India’s top 20 residential neighbourhoods, according to JLL

KUALA LUMPUR (June 24): The southern neighbourhoods of India’s main cities are where its high-net-worth individuals (HNWI) stay, but the extremely limited new supply of homes there has resulted in HNWIs looking towards other areas to buy luxury homes, according to real estate services firm JLL India.

Twenty submarkets in India’s top cities have been identified by JLL as upmarket residential hotspots: Worli, Bandra and Lower Parel in Mumbai; Palm Beach Road and Vashi in Navi Mumbai; Koregaon Park, Kalyani Nagar and Boat Club Road in Pune; Sadashivanagar and Indiranagar in Bengaluru; Banjata Hills and Jubilee Hills in Hyderabad; Boat Club Road and Poes Garden in Chennai; Alipore and Ballygunge in Kolkata; Lutyens’ Delhi and Greater Kailash in Delhi; and DLF City Phase-5 and Golf Course Road in Gurgaon.

South central Mumbai has finally shed its image as a mill district, with several luxury projects under construction on ex-mill land. Besides Lower Parel and Worli in south central Mumbai, areas such as Bandra, Juhu and Powai have emerged as the city’s new posh localities.

Many large corporations and consulates have already relocated their headquarters from Nariman Point in Mumbai to BKC in Bandra, where reputable developers are offering new homes via redevelopment schemes.

A luxury home in Bandra costs anything between Rs30,000 (RM1,771) and Rs55,000 psf depending on location and type of project, according to CEO of residential services Ashwinder Raj Singh.

Created to meet the intensifying space crunch and rising demand for real estate in Mumbai, Navi Mumbai offers well-planned infrastructural development, while its residential market has witnessed a steady appreciation in property prices. These range between Rs14,000 to Rs18,500 psf and Rs11,000 to Rs17,000 psf for properties on Palm Beach Road and Vashi, respectively.

Pune, meanwhile, is an economic powerhouse with a high rate of job generation, in addition to being a highly preferred retirement destination, says Ashwinder.

Upmarket Koregaon Park in Pune has witnessed significant development given that supply of both residential and commercial property was extremely limited until recently. Several new projects are now in the pipeline.

Also in Pune, Boat Club Road is arguably the most upmarket residential enclave in the city, where properties cost between Rs9,000 to Rs16,000 psf, while residential property prices in Kalyani Nagar, being an ideal destination for IT/ITES companies, represent a premium over most other localities in the city.

One of the fastest-growing real estate markets in the country is Bengaluru, where luxury housing is a dynamic segment due to the rapid rise in the number of HNWIs and the growth of the technology and financial services industry.

Sadashivanagar, an upscale neighbourhood in Bengaluru, has property prices of Rs30,000 psf for under-construction projects and boasts the highest residential presales capital value in the city.

Banjara Hills is an elite location in Hyderabad. Its profile of buyers is largely skewed towards the senior management of corporations, software professionals, doctors, advocates, chartered accountants and the business class.

Banjara Hills is also highly coveted by corporations looking to open offices and guest houses, and properties in the neighbourhood cost between Rs7,500 and  Rs14,000 psf.

Also in Hyderabad is Jubilee Hills, one of the most expensive residential and commercial locations in the country, with prime land fetching up to Rs 200,000 psf.

In Chennai, homes in Boat Club Road carry price tags touching Rs27,000 psf, while property prices in Poes Garden, one of the city’s most sought-after locations, range between Rs33,000 and Rs35,000 psf.

Despite the rather low-key real estate market, demand for luxury investment properties in Kolkata remains steady, coming primarily from non-resident Indians and HNWIs living in nearby cities. Ballygunge, which commands a premium over other localities in Kolkata, has property prices ranging between Rs10,000 and Rs12,500 psf.

In Delhi, Lutyens’ Delhi remains the most-preferred location of the country’s rich and powerful, while Greater Kailash is an upmarket residential neighbourhood with property prices ranging between Rs17,000 and Rs22,000 psf.

In the leading financial and industrial city of Gurgaon, DLF City Phase-5’s importance lies in its close proximity to domestic and international airports and the significant IT influence in the city.

With rapid development of physical infrastructure and top-quality educational institutions in its vicinity, DLF City Phase-5 is a high-aspiration area that offers a host of options such as gated communities, villas and high-end apartments. The Gold Course Road area in Gurgaon also houses many large apartment blocks and is well connected to the city’s hubs. Its residential condo prices range between Rs13,000 and Rs19,000 psf.