One of the things that you keep in mind while buying property is how much your money is worth. Will you get 2BHK for the amount of money you have saved or can you aim for a 3-4BHK? 

Now, if you are an aspiring homeowner or even a current one, here’s what you need to know: The purchasing power of $1 million or Rs 9.4 crore has diminished in the past few years. 

According to Knight Frank Wealth Report 2026, $1 million or Rs 9.4 crore can now buy 96 square metres (sq m) in Mumbai, 205 sq m in Delhi, and 357 sq m in Bengaluru. This is an indication that India’s luxury market is steadily becoming expensive. 

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Even though they remain comparatively affordable than their global peers, the space purchasable has declined across all the three major cities. The report revealed that buyers in Mumbai could purchase 96 sq m in 2025 compared to 99 sq m in 2024, 103 sq m in 2023 and 113 sq m in 2022. 

Similarly in Delhi, buyers could buy 205 sq m in 2025 compared to 208 sq m in 2024, 217 sq m in 2023, and 226 sq m in 2022. In Bengaluru, buyers could purchase 357 sq m in 2025 compared to 370 sq m in 2024, 377 sq m in 2023, and 385 sq m in 2022. 

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Why is that happening? The Knight Frank report reasoned: “The rupee depreciated ~5.4 per cent, amounting to more Rupees per USD. However prime property price per square foot (sq ft) in all three cities rose faster (Mumbai ~8.7 per cent, Delhi ~6.9 [er cent and Bengaluru ~9.4 per cent) than that the foreign exchange gain, so the net sq m purchasable for USD 1 mn still fell as price appreciation of these cities outpaced the currency tailwind."

Moreover, Bengaluru has risen 32 places in the global rankings of fastest-growing prime residential markets, moving from 40th in 2024 to 8th in 2025. This growth is driven by strong demand linked to the city's expanding technology sector and an increasing number of high-net-worth individuals.

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Mumbai also made notable progress, climbing from 21st to 10th position. The growth is supported by strong demand in the premium and super-prime housing segments. Delhi's position improved slightly from 18th to 17th, supported by steady price growth and demand in selected luxury micro-markets. The market in Delhi remains stable with consistent buyer interest.
 

Published on: Apr 24, 2026 11:40 AM IST