Mumbai had a 50% year-over-year surge in the sales of luxury homes

Sales of luxury homes costing Rs 10 crore and above in Mumbai increased nearly 50 per cent during January-June 2023 compared to the same period last year, says a joint report  by India Sotheby’s International Realty and CRE Matrix. India Sotheby’s International Realty, a leading transaction and advisory firm for luxury homes, and data analytic firm CRE Matrix released a report on the Mumbai luxury housing market for H1 CY’23. The report also highlights that sales of luxury housing in the primary market surged by 83 per cent to Rs 8,817 crore in H1 2023 as compared to Rs 4,816 crore in the same period of the previous year.

The top luxury markets in Mumbai are Worli, Malabar Hill, Mumbai Central, Lower Parel, Prabhadevi, Bandra West, Tardeo, Mahalakshmi, Andheri West, and Santacruz West. In fact, Worli contributed 31 per cent to luxury sales of the top 10 localities.

Amit Goyal, MD, India Sotheby’s International Realty, said the increase in the sales of ultra-luxury housing units in H1 CY’23 has been a big positive. “This signifies that real estate has made a meaningful come-back into the ultra-high net worth individuals’ (UHNI) portfolios. With wealth creation in India growing at a fast pace, and the country’s wealthiest city Mumbai set to enter the list of top 20 cities with the most number of millionaires by 2023, we believe there is an inherent strength in Mumbai’s luxury housing market which should continue in the future,” he said.

Abhishek Kiran Gupta, CEO and Founder of CRE Matrix and Index Tap, said, “Mumbai city has been witnessing around Rs 5,300 crore of luxury housing sales every half year, since 2018. In H1 CY’23, luxury Housing sales more than doubled to Rs 11,400 crore., surpassing even the annual sales of 2018-2020. Indians are getting richer and they are not shying from flaunting their wealth. The Richie Rich is now eyeing larger homes than ever before with a clear preference for ocean views, higher floors, and amenities galore.”

Another finding of the report is that the ultra-luxury (Rs 40-70 crore) segment in Mumbai recorded 64 per cent growth with 64 units sold in only the last 18 months (H1 CY’22 to H1 CY’23) compared to 39 units in the preceding 18-month period of H2 CY’20 to H2 CY’21