Mumbai Real Estate: More Expensive Than Delhi & Bengaluru, But Still Affordable Globally

Email : 126k 12k

Mumbai Real Estate: More Expensive Than Delhi & Bengaluru, But Still Affordable Globally

Mumbai continues to be India’s most expensive real estate market, with property prices more than doubling in the last decade compared to Delhi. Despite this, it remains far behind global hotspots like Monaco and Hong Kong in terms of pricing. According to the Knight Frank Wealth Report 2025, Mumbai’s affordability in USD terms has improved, allowing buyers to acquire more space due to a stronger dollar.

Mumbai vs. Global Prime Real Estate Markets

A US$1 million (approximately ₹8.7 crore) can buy 1,065 sq ft of prime real estate in Mumbai. However, in Monaco—the world’s most expensive real estate market—the same amount fetches only 200 sq ft. Other high-end markets like Hong Kong (236 sq ft) and Singapore (344 sq ft) also remain far costlier than Mumbai. While the city is getting more expensive within India, globally, it still offers relatively better affordability.

Decadal Price Trends: Mumbai vs. Delhi vs. Bengaluru

Despite Mumbai’s dominance, the report highlights that Delhi and Bengaluru have become more affordable over the last 10 years.

Mumbai: A 3% decline in space affordability, as real estate has become costlier.

Delhi: A 11% increase in space affordability, with US$1 million now buying 2,238 sq ft (208 sq m) compared to a decade ago.

Bengaluru: A 9% increase, with US$1 million securing 3,982 sq ft (370 sq m).

Shishir Baijal, Chairman & MD of Knight Frank India, noted that while Mumbai remains premium-priced, Delhi and Bengaluru’s price growth of 13% and 14% respectively makes them attractive for global buyers.

Global Luxury Real Estate Growth & Indian Cities' Performance

The Prime International Residential Index (PIRI 100), which tracks luxury real estate prices across 100 global markets, saw a 3.6% increase in 2024.

Top-performing global cities in luxury real estate price growth:

Seoul: 18.4% YoY increase (Highest growth)

Manila: 17.9%

Dubai: 16.9%

Riyadh: 16%

Tokyo: 12.1%

Among Indian cities:

Delhi: Ranked 18th with a 6.7% YoY price growth (up from 37th in 2023)

Mumbai: Ranked 21st (down 13 places from last year)

Bengaluru: Ranked 40th (up from 59th place)

HNWI Investments: Luxury Real Estate Remains a Top Choice

The Knight Frank Wealth Report 2025 also sheds light on the investment preferences of Next-Gen Indian High Net-Worth Individuals (HNWIs):

46.5% aspire to own a luxury car (top preference)

25.7% consider luxury real estate a key investment

Other luxury assets include art collections, private jets, and superyachts

The Future of Indian Luxury Real Estate

The report projects a 9.4% rise in India’s HNWIs—those with assets exceeding US$10 million. By 2028, this population is expected to grow from 85,698 in 2024 to 93,753.

With a growing base of wealthy investors and increasing global interest, Mumbai real estate remains a premium investment, while cities like Delhi and Bengaluru offer better affordability for both domestic and global buyers.

Final Thoughts

While Mumbai remains India’s most expensive real estate market, the trend of affordability improvement in USD terms is significant for global investors. Compared to global cities like Monaco, Hong Kong, and Singapore, Mumbai still offers better value for prime real estate. However, within India, cities like Delhi and Bengaluru have emerged as more affordable and attractive markets for high-end property buyers.

As the HNWI population in India grows, luxury real estate will continue to be a preferred investment choice. Whether you’re looking at Mumbai for prestige or Delhi and Bengaluru for value, India’s prime real estate market is evolving rapidly, keeping pace with global trends.