Mumbai 16th Costliest Global City for Luxury Homes

Bangalore: Mumbai is one among the traditional real estate markets in India. The real estate prices in Mumbai have become unaffordable for many due to its soaring property prices. Moreover, the financial capital Mumbai has ranked 16th on the list of world’s most expensive cities to buy a luxury property where the property comes with a price tag of about 57,000 per square feet, according to Knight Frank’s report.

The report also said that Mumbai is one among the few international cities that witnessed hike in property prices in 2012.

"We have seen a price increase of 0.5 per cent in prime residential properties in Mumbai in 2012 at 57,800 per sq ft," said Samantak Das, Knight Frank India Research and Advisory Services Director, reports PTI.

The southern part of the Island city is the main region for prime properties and some of the locations are Colaba, Cuffe Parade, Malabar Hills and many others, according to the ‘Wealth Report 2013.’

However, the Delhi-NCR regions may see the price rise less than 5 percent in the luxury home category in 2013, added Das.

Also Read: 11 Most Expensive Cities to Buy a Home