Mumbai luxury housing market hits new high: 8% growth, sales surpass ₹12,300 crore

In a striking display of economic resilience and growing affluence, Mumbai's luxury real estate sector has shattered previous records as per a report by India Sotheby's International Realty and CRE Matrix. The first half of 2024 saw an extraordinary surge in high-end property sales, with transactions of homes priced at ₹10 crore and above soaring to an unprecedented ₹12,300 crore.

This remarkable 8% year-on-year increase not only underscores the robustness of India's financial capital but also signals a significant shift in the country's housing landscape.

The demand for luxury homes has been fuelled by burgeoning disposable incomes, investor-friendly government policies, and an influx of both domestic and international capital. A total of 1,040 luxury units were sold over the past 12 months, the highest ever recorded. The primary luxury segment alone saw sales worth ₹8,752 crore, making it the second-best half-yearly sales value in the past five years.

Worli continues to lead as the top luxury locality, contributing 37% to the overall sales value, while Goregaon East has emerged as a new luxury hotspot, witnessing a remarkable 1,444% increase in sales. Noteworthy transactions include Anil Gupta's ₹270 crore purchase at Lodha Malabar and Rekha Jhunjhunwala's ₹ 156.5 crore purchase at Rockside Apartment.

Young buyers, particularly those aged 35-55, are leading this trend, reflecting a preference for upscale living in India’s financial capital. This surge highlights the strong and sustained demand for luxury housing in Mumbai, as affluent buyers seek to upgrade their lifestyle and invest in premium properties.