Bangalore: It is cheaper to own an apartment in one of the most sought after address in the world today – Burj Khalifa in Dubai than in major metropolitan cities in India.
Times of India reports that an apartment on the 100th floor of 'Burj Khalifa', the world's tallest building and one of the most-sought after addresses in the world today, comes at a booking price of Indian Rs 38,000 per sq ft. (Dh 3,058).
Indian realty rates beat that by a mile. The rates of apartments on Prithviraj Road and Aurangzeb Road in central Delhi are much higher. The per sq ft rate of apartments in Marble Arch and Tata Apartments on Prithviraj Road is around Rs 65,000 per sq ft. (Dh 5,178). Similarly, Ansal apartments on Aurangzeb Road have a price of Rs 55,000 per sq ft, (Dh 4,383) said senior broker Hemendra Sharma.
In Vasant Vihar and Chanakya Puri in South Delhi, apartments built on smaller plots of 400-800 sq metres are commanding prices of around Rs 45,000 per sq ft. (Dh 3,586).
Real estate prices in India are contrary to the country's image of a developing nation. "Mumbai and Delhi command one of the highest per sq ft rates in the world," Anshuman Magazine, CMD, CB Richard Ellis, South Asia, a leading global property consultancy firm told the daily.
While Mumbai and New Delhi are in a zone by themselves as far as realty pricing is considered, other big cities like Chennai and Bangalore are yet to see such pricing, though the rates have dramatically shot up in the recent past.
