No discussion on upmarket real estate is complete without the mention of what have by now become familiar residential locations across the country. That’s why even though you may not visit Chennai or Hyderabad often enough, names like ‘Boat Club’ or ‘Jubilee Hills’ are probably etched into your subconscious owing to the inherent status and brand value that comes with owning a home with these address lines. “The concept of luxury is primarily defined by four parameters — location, space, accessibility and amenities,” says Siva Krishnan, Head (Residential), JLL India. “The combination of these parameters in combination with changing consumer dynamics and increasing demand for housing has established certain neighbourhoods as the pinnacle of residential housing in their respective cities.” In a list shared exclusively with CNBC-TV18, JLL has collated some of India’s priciest neighbourhoods by the city, ranked by the simplest value determinant — price-per-square-foot. Some of the names come as no surprise.
Carmichael Road, Mumbai | Leading the way is probably India’s most expensive residential real estate location: Carmichael Road, Mumbai. The locality comes with an average price tag of Rs 1.5 lakh per square foot, with super-luxury projects like Antilla, The Imperial, Lodha Altamont and the Raheja One Altamount validating its Ivy League status. Playing host to names like Mukesh Ambani and Kumar Mangalam Birla among others, it’s little wonder then that Carmichael Road and its extension in Altamount Road are together referred to as India’s Billionaire Row. (Image: Reuters)
Malabar Hill, Mumbai | Not far behind and overlooking the picturesque curve of Mumbai’s Marine Drive, is Malabar Hill, where JLL data points to a market rate of anywhere between Rs 1.25 to Rs 1.5 lakh per square foot. While the neighbourhood may not have the same exclusivity associated with Carmichael or Altamount Road, its prominence in the South of South Mumbai is a big draw in assigning its status as a top-tier real estate location. The locality plays host to India’s most well-known investor, Rakesh Jhunjhunwala. (Image: Shutterstock)
Lutyens, New Delhi | As far as expensive, ivy-league real estate in Delhi goes, there’s no looking beyond Lutyens. Playing host to prominent families including the Mittals and Jindals, the rather interesting irony of this neighbourhood is that it simply isn’t available on the primary real estate market, anymore. After all, Lutyens is a designated bureaucratic zone that houses the Prime Minister, his cabinet, ministers of state, and 10 embassies, which means construction in the area is prohibited — yet another factor that adds to its exclusivity. According to JLL data, Bungalows here, when sold in the secondary market, are reported to draw in offers of Rs 300 crore per home. However, according to reports, there has been an instance of a larger bungalow fetching in excess of Rs 476 crore, which saw the neighbourhood valued at approximately Rs 63,000 per square foot. (Image: Shutterstock)
Boat Club and Poes Garden, Chennai | Chennai’s prominent neighbourhoods, Boat Club and Poes Garden, aren’t far behind in the Ivy League of India’s top real estate locations. According to JLL data, both locations come with a price tag of Rs 32,000 to Rs 35,000 per square foot. Boat Club Road is an exclusive South Chennai residential oasis whose sprawling bungalows and luxury apartments speak volumes of the status that comes with owning them. Poes Garden, located in the heart of Chennai, assumed legendary status for being the longtime private residence of former Tamil Nadu Chief Minister, J Jayalalithaa. Both locations don’t run short of prominent names as their residents. At Boat Club, the Maran brothers — Member of Parliament Dayanidhi, and Sun TV Chairman Kalanithi Maran — own a palatial bungalow, and are neighbours with India Cements Chairman N Srinivasan. Down the road is the home of Suneeta Reddy, Managing Director, Apollo Hospitals. Poes Garden hosts superstar Rajinikanth who used to be neighbours with The Late J Jayalalithaa. Cricketer Dinesh Karthik lives in the same neighbourhood. (Image: Shutterstock)
Koramangala 3rd Block, Bengaluru | Like Mumbai, did you know that Bengaluru also has its own Billionaire Street? For what it’s worth, Koramangala 3rd Block is as real as upmarket Bengaluru real estate can possibly get. From Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, and Narayana Hrudayalaya chairman Dr Devi Shetty, to the Bansals of Flipkart, a list of Bengaluru-based billionaires has invested in Koramangala’s real estate for a home of their own. It has also helped that the neighbourhood has legacy bungalows and quiet avenues, with plenty of green covers to retain some of Bengaluru’s old-world garden city charm amid a bustling metropolis. No wonder then that the locality comes with a price tag of Rs 60,000 per square foot for a villa. Sachin Bansal coughed up around Rs 45 crore to buy two apartments in the neighbourhood after the Flipkart sale, while Binny paid about Rs 32 crore for a 10,000 sq ft property, here. Gopalakrishnan’s two apartments in Koramangala are reported to have a joint value of Rs 76 crore. (Image: Wikimedia Commons)
Jubilee Hills, Hyderabad | If you’re in Hyderabad, the addresses just don’t get better than Jubilee Hills. The neighbourhood’s Beverly Hills-like feel thanks to its up-and-down roads, coupled with bungalows trying to outdo each other in terms of expanse and design say affluence and luxury like no other. Jubilee Hills also plays itself into the old adage of real estate being all about location — it finds itself right in the middle of Hyderabad’s new-age Hitec City and the old money of Banjara Hills. Given the perfect storm of everything great about real estate, the location’s real estate market does not flinch at a price tag of approximately Rs 22,000 per square foot for a luxury apartment, here. It also helps that prominent Telugu and South Indian film stars like Akkineni Nagarjuna, Allu Arjun, Chiranjeevi, Vijay Devarakonda and Prabhas own homes in this neighbourhood. (Image: Wikimedia Commons)
Honourable Mentions | While the Ivy League of Indian real estate may have spread its wings and worth across the address lines it has now made its own, the second-tier of real estate affluence is already in the works. This is especially true in South India where localities like Richmond Town in Bengaluru have market prices in the range of Rs 35,000 per square foot with apartments and bungalows housing the city’s old-money community. In Hyderabad too, Gandipet and Kokapet have villas in the range of Rs 25,000 per square foot with plenty of premium developments and large floor plates being the most noticeable feature of the area’s real estate. (Image: Wikimedia Commons)