Financial capital of India, Mumbai has marked price growth in luxury homes segment for the year ended March 2017. In a recent reports by property consultant Knight Frank India, Mumbai ranked 24th among 41 cities across the world with 1.1 per cent price rise of luxury homes. Interestingly, Mumbai is the only city in India to hold on positive price trend of the growing prime housing.
Guangzhou in China makes the first among 41 cities with 36.2 per cent price growth. On the other hand, other two Indian cities Delhi (ranked 35) and Bengaluru (ranked 29) noted negative growth in the global listing.
“Luxury homes in Mumbai recorded 1.1 per cent price growth making it the only Indian city holding on to positive territory. Delhi and Bengaluru, the other two Indian cities, on the global list saw a negative growth of -2.6 per cent and -0.2 per cent, respectively,” said Knight Frank in a statement.
Luxury housing segment is still recovering from the demonetisation decision which hit the real estate market. Bengaluru recorded a negative growth which the city saw a year-on-year growth of 13.6 per cent in 2015.
Even the global financial hubs like Zurich seen -7 per cent, London observed -6.4 per cent and Milan have recrded -0.9 per cent negative growth.
“Mumbai did better than many global financial centres but the price growth in the quarter-ending March 2017 has taken it back to Q1 2013 levels after touching a high of 3.2 per cent price growth in 2015,” says, Knight Frank India Chief Economist and National Director Samantak Das.