Mumbai's Luxury Apartment Market Sees Softening in High-End Sales
While Mumbai's real estate market has seen a surge in luxury apartment sales post-pandemic, the segment priced above ₹40 crore has experienced a slight dip in the first half of 2025.
Mumbai Real EstateLuxury ApartmentsHighend SalesReal Estate MarketProperty DealsReal Estate MumbaiJul 24, 2025
According to data, nearly 35 units priced above ₹40 crore were sold in the first half of 2025, a slight dip from 38 units sold during the same period in 2024, and 50 units in H1 2023. In contrast, the second half of 2024 saw a surge, with 53 units sold in this segment, compared to just 16 in H2 2023.
In calendar year 2022, 17 units were sold in the first half and 19 in the second half, indicating a steady rise in ultra-luxury home transactions over the years until the recent moderation. While sales in the above ₹40 crore units have softened a bit in the last year, the data indicates that sales for units in the price range of ₹10 crore to ₹20 crore and ₹20 crore to ₹40 crore have grown constantly.
In the calendar year of 2022, 465 units were sold in the ₹10 crore to ₹40 crore range, which went up to 591 units in 2023 and 788 units in 2024. According to the data, 466 units were sold in the ₹10 crore to ₹40 crore price range in the first half of 2025.
The data shows that several areas, such as Prabhadevi, Worli, Byculla, Tardeo, Bandra West, and Lower Parel, contribute to sales of luxury apartments above ₹10 crore in the Mumbai real estate market.
According to experts, there are signs of a slowdown in the ₹40 crore and above luxury housing segment. However, they expect sales to remain stable or only slightly dip over the next two years. Sales in this segment surged significantly post-COVID-19, but the market now appears to be stabilising as demand levels off following years of activity.
“In the ₹40 crore-plus luxury housing segment, Mumbai’s High Net Worth Individuals (HNIs), many of whom have built fortunes in stocks, startup sale, gold, silver, cryptocurrency, etc, have already made their move over the last five years, settling into high-end residences. Around five or ten years ago, the supply of ₹40 crore-plus luxury homes was much less than what it is today,” said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.
“We have seen a bullish run in ultra-luxury homes, but considering the upcoming supply in the above ₹40 crore-plus luxury housing segment, I anticipate that demand will either flatten or dip slightly in this segment over the next two years, but a major decline or spike seems unlikely,” Gupta said.
“Across Mumbai, we might witness a natural correction, perhaps a 10% softening at a project level, not a location level. One should not expect any drastic collapse in prices. Homebuyers will be spoilt for choice if they are flexible in their expectations. After all, real estate, like every other sector, is cyclical and moves in cycles,” Gupta said.
In the last three years, several corporate honchos bought properties in the Mumbai real estate market. These included Nadir Godrej of Godrej Industries, the promoter of the wires and cables manufacturer RR Kabel Ltd, and Shreegopal Kabra, among others. This includes well-known Polyester's CMD buying two luxury apartments in Mumbai's Worli for ₹270 crore, RR Kabel's Shreegopal Kabra and family purchasing two apartments for ₹198 crore in Mumbai's Worli and Nadir Godrej purchasing three apartments for ₹180 crore in South Mumbai.
Two months ago, Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, bought two ultra-luxury, sea-facing duplex apartments in the Worli area for over ₹700 crore at close to ₹3 lakh per sq ft, setting a national record. Seema Singh, wife of Alkem Laboratories promoter Mritunjay Kumar Singh, purchased a premium residence for ₹185 crore around three months ago in Worli, Mumbai, among others.
Frequently Asked Questions
What is the current trend in Mumbai's luxury real estate market?
While sales of luxury apartments priced above ₹40 crore have softened slightly in the first half of 2025, there is a steady growth in sales for units priced between ₹10 crore and ₹40 crore.
Why are sales of ₹40 crore+ luxury apartments softening?
Experts attribute the softening to a natural market cycle and the fact that many high-net-worth individuals have already made their purchases in the past few years.
Which areas in Mumbai are popular for luxury apartment sales?
Popular areas for luxury apartment sales in Mumbai include Prabhadevi, Worli, Byculla, Tardeo, Bandra West, and Lower Parel.
What is the expected trend for luxury apartment sales in the next two years?
Experts predict that sales in the ₹40 crore+ segment will remain stable or slightly dip, with no major decline or spike expected.
Who are some notable corporate leaders who have invested in Mumbai's luxury real estate?
Notable corporate leaders who have invested in Mumbai's luxury real estate include Nadir Godrej, Shreegopal Kabra, Leena Gandhi Tewari, and Seema Singh.
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