluru also recorded an upward movement in their index rankings. NCR moved to 10th in the third quarter (July-September) of 2023 with a growth of 4.1 per cent year-on-year from 36th rank in the year-ago period.

Bengaluru's rank increased to 17th rank in the quarter under review against 27th rank in the third quarter of 2022, a year-on-year growth of 2.2 per cent.