The luxury residential market in Mumbai has achieved an unprecedented milestone with sales of properties priced at Rs 10 crore and above reaching Rs 12,300 crore in the first half of the calendar year 2024 (H1 CY24). This marks an 8% increase from Rs 11,400 crore recorded in H1 CY23, according to a joint report by India Sotheby’s International Realty and CRE Matrix. The report, titled “Mumbai Luxury Housing H1 CY24,” underscores the robust growth and heightened confidence in Mumbai’s high-end real estate sector.
Mumbai’s luxury housing market has seen its highest-ever half-yearly sales value, surging from an average bi-annual sales value of Rs 7,100 crore since 2019. A total of 1,040 luxury units were sold over the past 12 months, the highest number ever recorded for any 12-month period. This surge reflects the strong and sustained demand for luxury housing in the city, aligning with the bullish trend in residential property sales and signalling positive sentiment in the Indian economy. The luxury housing market in Mumbai achieved a half-yearly sales value of approximately Rs 12,300 crore in H1 CY24. This marks a significant increase from the average bi-annual sales of Rs 7,100 crore since 2019. A total of 1,040 luxury units were sold in Mumbai over the past 12 months, the highest ever recorded in any 12-month period. This indicates a strong and sustained demand for luxury housing in the city.
The primary luxury segment saw sales worth Rs 8,752 crore, marking the second-best half-yearly sales value in the past five years, just slightly below the high of H1 CY23. The total value of luxury homes sold in both the primary and secondary segments reached Rs 12,300 crore, setting a new record. The secondary market recorded its highest-ever sales value of over Rs 3,500 crore, with a growth rate of 38% in H1 CY24 compared to H1 CY23. The secondary segment’s market share increased to 32% in H1 CY24, up from 27% in H1 CY23, demonstrating the market’s maturity and investor confidence.
The top 10 localities in Mumbai contributed 80% of the total luxury housing sales value, with Worli leading at 37%. Goregaon East saw a remarkable 1,444% increase in luxury home sales value, driven by high sales in Oberoi Elysian. Over half of the homebuyers in the Rs 10 crore and above luxury market belong to the 35-55 age category, indicating a trend of younger buyers investing in luxury homes. Additionally, there has been a shift towards larger apartments, particularly in the 2,000 to 4,000 sqft segment, which remains the preferred size for luxury homes.
The report also highlights notable transactions, including a Rs 270 crore deal by Anil Gupta at Lodha Malabar, Malabar Hill, and a Rs 156.5 crore purchase by Rekha Jhunjhunwala at Rockside Apartment, Malabar Hill. Other significant deals include Vratika Gupta’s Rs 116.4 crore purchase at Oberoi 360 West, Worli, and Girdharlal Bawri’s Rs 101 crore purchase of a bungalow in Juhu. With the market showing resilience and continuous growth, the outlook for the remainder of 2024 remains positive. The luxury housing sector in Mumbai continues to attract high-value investments, reflecting strong fundamentals and investor confidence in the city’s real estate market.
