Posh. A word we Indians absolutely adore and want to be associated with! Don’t get us wrong; it is fine to aspire and we keep aspiring for a posh car, outfit, hotel for that anniversary meal, smartphone and most importantly, a posh home. What exactly constitutes a posh locality from the residential perspective?
The commercial perspective here will always be different here since the costliest business zones in most cities are absolutely horrendous for quality residential living on several parameters and vice versa! Most experts believe that a truly posh locality for residential living will naturally offer more privacy to its occupants along with a better quality of living, read parks, trees, lack of parking issues, children’s playing zones, greenery, private pathways, lesser noise and honking and of course, better civic and social amenities than many other areas. Posh areas in India are also those enclaves or communities which are home to the ultra-wealthy. Where the super-rich live in India is something that dominates most party conversations these days!
So there you have it, multiple perspectives on what a posh residential locality truly comprises of. Now let’s take a closer look at some of India’s poshest residential areas as highlighted by several studies and reports. The results may be more surprising than you think!
Mumbai dominates list of poshest residential areas in country
There are multiple surprises in store if you go by reports and studies highlighting posh localities in the country. Tardeo is one of the highest ranked locations in the list of costliest real estate neighbourhoods and there are quite a few other places from cities like Bangalore, Chennai, Delhi, Pune and Hyderabad in the reckoning as well. Mumbai is naturally the costliest city in the country to own a home or real estate. There is restricted space for the property market to grow and plots come at staggering prices here. As a result, Mumbai is one of the dominant cities in the list of costliest Indian residential neighbourhoods over the last 5-6 years. The biggest surprise is that Tardeo is now considered as the most expensive or poshest market in the country with average prices touching Rs. 56,200 per sq. ft.
Does this mean that Tardeo is a better place to live than other biggies like Lower Parel, Prabhadevi, Juhu or Worli? The answer, according to reports is NO. However, the poshest location tag comes to it naturally since luxury housing units are in shorter supply as compared to the above mentioned areas. A majority of new construction in Tardeo only takes place on smaller sized plots which are available occasionally via the redevelopment route. Just 1,100 luxury units have come into the market from Tardeo over the last 7-8 years and these have average sizes of approximately 1,690 sq. ft.
In the resale luxury segment, however, areas like Altamount Road, Nepean Sea Road and Cuffe Parade are way posher locations than Tardeo in terms of pricing and also in the proximity to luxury amenities and sea-fronts. The neighbourhood is the real deal when it comes to working out home pricing as per experts. Mumbai also ranks high with other localities on the list, particularly with Mahalaxmi and Worli where 2 and 3 bedroom configurations are most preferred. These residential locations are ultra-posh in terms of pricing and amenities and prices tend to hover between Rs. 40-42,000 per sq. ft.
These cover luxury properties which offer amazing views of the race course and Arabian Sea along with access to the best educational institutions, hospitals, shopping malls, fine dining restaurants, premier hotels and other social amenities. Tardeo also scores big on this count since it is well connected to multiple markets, shopping centres and supermarkets and is a lively and bustling residential area.
Other nation-wide trends
If you talk of South India, there are several neighbourhoods in cities like Hyderabad, Chennai and Bangalore which can be counted in the list. Egmore, Nungambakkam and Anna Nagar are some of the other costliest and poshest locations to live in the country. However, with average built-up areas of homes being bigger in Chennai, buyers probably get better bang for their buck. Average sizes of apartments in the luxury segment usually hover between 2,190-2,890 sq. ft. on an average. This is majorly in prime locations where supply is limited and demand is on the higher side.
The costliest and poshest locations in Hyderabad and even Bangalore are more affordable as compared to areas in Mumbai. These cities still possess ample land parcels for real estate development and this has kept scarcity out of the picture as of yet. When land scarcity becomes an issue, both cities should have more locations joining the list of India’s poshest and costliest locations. Karol Bagh and Golf Course Road are two of the poshest locations to live in the National Capital Region (NCR) and the country, of course. Average property prices vary between Rs. 12,500-13,500 per sq. ft.
Of course, Delhi has even posher areas spread across its South, particularly if you take the resale market into consideration. These include Jor Bagh, Golf Links, Greater Kailash, Lutyen’s Delhi enclaves, Prithviraj Road and many more. Bangalore has its own prime locations in the form of Koramangala, Indiranagar, Rajajinagar, Richmond Town and Malleswaram while Hyderabad has Banjara Hills and Jubilee Hills for instance.
Most projects in this category of ultra-luxury real estate usually come with amazing views and prime amenities including viewing decks, spas, concierge, restaurants and other luxury facilities. Koregaon Park in Pune is one of the best and poshest places to live in the country while Kolkata has Alipore finding a place in the list. Both these places usually have property prices ranging between Rs. 11-13,000 per sq. ft. on an average. Kalyani Nagar in Pune is fast catching up however although it will still take some time before it is regarded as a prime destination for residential living. For Kolkata, on the other hand, Alipore is supplemented by areas like Ballygunge, Gariahat, Southern Avenue, EM Bypass, Bhowanipore, Tollygunge and Lake Gardens in terms of quality living.