The luxury residential market in Mumbai has reached a significant milestone, with sales of properties priced at ₹10 crore and above totaling an impressive ₹12,300 crore in the first half of calendar year 2024 (H1 CY24). This represents an 8% increase from the ₹11,400 crore recorded during the same period in 2023, according to a comprehensive report by India Sotheby’s International Realty and CRE Matrix titled “Mumbai Luxury Housing H1 CY24.” This robust growth signals heightened confidence in Mumbai’s upscale real estate sector.
Mumbai’s luxury housing market has seen its highest-ever half-yearly sales value, a dramatic increase from the average bi-annual sales of ₹7,100 crore since 2019. Over the past 12 months, a record 1,040 luxury units were sold, underscoring the sustained demand for high-end properties in the city. This surge aligns with the bullish trend in residential property sales, reflecting a positive sentiment in the broader Indian economy. The primary luxury segment alone recorded sales worth ₹8,752 crore, marking the second-best half-yearly sales figure in the last five years, just shy of the peak achieved in H1 CY23. When considering both the primary and secondary segments, the total luxury home sales value reached ₹12,300 crore, solidifying a new benchmark.
Notably, the secondary market experienced its highest-ever sales value of over ₹3,500 crore, showcasing a remarkable 38% growth compared to H1 CY23. The secondary segment’s market share has also expanded to 32%, up from 27% the previous year, reflecting increased maturity and investor confidence in this segment. Worli emerged as the frontrunner, contributing 37% to the total luxury housing sales value among the top ten localities in Mumbai, which collectively accounted for 80% of the sales. Remarkably, Goregaon East saw a staggering 1,444% increase in luxury home sales, primarily driven by the popularity of the Oberoi Elysian project.
The profile of luxury homebuyers is evolving, with over half belonging to the 35-55 age category, indicating a trend of younger individuals investing in premium properties. Additionally, there is a marked shift towards larger apartments, particularly those in the 2,000 to 4,000 sqft range, which are now the preferred choice for luxury living. The report highlights several notable transactions, including a ₹270 crore deal by Anil Gupta at Lodha Malabar, Malabar Hill, and a ₹156.5 crore acquisition by Rekha Jhunjhunwala at Rockside Apartment, also in Malabar Hill. Other significant transactions include Vratika Gupta’s ₹116.4 crore purchase at Oberoi 360 West, Worli, and Girdharlal Bawri’s ₹101 crore acquisition of a bungalow in Juhu. As the luxury real estate market in Mumbai demonstrates resilience and consistent growth, the outlook for the remainder of 2024 remains optimistic. The sector continues to attract substantial investments, reinforcing strong fundamentals and confidence among investors in the city’s real estate landscape.