Mumbai’s luxury home market hit a record high, selling ₹12,300 crore worth of properties in the first half of 2024. This increase is due to a rising demand for upscale apartments, particularly in Worli, which accounted for over a third of these sales.
In comparison, ₹11,400 crore worth of luxury homes (priced at ₹10 crore and above) were sold in the same period last year. According to a report by India Sotheby’s International Realty and CRE Matrix, about ₹3,500 crore of these sales came from the resale market, marking a 38% increase from H1 2023.
Worli in South Mumbai led the sales, but there was also significant activity in Goregaon East, driven by the Oberoi Elysian project. Other active areas included Mahalakshmi, Prabhadevi, Mumbai Central, Malabar Hill, Bandra West, Lower Parel, Tardeo, and Byculla.
Goregaon East saw a remarkable increase in luxury home sales, reaching ₹881 crore, a 15-fold rise, making it one of the top contributors.
This surge in luxury home sales is seen in other cities like Gurugram and Bengaluru, with buyers looking to upgrade their homes. Developers are responding by launching more high-priced projects.
Abhishek Kiran Gupta, CEO of CRE Matrix, noted that Mumbai has consistently seen around ₹7,100 crore in luxury home sales every half-year since 2019. The record sales in 2024 highlight the growing demand for luxury housing, driven by high net worth individuals and startup founders.
Buyers are now preferring larger apartments, particularly those between 2,000 and 4,000 square feet. Developers such as Macrotech Developers, Oberoi Realty Ltd, and K Raheja Corp Homes are launching new luxury projects to meet this demand.
Some of the notable projects include Lodha Malabar in Malabar Hill and Oberoi Realty’s 360 West in Worli. K Raheja Corp Homes plans to launch new projects in Haji Ali and Worli, with prices ranging from ₹30-35 crore. Prestige Group from Bengaluru is also entering the market with a new project in Worli, offering four- and five-bedroom apartments priced at ₹1,00,000-1,10,000 per sq. ft.
Sudershan Sharma, executive director of India Sotheby’s International Realty, noted that the increasing number of billionaires in India, especially in Mumbai, is driving the demand for luxury homes.
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