According to a new report, Mumbai's central business district has topped the list of cities with highest return on investment in commercial property in the country.

The report by real estate consultant Knight Frank showed that Mumbai's central business district topped the list with 19 per cent return per annum ahead of Hyderabad, Pune and Chennai in returns. The report also showed that the National Capital Region (NCR), which is largest office market in India, lags behind other cities at the 6th position with 11 per cent return per year.

NCR is the largest office market in the country with 110 million sq ft with 88 million sq ft occupied, according to the report titled, Top Business Districts in India to Invest In. the report showed rankings of 33 business districts across the country on the basis of investor returns during the coming five years. The six major cities surveyed, Mumbai, Hyderabad, Pune, Chennai, Bangalore, Hyderabad and NCR together has 196 million sq ft of office space and out of which about 173.5 million sq ft is occupied.

"The strength of a city's office market is dictated by factors such as availability of talent pool, quality infrastructure, domestic and global connectivity and favourable government policies," said Samantak Das, chief economist and director, research and advisory services, Knight Frank India.