Mumbai's Luxury Housing sales rises by 8% in H1 2024 & bags worth Rs.12,300 crore

According to a report by India Sotheby’s International Realty and CRE Matrix, Mumbai's sales of luxury homes priced at Rs.10 crore and above reached Rs.12,300 crore from January to June 2024, marking an 8% increase compared to the first half of 2023.

The sales of high-end properties reached Rs.11,400 crore during the first six months of the 2023 calendar year.

The report stated that a record 1,040 luxury units priced at Rs.10 crore and above were sold in Mumbai over the past 12 months, the highest number ever recorded in a year.

Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix said,“This clearly shows that demand for luxury housing is increasing, driven by HNIs and start-up founders who are elevating the segment to new heights”. He also noted that these high-net-worth individuals typically prefer to make such purchases in the first half of the year.

According to the report, Mumbai’s primary luxury residential market generated Rs.8,752 crore in sales, while the secondary (resale) market recorded its highest-ever half-yearly contribution of over Rs.3,500 crore, reflecting a 38% annual growth. The secondary market’s share also increased to 32% in H1 2024, up from 27% in the same period last year.

Ashwin Chadha, CEO of India Sotheby’s International Realty, said, “This performance in the secondary market demonstrates that homeowners are capitalizing on the demand surge in India’s real estate sector.”

The report highlighted that over 80% of the sales were concentrated in the top 10 luxury micro-markets of the city, including Mahalakshmi, Prabhadevi, Mumbai Central, Malabar Hill, Lower Parel, and Byculla, among others. Worli led the way, representing 37% of the total luxury sales value, while Goregaon East experienced a remarkable 1,444% increase in sales.

According to the report, over half of these buyers were aged between 35 and 55 years, and 2,000-4,000 square feet became the most popular home size for this category overall.

Notable transactions during the six-month period included Wellknown Polyester Ltd and its chairman Anil Gupta's Rs.270-crore purchase at Lodha Malabar, and Rekha Jhunjhunwala and her family's Rs.156.5-crore acquisition of Rockside Apartment in the prestigious Malabar Hill neighborhood.