Luxury homes in Bengaluru, Mumbai and Delhi have become more expensive in dollar terms, according to the Knight Frank Wealth Report 2026.
The report says buyers spending $1 million now receive less prime residential space than they did a year ago.
Bengaluru among fastest risers
In Bengaluru, $1 million now buys 357 square metres of prime residential space. In Mumbai, it buys 96 square metres, while in Delhi it buys 205 square metres.
All three cities saw a decline in purchasable space over the past year, indicating faster growth in luxury property prices.
Bengaluru also recorded one of the sharpest global rises in rankings, reportedly jumping from 40th to 8th place among top-performing luxury housing markets.
Why prices rose despite weaker rupee
Normally, a weaker rupee would make Indian property cheaper for dollar-based buyers.
However, luxury housing prices rose faster than the currency weakened. Bengaluru prime prices climbed 9.4 per cent, Mumbai 8.7 per cent and Delhi 6.9 per cent, according to the report.
This meant that even with stronger dollar buying power, buyers could purchase less space.
Domestic wealth driving demand
Experts say the surge is being led mainly by Indian buyers rather than foreign investors.
In Bengaluru, demand is linked to high-income technology professionals, startup founders and business leaders seeking premium homes.
The city’s growing wealth ecosystem continues to push demand for upscale housing.
Market outlook remains strong
Analysts believe India’s luxury housing segment may remain strong as long as wealth creation and economic growth continue.
For premium buyers, waiting for price corrections has so far offered little relief