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
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