Luxury Housing Boom: Mumbai's High-End Realty Sector Breaks Records in H1 2024
Mumbai's luxury housing market sees unprecedented growth, with sales crossing ₹12,300 crore in H1 2024, driven by demand from elite buyers aged 35-55.
Real EstateLuxury HousingMumbaiIndiaKnight FrankIndia Sothebys International RealtyReal Estate MumbaiJul 11, 2024
Mumbai's luxury realty sector saw a cumulative half-yearly sales record of ₹12,300 crore, a 7.69 per cent rise from the previous year. The sale of 1,040 luxury units, priced above ₹10 crore, was the highest in any 12-month period. The primary market recorded sales of ₹8,752 crore, while the secondary market saw a significant 38 per cent increase in sales to ₹3,500 crore.
Areas like Worli and Goregaon East were among the top localities in Mumbai, contributing to 80 per cent of this growth. The report also highlighted that the majority of buyers fell in the 35-55 age bracket.
Sudershan Sharma, Executive Director at India Sotheby's International Realty, attributed the surge in Mumbai's luxury housing market to India's economic resilience and increasing affluence among the elite.
Some notable transactions of the year included Anil Gupta and Well-known Polyester Ltd buying a ₹270 crore property in Malabar Hills, and Rekha Jhunjhunwala and Family buying a ₹156.5 crore property in Malabar Hills.
The real estate market in Bangalore also saw a rise in sales, with residential property sales increasing 4 per cent year-on-year. South Bengaluru contributed 35 per cent to the city's residential unit sales growth.
Other cities like Kolkata, Pune, Hyderabad, Ahmedabad, and Chennai also reported growth in overall sales of real estate in H1 2024, with Kolkata leading the growth rate at 25 per cent.
Information
Knight Frank is a global real estate consultancy firm that provides market research and analysis.
India Sotheby's International Realty is a luxury real estate brokerage firm that offers bespoke services to clients.
India Sotheby's International Realty is a luxury real estate brokerage firm that offers bespoke services to clients, with a strong presence in Mumbai and other major Indian cities.
Frequently Asked Questions
What was the total sales value of Mumbai's luxury housing sector in H1 2024?
₹12,300 crore
What was the age bracket of the majority of buyers in Mumbai's luxury housing market?
35-55 years old
Which city saw the highest growth rate in real estate sales in H1 2024?
Kolkata, with a growth rate of 25 per cent
What was the increase in sales of luxury units in Mumbai's primary market in H1 2024?
38 per cent
What was the average price increase in residential estates in Bengaluru in a year?
9 per cent
Related News Articles
Sunny Leone Invests Rs 8 Crore in Office Space in Mumbai's Oshiwara
Sunny Leone, the popular Bollywood actress and entrepreneur, has reportedly purchased an office space in the Oshiwara area of Mumbai for Rs 8 crore. This strategic investment underscores her growing business acumen and expanding presence in the real estat
Foreign Investors Invited to Saudi Arabia's Real Estate Market in Makkah and Madinah
The Saudi Arabian government has made a significant move by opening up the real estate market in the holy cities of Makkah and Madinah to foreign investors. This decision aims to boost the economy and attract international capital to these sacred regions.
Maharashtra to Boost Transparency: White Paper on MoUs and Investments to be Published
Maharashtra Government to release a white paper on Memorandums of Understanding (MoUs) and investments, promoting transparency and accountability.
Akshay Kumar Sells Mumbai Office Space for ₹8 Crore, Boosting His ₹2500 Crore Empire
Bollywood superstar Akshay Kumar has added another milestone to his already impressive financial portfolio by selling his office space in Lower Parel, Mumbai. The deal, worth a whopping ₹8 crore, highlights the actor's strategic business acumen and further cements his status as one of the richest personalities in the Indian film industry.
1:1 Bonus Shares by Real Estate Stock: Is Shraddha Prime Projects a Hidden Gem?
Shraddha Prime Projects, a prominent real estate company, has announced a 1:1 bonus share issuance with a record date set for January 24th. Investors are excited about this opportunity. Follow us on Instagram for insightful financial news and market trend
Mumbai Police Catch Thieves in Rs 1.85 Crore Heist, Recover Rs 1.55 Crore
VP Road police have apprehended two individuals involved in a significant theft of Rs 1.85 crore from a real estate broker and courier office in Bhoiwada, Girgaon. A substantial amount of Rs 1.55 crore has been recovered.