Top prime hotspots in indian property market

Mumbai, India Photo: A Kap

As the nouveau riche enter India's market, the traditional prime neighbourhoods are giving way to a new wave of hotspots for wealthy buyers.

Traditionally, the Southern neighborhoods of India's main cities have been the hub of wealthy buyers, but younger buyers are turning to other destinations.

"Over time, other areas are competing with these legacy locations and attracting the younger nouveau riche." says Ashwinder Raj Singh, CEO – Residential Services, JLL India. "Several cities are seeing this happening. Extremely limited new supply of residences in prime neighborhoods is the most influencing reason of for HNIs looking for other areas wherein to buy luxury homes."

JLL highlights 20 different hotspots as the best places for high net worth individuals to be associated with.

Mumbai is top of the chart, with skyscrapers increasingly replacing windmills, in a city  where space is the most precious resource.

"Besides Lower Parel and Worli that constitute to south central Mumbai, areas such as Bandra, Juhu and Powai have distinguished themselves as the new posh localities of Mumbai," says JLL.

Worli is second, because it is "strategically located to bridge the north-south divide", followed by Bandra - "the new and preferred destination by the affluent class of the city" - and Lower Parel, which is contributing the most to Mumbai's changing skyline.

The top 10 is completed by Navi Mumbia, Palm Beach Road, Vashi, Pune, Koregaon Park and Kalyani.