The luxury real estate market in Mumbai has been on an upward trajectory, with the city witnessing some of the country’s most expensive apartment deals in recent years. With properties being sold for over ₹100 crore, Mumbai’s elite are choosing to invest in luxury homes that offer not just grandeur, but an unparalleled lifestyle. These properties are primarily located in high-demand areas such as Worli, Malabar Hill, and Mahalaxmi, regions known for their sea-facing views, sprawling spaces, and world-class amenities.
Among the most notable transactions, one of the largest deals occurred at Oberoi Three Sixty West, Worli, where two apartments worth ₹198 crore were bought by Shreegopal Kabra, the promoter of RR Kabel Ltd. These 13,809 sq ft apartments were purchased at a remarkable ₹1.43 lakh per square foot, setting a new benchmark for luxury living in Mumbai. The deal was finalised in October 2023. Similarly, Ruparel House in Malabar Hill saw a transaction worth ₹180 crore, where Nadir Godrej of Godrej Industries acquired three luxury apartments spanning 13,836 sq ft. These apartments, priced at ₹1.30 lakh per sq ft, include 12 parking spaces, which is a crucial feature for high-net-worth individuals looking for convenience and exclusivity in prime locations.
In Raheja Modern Vivarea, Mahalaxmi, a total of four sea-facing apartments were sold for ₹104 crore, bringing the price down to ₹65,000 per sq ft. These homes, spread over 16,000 sq ft, offer both stunning views of the Arabian Sea and the promise of luxury living. Perhaps the most eye-popping deal in recent times was the purchase of a sea-facing triplex apartment in Lodha Malabar, Malabar Hill, by Bajaj Auto Chairman Niraj Bajaj. The apartment, worth ₹252.5 crore, spans 18,008 sq ft, with 12,624 sq ft being carpet area. This transaction reflects the growing demand for exclusive homes that offer an integrated living experience, including private parking spaces and access to world-class amenities. The largest residential deal in Mumbai was recorded in February 2023, when 28 apartments were sold for a staggering ₹1,238 crore in Oberoi Three Sixty West, Worli. This transaction was notable not only for its scale but also for its buyers – family members and associates of D’Mart founder Radhakrishna Damani. This deal, still the largest in Mumbai’s luxury residential market, underscores the significant demand for high-end properties in the city’s most coveted locales.
Experts suggest that several key factors influence the decisions of ultra-wealthy buyers in Mumbai’s luxury property market. According to Fatima Saidi, Luxury Head Mumbai at ANAROCK, prime locations, expansive layouts, and views of the city skyline or the sea are top priorities for buyers. These properties often feature exclusive amenities such as private terraces, rooftop decks, state-of-the-art fitness centres, and smart home technologies. “An apartment priced at ₹100 crore is designed to cater to the highest expectations. It must offer a lifestyle of exclusivity, privacy, and luxury, with the reputation of the developer and architect adding to its value,” explains Ashwin Chadha, CEO of India Sotheby’s International Realty. Mumbai’s luxury real estate market continues to evolve as the city attracts an increasing number of ultra-high-net-worth individuals. Rising wealth and an appetite for exceptional living spaces are driving demand for high-end properties, cementing Mumbai’s position as one of the most sought-after luxury real estate markets in the world.
