Tuesday, May 22, 2007

Mumbai world's 7th most costly place

Mumbai: As India witnesses a rise in property prices, its financial capital Mumbai has been ranked as one of the world's top 10 expensive locations in terms of accommodation cost.

Mumbai, which is ranked seventh, is followed by Shanghai, on whose lines the government is planning to develop the Indian financial hub.

The list comprises of Hong Kong, Tokyo, New York, Moscow, Seoul, London, Mumbai, Shanghai, Caracas (Venezuela) and Paris, according to a study by International Human Resource organisation ECA International.

"High rentals in Tokyo, New York, Seoul, Moscow, London and Paris largely reflect high living costs in these locations, while Mumbai, Shanghai and Beijing suffer from a shortage of modern and well-equipped properties, pushing prices up for those properties that do," ECA International Hong Kong General Manager Lee Quane said.

However, Caracas, capital of Venezuela, makes to the list of top 10 expensive cities for renting a three bedroom apartment as people have to spend huge amounts on security, Quane said.

In April, Finance Minister P Chidambaram said the government will shortly set up a committee to lay a roadmap to make the city the heart of international financial activities.

Mumbai is the prime choice for many multinational firms for establishing their base as they expand operations here, which is on the way to be transformed into international financial hub, Quane said.

Though five of the top 10 expensive locations are in Asia, the list of world's cheapest locations to rent a three-bedroom apartment does not include any Asian city.

No comments: