Sales of luxury homes priced at Rs 10 crore and above in Mumbai reached an all-time high of Rs 12,300 crore in H1 CY24, marking an 8% increase from Rs 11,400 crore in H1 CY23, according to a report by India Sotheby’s International Realty and CRE Matrix. Read SURFACES REPORTER (SR)’s complete report below:
The "Mumbai Luxury Housing H1 CY24" report highlights record-breaking sales, reflecting strong growth and confidence in Mumbai's real estate sector. This surge aligns with the bullish trend in residential property sales and overall economic optimism.
Key highlights of the report
- Record Sales Value: Mumbai’s luxury housing market reached its highest-ever half-yearly sales of Rs 12,300 crore in H1 CY24, up from the average bi-annual sales of Rs 7,100 crore since 2019.
- Unprecedented Unit Sales: 1,040 luxury units were sold in the past 12 months, the highest number ever recorded in a 12-month period.
- Primary Market: Sales in the primary luxury segment were Rs 8,752 crore, the second-best in five years, just below the high of H1 CY23.
- Secondary Market: The secondary segment hit a record Rs 3,500+ crore, growing 38% in H1 CY24 compared to H1 CY23. Its market share rose to 32% from 27% in H1 CY23.
- Dominant Localities: The top 10 localities contributed 80% of total luxury sales value, with Worli leading at 37%. Goregaon East saw a 1,444% increase, mainly due to Oberoi Elysian.
- Buyer Age Profile: More than half of the buyers in the Rs 10 crore+ market are aged 35-55, indicating younger buyers’ preference for luxury homes.
- Size Preference: Buyers are shifting towards larger apartments (1,000 to 8,000 sqft), with 2,000 to 4,000 sqft units being the most popular.
Mr. Sudershan Sharma, Executive Director of India Sotheby’s International Realty, stated that Mumbai's luxury housing market is surging, driven by India's economic resilience and increasing affluence.
The latest Hurun Global Rich List shows a 51% increase in Indian billionaires, many based in Mumbai, with infrastructure development opening new markets for luxury housing. Abhishek Kiran Gupta, Co-founder & CEO of CRE Matrix, noted that H1 CY24 saw record luxury housing sales of approximately Rs 12,300 crore. “This is a clear indication that the demand of luxury housing is growing and HNIs & start-up founders are driving the segment to new heights.”
Other Key Highlights
Units over 4,000 sqft contributed 18% to primary sales in H1 CY’24, up from 13% in H1 CY’22. Notably, 24% of buyers from top luxury localities originated from beyond South Mumbai, indicating lifestyle upgrades. Goregaon East accounted for 14% of homebuyers among the top 10 luxury localities. The 65+ age segment is emerging as a strong buyer group as seniors invest business gains into real estate.