While high property prices in major cities often keep many in India from fulfilling their ambition to own a house in their lifetime, latest facts reveal that real estate rates in some other parts of the world beat those paid by India’s rich and famous for their dream homes. The latest case in point being Hong Kong, where a 188-square-foot parking lot just got sold for a record HKD 5.18 million, which is equivalent of 4.3 crore Indian rupees, Bloomberg reported citing a local newspaper which had quoted land registration records.
The sale works out to equivalent of Rs 2.27 lakh per square foot. By comparison, the price of land at Bandra’s BandStand in Mumbai, where Actor Shah Rukh Khan’s six-storey villa ‘Mannat’ is located, is at an average of Rs 70,000 per square feet. Similarly, residential properties in South Mumbai’s upmarket Altamount Road, where industrialist Mukesh Ambani’s 27-storey mansion Antilia is situated, are being quoted at Rs 52,000-82,000 per sq ft on various real estate listing portals.
The Hong Kong parking lot price per sq ft is also almost double the Rs 1.2 lakh per sq ft that late actor Vinod Khanna paid for his posh Rs 30-crore apartment in Malabar Hill in 2008. In Delhi, Jor Bagh, which is home to ministers, MPs, top businessmen, expatriates and other high profile people, has property prices going up to Rs 50,000-52,000 per sq ft. Other posh locations in South Delhi, such as Greater Kailash, Green Park, Gulmohar Park and Hauz Khas have residential property prices ranging between Rs 20,000 and Rs 30,000 per sq ft.
Back in Hong Kong, while the parking lot in discussion may have fetched a record high price, this is in no way an aberration. Property prices have been on the rise in Hong Kong despite the government’s efforts to tame the surge in rates in what is the world’s least affordable housing market, the Bloomberg report said, adding that the same residential building Upton also saw the previous record parking-space deal. The report also said that last month, an entire car park building sold for a then-record HKD 23.3 billion, equivalent to Rs 19,000 crore.
Meanwhile in India, the property prices have recently started recovering in pockets after the sting of demonetisation of high value currency notes in November 2016. Recently, the Reserve Bank of India’s House Price Index showed that real estate prices in India continued to grow steadily in the last year 2016 at least in seven out of 10 cities.