Luxury residential sales in Mumbai up 50% on- year in January-June
July 28th, 2023
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Sales of luxury homes costing Rs 10
crore and above in Mumbai rose nearly
50% to Rs 11,400 crore during January-
June period of 2023, coinciding with a
boom in residential property sales
overall, showed a joint report by India
Sotheby’s International Realty and CRE
Matrix.
Of this, the primary sales activity recorded an 83% year-on-year rise at Rs 8,817
crore. Mumbai’s luxury housing market has been steadily rising for the last
three years, in line with the buoyancy in the country’s residential real estate.
"This signifies that real estate has made a meaningful come-back into the
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’s an inherent strength
in Mumbai’s luxury housing market which should continue in the future,"
said Amit Goyal, MD, India Sotheby’s International Realty.
The sharp increase at the top end of the market coincides with a boom in
residential property sales overall and is indicative of the return of confidence
in India’s residential real estate since 2021.
“Mumbai city has been witnessing around Rs 5,300 crore of luxury housing
sales every half year, since 2018. In the first half of 2023, luxury Housing sales
more than doubled to 11,400 crores, surpassing even the annual sales of 2018-
2020. Indians are getting richer and they are not shying from flaunting their
wealth,” said Abhishek Kiran Gupta, CEO & Founder CRE Matrix.
The report also noted that the ultra-luxury segment with price tag of Rs 40
crore to Rs 70 crore witnessed a 64% growth with 64 units sold in primary
market in the last 18 months in Mumbai as against 39 units in the preceding
18-month period.
While Worli contributed 31% to luxury sales of top 10 localities, it wasMalabar Hill, at Rs 1,580 crore, that recorded the highest on-year increase of
481% in value of luxury homes sold during this period.
In Mumbai's secondary market, 145 units were sold for Rs 2,583 crore during
the first half of 2023 as compared to 152 units valued at Rs 2,844 crore in the
2021 calendar year.
Source: economictimes.indiatimes.com
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