Traditionally, the southern neighbourhoods of India’s primary cities have always been the most desirable as far as high-net-worth individual (HNI) home buyers are concerned. 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 locations, attracting the nouveau riche. Extremely limited supply of new residences in prime neighbourhoods is the most influencing reason behind HNIs looking for other areas to buy homes.
According to a recent assessment by JLL, these locations offer the lifestyle, status and pincode value that HNIs want to be associated with:
Chennai
Boat Club Road
Boat Club Road is a calm locality situated away from the hustle and bustle of the city. Homes here carry a tag of affluence. With residential prices touching Rs. 27,000 a sq.ft., Boat Club Road spreads across 2 sq.km. in south Chennai and is certainly the city’s most aspired for pincode. Poes Garden
Poes Garden, surrounded by green trees and inhabited by some prominent names from the business and political worlds, is among the most sought-after locations. Considered one of the cleanest patches in the city, the area has adequate general and social infrastructure, and is well-connected to key city centres. Poes Garden houses two of the most prominent personalities — Chief Minister of Tamil Nadu Jayalalithaa and actor Rajinikanth. Property rates range between Rs. 33,000 and Rs. 35,000 a sq.ft.
Nungambakkam
Located in heart of CBD and home to a number of commercial and retail establishments, Nungambakkam is considered as one of the premium residential locations in the city. Besides the presence of major retail high streets — Nungambakkam High Road and Khader Nawaz Khan Road, the area is flourishing with many luxury projects by renowned developers at a price range of Rs. 25,000 to Rs. 28,000 per sq.ft.
Adyar
With proximity to the beach, IT corridor and airport, Adyar is considered to be one of the most posh locations in the city. Many premium projects under construction offering high-end amenities are available at a rate of Rs. 16,000 and Rs. 18,000 per sq.ft.
Anna Nagar
A planned premium residential locality, Anna Nagar, is home to a large populace of high-net-worth individuals (HNIs). With the presence of retail high streets, good connectivity to the city centre and an established commercial hub makes this a preferred residential locale. The capital value in Anna Nagar ranges between Rs. 12,000 and Rs. 14,000 per sq.ft.
Mumbai
In the country’s financial capital, prices are not holding back those who can afford luxurious residences. In a city where space is at a premium, demand for luxury apartments is still high. South-central Mumbai, once unflatteringly known as the mill district, has finally shed this image and has quite a few luxury projects under construction. The mill lands have given way to skyscrapers. Worli
Worli has come a long way to emerge as one of the prime real estate destinations in the country. In fact, it is strategically located to bridge the north-south divide and has managed to attain 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 to Rs. 60,000 per sq.ft. Bandra
With the city’s central business district (CBD) having shifted from Nariman Point to Bandra Kurla Complex (BKC), Bandra is the new destination for the affluent. Many corporate houses and consulates have moved here, to BKC, effectively making Bandra the new heart of Mumbai. Bandra West has high lifestyle value with shopping, education, healthcare and recreation facilities. Properties range between Rs. 30,000 and Rs. 55,000 per sq.ft. (approximately).
Lower Parel
Location and the Worli Sea Link make Lower Parel one of the most sought-after areas in Mumbai. Lower Parel is contributing the maximum to Mumbai’s changing skyline, and many reputed developers are offering world-class condos at prices ranging between Rs. 25,000 and Rs. 40,000 a sq.ft.
Navi Mumbai
As older nodes of the city get saturated, Navi Mumbai has emerged. The satellite city is today the largest planned new city in the world. With well-planned infrastructural development, the residential market there has witnessed a steady appreciation in prices. In Palm Beach Road, with its high-rise buildings offering a sea view, prices range between Rs.14,000 and Rs. 18,500 per sq.ft. In Vashi, prices are between Rs.11,000 and Rs. 17,000 per sq.ft.
Bengaluru
Bengaluru has one of the fastest growing real estate markets in the country, and luxury housing is one of the most dynamic segments in the city. The growing demand for luxury housing can be attributed to the rapid rise in the number of HNIs, the rapid pace of urbanisation, the influx of global lifestyle trends and the growth of service industries which are constantly propelling middle-income group individuals into the HNI 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 a 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 Bengaluru is yet another hyper-expensive locality. 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 and property prices can go as high as Rs.12,000-Rs. 18,000 per 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. 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 and chartered accountants. It is also coveted by corporates looking to open their offices and guest houses. Properties here cost anywhere between Rs.7,500 and Rs. 14,000 a 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 per sq.yd. This suburb is bordered by the wealthy commercial districts of Banjara Hills and is located within two km 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.
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, it 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 and Rs. 22,000 a sq.ft. Many reputed business families such as the Singhanias, Jalans, Goenkas and the Mittals share this pincode.
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 to own a property here. With current property prices ranging between Rs. 10,000 and Rs. 12,500 per sq.ft., Ballygunge definitely commands a premium over other localities of Kolkata.
Delhi
Lutyen’s Delhi
Lutyen’s Delhi, which includes Aurangzeb Road, Mansingh Road, Prithviraj Road, Shahjahan Road and the nearby localities of Golf Links, Chanakyapuri, Jor Baug and Sunder Nagar, has long been the most preferred location for the 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 to 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 and Rs. 22,000 a sq.ft., Greater Kailash has always been 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 part of Delhi Metropolitan Area and a 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. For home seekers in Delhi-NCR, this area offers a host of options such as gated communities, villas and high-end apartments.
Golf Course Road
Golf Course Road, also known as GCR, is centrally located and well connected to the vital hubs of the city. The area around GCR has a mix of residential and commercial establishments with prices for residential condos ranging from Rs. 13, 000 to Rs. 19,000 a sq.ft. Likewise, the upcoming locality Golf Course Road Extension boasts excellent connectivity and its proximity to the airport is another attraction. The writer is CEO – Residential Services, JLL India
