With a total of at least 29 luxury homes purchased worth over Rs.3, 031 crore, Mumbai leads the market of luxury real estate market in India. Followed by Mumbai, Delhi NCR ranks second with at least 12 units purchased worth over Rs. 1,043 crore.
An analysis by JLL, a global real estate company, the joint sales for the consecutive years 2022 & 2023 in the market of luxury Real estate achieved a significant value of above Rs. 7,177 crore. Compared to 29 homes sold in 2022, at least 45 luxury homes were sold in the year 2023. Among the 45 luxury homes sold in 2023, 14 homes falls under the price range of Rs. 100 crore & above, where maximum – 79 percent of them from the Mumbai city.
In 2023, the luxury homes valued over Rs. 50 crore have witnessed an outpouring in sales value from Rs. 2,859 crore to Rs. 4,319 crore, which is 1.5X surge. In that Mumbai recorded highest number of deals backed by the demand for luxury home properties.
Speaking to this surge of luxury homes, Samantak Das, Chief Economist and Head Research & REIS, India, JLL said, “The increase in the number of luxury residential transactions in 2023 demonstrated the robust demand for such high-end properties in India. Notably, out of the 45 luxury homes sold in 2023, 14 homes were in the price segment of ₹100 crore and above, with majority (79%) of them in Mumbai. The interest for such properties is expected to strengthen in future as there is both the aspiration for high-end bespoke living and the confidence of affluent buyers in the long-term value that these properties hold”.
Similarly, denoting the demand continuing in 2024, Ritesh Mehta, Senior Director, and Head, North & West, residential services & developer initiative, JLL India stated, “In the first two months of 2024, at least four homes priced at ₹50 crore and above have already been sold with a combined worth of ₹397 crore. We foresee an upward trend in luxury residential transactions in 2024. With a growing segment of high-net-worth individuals seeking exclusive and opulent living spaces, the demand for luxury properties is expected to surge. Moreover, with the growing number of HNIs in the country, the demand for these homes will grow further”.
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