Rs 12,300 crore of sales! Mumbai sees 8% rise in luxury home sales costing Rs 10 crore in H1 2024

Sales of luxury homes, costing over Rs 10 crore, have risen in Mumbai by 8 per cent, touching a new high of Rs 12,300 crore in the first half of calendar year 2024. In the same period last year, the sales were to the tune of Rs 11,400 crore. 

According to a report by India Sotheby’s International Realty and CRE Matrix, highlighting the unprecedented sales figures, said there’s exuberance and confidence in the Indian economy that has witnessed robust growth. 

The report said that a total of 1,040 luxury units were sold in Mumbai in the past 12 months, the highest number recorded in a 12-month period. There is a strong and sustained demand for luxury housing in the city, it said. 

Worli led the pack, accounting for 37 per cent of the overall luxury sales value, while Goregaon East saw a remarkable 1,444 per cent increase in luxury home sales, accounting for 14 per cent of the homebuyers. The top 10 localities contributed to 80 per cent sales of the total luxury housing sales value. 

More than half of the homebuyers in the more than Rs 10 crore luxury market belong to the 35-55 age category, indicating a long-term trend of younger buyers preferring to buy luxury homes in India. 

“Mumbai's luxury housing market is surging and has touched unprecedented sales highs in H1 CY2024. Its strength underscores a growing demand for top-end luxury real estate, driven by India’s economic resilience and increasing affluence among the elite. The latest Hurun Global Rich List highlights a 51% increase in Indian billionaires, with 271 billionaires, a majority of who have a base in Mumbai. Unprecedented infrastructure development in the city has also opened new markets for luxury housing,” said Sudershan Sharma, Executive Director, India Sotheby’s International Realty. 

Abhishek Kiran Gupta, co-founder & CEO of CRE Matrix, said that the unprecedented sales of luxury homes is a clear indication that the demand of luxury housing is growing and HNIs and start-up founders are driving the segment to new heights.