Mumbai, July 11, 2024
Aligning with the ongoing bullish trend in residential property sales across the country, sales of luxury homes costing Rs 10 crore and above in Mumbai clocked the highest-ever, half-yearly sales at Rs 12,300 crore, a report showed on Thursday.
This is an 8 per cent growth compared to the Rs 11,400 crore sales in the first half of 2023, according to the report by India Sotheby’s ‘International Realty and CRE Matrix’.
More than half of homebuyers in the more than Rs 10 crore and above luxury market belonged to the 35-55 age category.
The primary luxury segment saw sales worth Rs 8,752 crore, the second-best half-yearly sales value in the past five years.
The secondary or resale market in the financial capital recorded its highest-ever sales at more than Rs 3,500 crore, with 37 per cent growth in H1 2024, said the report.
“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,” said Sudershan Sharma, Executive Director, India Sotheby’s International Realty.
The latest ‘Hurun Global Rich List’ highlights a 51 per cent 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. We believe the country’s expanding wealth and aspirations for luxurious living will keep this segment buoyant,” Sharma added.
A total of 1,040 luxury units were sold in Mumbai over the past 12 months, the highest number ever recorded in any 12 month period.
The top 10 localities in the city contributed 80 per cent of the total luxury housing sales value, with Worli leading the charge, accounting for 37 per cent of the overall luxury sales value.
The 2,000 to 4,000 square feet size segment has emerged as the largest contributor.
“Mumbai has been witnessing around Rs 7,100 crore of luxury housing sales every half year since 2019,” said Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix.(Agency)
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