The Mumbai luxury real estate market has witnessed its highest-ever half-yearly sales, reaching Rs 12,300 crore in the first half of 2024, according to a report by India Sotheby’s International Realty and CRE Matrix. This marks an 8% increase compared to Rs 11,400 crore in the first half of 2023.
The report highlighted that more than half of the buyers in the luxury segment, homes priced Rs 10 crore and above, were aged between 35 to 55 years. The primary luxury segment alone saw sales worth Rs 8,752 crore, the second-highest half-yearly value in the past five years.
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In addition, Mumbai’s secondary or resale market also recorded its highest-ever sales at over Rs 3,500 crore, showing a robust 37% growth in the first half of 2024.
Sudershan Sharma, Executive Director at India Sotheby’s International Realty, commented on the surge in Mumbai’s luxury housing market, attributing it to growing demand for high-end real estate driven by India’s economic resilience and increasing affluence among the elite. He also noted that unprecedented infrastructure development in the city has expanded markets for luxury housing.
The report highlighted that Mumbai saw a record 1,040 luxury units sold over the past 12 months, with the top 10 localities contributing 80% of the total luxury sales value. Worli emerged as the leading contributor, accounting for 37% of the overall luxury sales value.
Furthermore, the 2,000 to 4,000 square feet size segment has become the largest contributor to the luxury housing market.
Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix, noted that Mumbai has consistently maintained around Rs 7,100 crore in luxury housing sales every half-year since 2019.
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