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Delhi Loses to Dubai In Terms of Affordability Factor

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Dubai also known as “London of the East” can boast of some huge buildings. The apartment on the 101th floor of the “Burj Khalifa”, world’s huge building and one of the cynosures in the world today is very cheaper compared to a flat in Delhi. As per the source at www.propertykhazana.com, the per square feet rate at the apartment in Marble Arch and Tata Apartments on the Prithviraj Road is approx INR 66,000 square feet. According to a senior broker, “The Ansal apartment on Aurangzeb Road have a price tag of approx INR 56,000 per square feet.
Furthermore, in places like Vasant Vihar, Mehrauli and Chanakya Puri in South Delhi, the flats built on smaller places of approx, 400-800 square feet have got the commanding price of approx, INR 46,000 per square feet. There is lack of availability of luxury spaces in Delhi. However, due to the rise of many bungalows on the plots of approx 4 acres with an authorized area of the construction which will be taking place from approx 3,600 square feet to 11,000 square feet. These areas are having a price tag of approx up to INR 500 Crores.
The apartment house in Mumbai is very costly, the per square rate in Mumbai’s NCPA flats in Nariman Point is approx between INR 91,000 to 2 Lakhs. Up till now, the highest per square feet in Mumbai is standing at approx INR 98,842 for a four-bedroom apartment at NCPA flats in the year 2007. This is the highest amount which is paid for the residential unit in the history of Indian real estate segment. In the month of August, previous year, an apartment in the Maker Tower B in the Cuffe Parade is sold for approx INR 94,000 square feet.
Speaking to the www.propertykhazana.com, the National Director, Research and advisory partners of the global property consultant said, “In the rich areas of Delhi and Mumbai, where there is no land the prices of assets have reached the zenith”. Furthermore, the prices of assets in Mumbai’s western and central suburban areas of Worli, Prabha Devi and Lower Parel are showing an upwards to approx INR 41,000 per square feet.
In India, the cost of land is very high. The cost of quality is higher. If somebody is paying approx, INR 39,000 per square feet flat in Burj Khalifa in Dubai, which has got the facilities such as the Armani Hotel, Discotheques, Retail Shops, for the same price or higher price in Mumbai or Delhi. Hence as result Mumbai and Delhi is vital zone for real estate segments, other cities like Bengaluru and Chennai is yet to have that style of pricing. The rates have skyrocketed. The posh areas like Poes Gardens and Boat Club and Lavelle road, and other places like M G Road in Bengaluru, the price per square feet is approx INR 22,000. For more enterprising updates, please log on to www.propertykhazana.com.

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