India: House Prices, Rents, and Rental Yields
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Mumbai low, by international standards
| Last Updated: Apr. 28, 2009 | |||||
| BANGALORE - Apartments | COST (EUR) | YIELD (p.a.) | PRICE/SQ.M. (EUR) | ||
| TO BUY | MONTHLY RENT | TO BUY | MONTHLY RENT | ||
| 120 sq. m. | 67,680 | 257 | 4.56% | 564 | 2.14 |
| 170 sq. m. | 105,230 | 415 | 4.73% | 619 | 2.44 |
| 250 sq. m. | n.a. | 1,033 | n.a. | n.a. | 4.13 |
| NEW DELHI - Apartments | |||||
| 120 sq. m. | 197,280 | 481 | 2.93% | 1,644 | 4.01 |
| 200 sq. m. | 434,400 | 1.330 | 3.67% | 2,172 | 6.65 |
| 300 sq. m. | 691,800 | 2,322 | 4.03% | 2,306 | 7.74 |
| SOUTH MUMBAI - Apartments | |||||
| 70 sq. m. | 429,450 | 1,638 | 4.58% | 6,135 | 23.40 |
| 120 sq. m. | 867,240 | 2,596 | 3.59% | 7,227 | 21.63 |
| 180 sq. m. | 1,565,460 | 4,523 | 3.47% | 8,697 | 25.13 |
| Districts researched: Bangalore: Brigade Road, Coz Town, JP Nagar, Old Madras Road, Palace Road, Ulsoor, Whitefield New Delhi: Anand Niketan, Chanakya Puri, Defence Colony, Greater Kailash I & II, Hauz Khas, Jor Bagh, New Friends Colony, Saket, South Extension I &II South Mumbai: Altamount Road, Breach Candy, Carmichael Road, Church Gate, Cuffe Parade, Malabar Hill, Nariman Point, Nepansea Road, Peddar Road, Walkeswar Road, Warden Road Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule |
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By international standards, the yields on residential property in India are low. This has long been the case in Mumbai, and despite the market correction, our research suggests that South Mumbai gross yields are still low, averaging 3.88%.
These yields are not completely unreasonable (at least, not as unreasonable as Mumbai yields used to be) and many European capital cities are on this yield level. But it does mean that if capital gains are your chief aim, Mumbai would not be a particularly inspired choice, in our view.
South Mumbai apartments remain breath-takingly expensive, at US$7,353 per square metre (sq. m.)
New Delhi apartment gross rental yields average 3.54%. This figure is of course distorted by rent control laws. The average price of the apartments that we surveyed in New Delhi is US$2,091 per sq. m.
Apartments in Bangalore have higher gross rental yields than either South Mumbai or New Delhi, with an average figure of 4.65%. Bangalore per square metre prices are low, at US$592 per sq. m., on average. This combination means that Bangalore appears to us the most attractive of these three major Indian cities, from an investment perspective.
India - more data and information
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Your Comments
posted by Miriam Dorn | 2007-07-18
Fundmanager, Germany
This is a very good schedule for an ovrview. Could you please tell me to which date the figures refer to?
posted by amitd | 2008-02-11
delhi
Figures for delhi do not match. For example, for 180 sq m apartment in New Delhi city center, "to buy" price should be $3263*180=$587,340
posted by Big V | 2008-05-14
Always Right, San Jose, CA, United States
Yup, looks like India has a good, old-fashioned housing bubble, just like everywhere else. Here in the US, landlords were bleeding money every month just to keep their rentals. But now, they're not bleeding money any more. They're just losing their houses to foreclosure and letting the bank take losses of 25-50%. It will only get worse from here, so whatever you do, don't buy a house. Just rent!