Luxury Homes in Mumbai Witness 8% Surge in Sales, Reaching Rs 12,300 Crore
Luxury home sales in Mumbai have recorded a significant 8% rise in the first half of 2023, driven by strong demand and a bullish trend in the residential market.
Mumbai Real EstateLuxury HomesIndia Sothebys International RealtyCre MatrixLuxury Housing MarketReal Estate MumbaiJul 11, 2024
The report highlights that the surge in luxury home sales aligns with an ongoing bullish trend in residential property sales overall, reflecting the exuberance and confidence in the Indian economy. India Sotheby's International Realty, a leading transaction and advisory firm for luxury homes, and data analytics firm CRE Matrix released the report on Mumbai's luxury housing market, which includes both primary and secondary market sales, for the first half of this year.
Out of the total sales, the primary luxury segment saw sales worth Rs 8,752 crore, while the secondary (resale) market witnessed record sales of over Rs 3,500 crore, up 38% compared to the first half of the 2023 calendar year. Some of the big-ticket transactions included a Rs 270 crore deal by Anil Gupta & well-known Polyester Ltd at Lodha Malabar, Malabar Hill; a Rs 156.5 crore deal by Rekha Jhunjhunwala & Family at Rockside Apartment, Malabar Hill; and a Rs 116.4 crore deal by Vratika Gupta at Oberoi 360 West, Worli, among others.
The report suggests that the growth in luxury home sales is driven by strong demand and a bullish trend in the overall residential market. With the Indian economy showing signs of exuberance and confidence, the luxury housing market in Mumbai is expected to continue its upward trend in the coming months.
Frequently Asked Questions
What was the total sales value of luxury homes in Mumbai in the first half of 2023?
Rs 12,300 crore
What was the growth rate of luxury home sales in Mumbai in the first half of 2023?
8%
What was the value of primary luxury segment sales in Mumbai in the first half of 2023?
Rs 8,752 crore
What was the value of secondary (resale) market sales in Mumbai in the first half of 2023?
Rs 3,500 crore
Who released the report on Mumbai's luxury housing market?
India Sotheby's International Realty and CRE Matrix
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