IT hub of the country- Bengaluru, slipped four spots to reach the 40th rank in the global prime residential index in the first quarter of 2021. According to a recent report released by leading property consultant Knight Frank, Bengaluru witnessed a decline of 2.7 per cent year-on-year in the prime residential prices, which resulted in a drop in the global position. In the fourth quarter of 2020, the city was at the 36th rank in Knight Frank's prime global cities index report. (Also Read: Second Wave Of COVID-19 Affected Sentiments Of Real Estate Stakeholders )
According to Knight Frank, the premium micro-markets of the city registered a drop of 0.6 per cent in the annual capital value change to an average prove of Rs 19,2000 per square feet. According to the firm, the prime global cities index is basically a valuation-based index-tracking movement in the prime residential prices. This is tracked in local currency in more than 45 cities across the world by utilising Knight Frank's global research network.
Meanwhile, metro cities including New Delhi and Mumbai also slipped one spot down to the 32nd and 36th rank respectively. On the global index, New Delhi remained unchanged in terms of the annual capital value change in the prime residential market to an average price of Rs 33,572 per square feet.
However, Mumbai's prime residential market recorded a decline of 0.1 per cent with an average price of Rs 63,758 per square feet. Also, the prime residential property is basically the most desirable and also, the most expensive property in a given location, generally defined as the top five per cent of each market by value, said Knight Frank.