India, April 24 -- A budget of $1 million (approximately Rs.9.4 crore) now buys less real estate in Mumbai compared to five years ago, underlining the city's worsening affordability, even for the ultra-rich.

That's not the case in India's two other metropolises, Delhi and Bengaluru, where the real estate area purchasable for $1 million has increased in this period, even if marginally. These are the findings of the Wealth Report 2026, released by international property consultant Knight Frank on Thursday.

The report reveals that in Q4 2025, $1 million bought 96 sqm (1,033.33 sq ft) of real estate in Mumbai, down from 106 sqm (1,140.97 sq ft) in Q4 2020. This decrease in purchasing capability has been driven by limited land availability, ...