Mumbai saw sales of luxury homes, priced ₹10 crore and above, touch ₹12,300 crore during the January to June period which was an 8% increase over the first half of the 2023 calendar year, according to a report by India Sotheby’s International Realty and CRE Matrix.
Sales of luxury homes were at ₹11,400 crore in the first half of the 2023 calendar year.
A total of 1,040 luxury units in the ₹10 crore and above price bracket were sold in Mumbai over the past 12 months, marking the highest number ever recorded in a year-long period, the report said.
Also Read: Housing sales down 6% in April-June quarter; new supply remains flat in top 8 cities: PropTiger
“This is a clear indication that the demand of luxury housing is growing and HNIs and start-up founders are driving the segment to new heights,” said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix, adding that these high net worth individuals prefer making these purchases during the first half of the year.
According to the report, sales in Mumbai’s primary luxury residential segment roped in a total of ₹8,752 crore, while the secondary (resale) market made its highest-ever half-yearly contribution of over ₹3,500 crore during the period under review, marking a 38% annual growth. The latter also saw its market share rise to 32% in H1 2024, from 27% in the same period last year.
Also Read: Mumbai real estate: As redeveloped apartments hit the market, will rental growth in the city start to cool off?
“This performance of the secondary market shows that homeowners are cashing in on the demand rally in India’s real estate market,” said Ashwin Chadha, CEO, India Sotheby’s International Realty.
Over 80% of the sales were concentrated in the top 10 luxury micro-markets of the city, including Mahalakshmi, Prabhadevi, Mumbai Central, Malabar Hill, Lower Parel and Byculla, among others. Worli led the charge, accounting for 37% of the overall luxury sales value, while Goregaon East saw a noteworthy 1,444% increase along the metric, the report underscored.
As per the report, over half of these buyers fell into the 35-55 years age bracket, and 2,000-4,000 square feet emerged as the most popular unit size for homes in the category overall.
Also Read: Mumbai real estate market: Can you rent a property in the financial capital for two to six months?
Some noteworthy transactions during the six-month period included a ₹270-crore purchase by Wellknown Polyester Ltd and company chairman Anil Gupta in Lodha Malabar and a ₹156.5 crore buy by Rekha Jhunjhunwala and family in Rockside Apartment located in the prime Malabar Hill neighbourhood.
