Ashwinder Raj Singh, CEO – Residential Services, JLL India
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.
Considering all aspects, we have identified twenty submarkets as the preferred upmarket residential hotspots across the top cities in India. According to our assessment, these locations offer the lifestyle, status and pin-code value which HNIs want to be associated with:
Mumbai
In the country’s financial capital, prices are not holding back those who want to own and can afford upmarket luxurious residences. In a city where space is perhaps the most precious resource, demand for luxury apartments is a very individualistic concept. 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:
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 despite the ongoing challenges that the property market of the city is currently encountering. Worli now holds premium positioning, with steadily appreciating property prices. Residential property prices have escalated to the tune of Rs.35,000/sq.ft-Rs.60,000/sq.ft approx. in properties in Worli.
- Bandra
With the city’s CBD experiencing a tectonic shift and for all practical purposes having shifted from Nariman Point to BKC, Bandra is the new and preferred destination by the affluent class of the city. In the recent past, many large corporate houses as well as 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. To own a luxury home in this neighbourhood, one needs to shell out anything between Rs.30,000-55,000/sq.ft (approx.) depending on the exact location and type of the project.
- Lower Parel
Prime location and the Worli Sea Link make Lower Parel one of the most sought-after residential areas in Mumbai. Good connectivity with other parts of Mumbai and improved infrastructure add value to one’s investment. Lower Parel is contributing the maximum to Mumbai’s changing skyline, and many reputed developers are offering world class residential condos at prices ranging anywhere between Rs.25,000–40,000/sq.ft.
Navi Mumbai
As older nodes of the city get saturated, residential development gets pushed to areas in the vicinity. 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. It also has its own high-end residential areas.
- Palm Beach Road
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 between Rs.14,000–18,500/sq.ft.
- Vashi
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. Vashi ranks high on social and civic infrastructure, and the property prices of this region range between Rs.11,000-17,000/sq.ft.
Pune
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 certainly a highly-preferred retirement destination with a rate of job generation that is hard to match, and the youthful element that really drives the city is hard to miss.
- Koregaon Park
Koregaon Park, located 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 on both the commercial and residential real estate fronts was extremely limited until recently, with a number of new projects now augmenting the pipeline. Residential properties here can cost anything between Rs.13000-16000/sq.ft and above, depending on exact location and building typology.
- Kalyani Nagar
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/sq.ft, residential properties in Kalyani Nagar definitely command a premium over most of the other localities in the city.
- Boat Club Road
Situated along the Mutha River, Boat Club Road offers close proximity to the airport, railway station and the city‘s primary business districts such as Dhole Patil Road and Bund Garden Road. At a stone’s throw away from this micro-market is a cluster of malls, market places, schools, hospitals and entertainment hubs. Boat Club Road is located about 4 km north-east of the heart of the city, and is arguably the most upmarket residential destination of Pune. Prices average at about Rs.13,500 – Rs.15,500/sq.ft. in this area.
Bengaluru
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
Sadashivanagar is an upscale residential neighbourhood of Bengaluru, and one of its traditional luxury destinations. With prices clocking in at Rs.30,000/sq.ft for under-construction projects (the highest residential presales capital value recorded in the city’s history) the area has certainly earned the tag of most expensive neighbourhood of Bengaluru.
- Indiranagar
Indiranagar in east Bangalore is yet another hyper-expensive locality in Bengaluru. The locality is well-connected with other parts of the city via Namma Metro, Purple Line and the BMTC bus line. Indiranagar has emerged as an important residential hub of Bangalore and property prices can go as high as Rs.12,000-18,000/sq.ft.
Hyderabad
- Banjara Hills
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 all important places like 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 here cost anywhere between Rs.7,500-14,000/sq.ft.
- Jubilee Hills
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/sqyd. This suburb is bordered by the wealthy commercial districts of Banjara Hills and is located within two kilometres from the IT-hub of HITEC City. The cream of society, including business tycoons, industrialists, film personalities and other HNIs live in this locality. As a result, it is well maintained and one of the most desired neighbourhoods to live in.
Chennai
- Boat Club Road
Boat Club Road in Chennai is a calm locality situated away from the daily hustle and bustle of the city. Homes here carry an exclusive affluence tag. With residential prices touching Rs.27,000/sq.ft , Boat Club Road spreads across 2 sq.km in south Chennai and is certainly the most aspired pincode, leaving even Poes Gardens behind.
- Poes Garden
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. The area has very adequate general and social infrastructure, and is well-connected to key city centres. Poes Garden houses two of the most prominent personalities in Chennai; with the former Chief Minister of Tamil Nadu Jayalalithaa and actor Rajinikanth having their residences here. Property rates range between Rs.33,000-35,000/sq.ft.
Kolkata
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. In the current context, the demand for luxury properties in Kolkata primarily comes from NRIs and from HNIs living in nearby cities that prefer making safe investments in one of India’s most conservative markets. The demand for luxury homes in Kolkata is steady and fairly reliable.
- Alipore
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. Prices here range anywhere between Rs.15,000-22,000/sq.ft. Many reputed business families such as the Singhanias, Jalans, Goenkas and the Mittals share this pin code.
- Ballygunge
Convenience, quality lifestyle and connectivity are the main factors that make Ballygunge one of the best living areas in Southern Kolkata. Ballygunge is a regular treasure trove of attractions, and a self-sustained neighbourhood. The buyer profile of this locality is heavily inclined towards the HNIs and NRIs who desire a high lifestyle quotient. As the area offers significant scope for capital appreciation and promises healthy returns, there are a lot of investors who want own a property here. With current property prices ranging between Rs.10,000-12,500/sq.ft., Ballygunge definitely commands a premium over other localities of Kolkata.
Delhi
- Lutyens’ Delhi
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. Owning a house here means announcing to the world that one has arrived in India’s power circle.
- Greater Kailash
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. With prices ranging between Rs.17,000-22,000/sq.ft., Greater Kailash has always seen as the neighbourhood where the city’s Who’s Who reside.
Gurgaon
- DLF City Phase-5
Located in Gurgaon, Haryana, on the south-western periphery 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 in all respects. For home seekers in Delhi-NCR, this is a high-aspiration area and offers a host of option such as gated communities, villas and high-end apartments to choose from.
- Golf Course Road
Golf Course Road, also known as GCR, is considered to be a very high-end locality. There are many large apartment blocks in this area, making this the predominant housing option available here. It is centrally located and is well connected to the vital hubs of the city. The area around Golf Course Road has a mix of residential and commercial establishments with prices for residential condos to the tune of Rs.13,000-19,000/sq.ft. Likewise, the upcoming locality Golf Course Road Extension boasts of excellent connectivity and its proximity to the airport is an attractive offering. With adequate schools, hospitals, restaurants and entertainment hubs in and around GCR, this area is an established locality with easy access to Delhi.