Mumbai real estate prices more than doubled compared to Delhi in the last 10 years

In Monaco, the world's costliest city, US$ 1million (about Rs 8.7 crore) buys merely 200sqft of residential space, whilst the same amount secures a 1,065sq ft flat in Mumbai. The second priciest city, Hong Kong, offers 236 sq ft, followed by Singapore at 344 sq ft for equivalent funds, according to Knight Frank's Wealth Report 2025.
Despite trailing numerous global cities, Mumbai continues to become more expensive for real estate. The report indicates that US$ 1million purchases 99 sq m (1,065 sq ft) of prime residential property in Mumbai, showing a 3% reduction over a decade. Conversely, Delhi and Bengaluru have become more accessible, with the same amount buying 208 sq m (2,238 sq ft) and 370 sq m (3,982 sq ft) respectively, representing increases of 11% and 9%.
Knight Frank India's chairman & MD, Shishir Baijal, noted that Delhi and Bengaluru's prime property prices grew by 13% and 14%, enhancing their appeal to international buyers. The strengthened US dollar has improved these cities' relative affordability since 2014. With global prime markets averaging 3.6% growth in 2024, Indian cities maintain competitive positions in luxury real estate.
The Prime International Residential Index (PIRI 100) showed 3.6% growth in 2024, with 80 of 100 luxury markets recording positive or unchanged annual growth. Seoul tops the rankings at 18.4% year-on-year, followed by Manila at 17.9%. Dubai (16.9%), Riyadh (16%) and Tokyo (12.1%) complete the top positions.
Among Indian cities, Delhi ranks 18th with 6.7% YoY luxury residential price growth, Mumbai 21st, and Bengaluru 40th. Delhi advanced from 37th position in 2023, Bengaluru from 59th, whilst Mumbai declined 13 places.
The report reveals that 46.5% of Next Gen Indian high net-worth individuals prioritise luxury car ownership. Luxury properties rank second, with 25.7% aspiring to own premium homes. Art collections, private jets and superyachts comprise other preferred luxury investments.
The Wealth Report 2025 projects a 9.4% increase in India's HNWIs (those with assets over US$ 10 million), from 85,698 in 2024 to an estimated 93,753 by 2028.