Mumbai's Luxury Housing Market Booms: Sales of ₹10cr+ Homes Up 8% in H1 2024
Discover the latest trend in Mumbai's luxury housing market, with sales of ₹10cr+ homes surging 8% in the first half of 2024.
Luxury HousingMumbai Real EstateIndia Sothebys International RealtyCre MatrixHigh Net Worth IndividualsReal Estate MumbaiJul 11, 2024
The top luxury micro-markets in Mumbai, including Worli, Goregaon (E), Mahalaxmi, Prabhadevi, Mumbai Central, Malabar Hill, Bandra (W), Lower Parel, Tardeo, and Byculla, accounted for 80% of primary luxury sales by value. The report also found that more than half of the homebuyers in this segment belonged to the 35-55 age category.
In the past 12 months, a record 1,040 luxury units were sold in Mumbai, with the secondary and resale market also recording its highest-ever sales of ₹3,500 crore between January and June 2024.
This surge in demand for luxury housing in Mumbai is being driven by high-net-worth individuals and investors, who are attracted to the city's prime properties. The city's real estate prices have surged by 11.5% over the past year, ranking third globally.
In recent times, there has been a growing trend of high-earning corporate executives and startup founders seeking luxury apartments with larger spaces. Projects like Privana West and Ocean Towers are selling out fast, reflecting the increasing demand for luxury residences fueled by wealth creation in the startup space.
Information
India Sotheby's International Realty is a leading real estate consultancy firm that provides expert guidance and advice to buyers and sellers of luxury properties. CRE Matrix is a real estate data analytics firm that provides comprehensive and accurate data on the Indian real estate market.
India Sotheby's International Realty is a leading real estate consultancy firm with a strong presence in India. CRE Matrix is a real estate data analytics firm that provides comprehensive and accurate data on the Indian real estate market.
Frequently Asked Questions
What is the growth rate of luxury housing sales in Mumbai in H1 2024?
The sales of luxury homes priced at ₹10 crore and above in Mumbai have gone up by 8% in the first half of 2024.
Which are the top luxury micro-markets in Mumbai?
The top luxury micro-markets in Mumbai include Worli, Goregaon (E), Mahalaxmi, Prabhadevi, Mumbai Central, Malabar Hill, Bandra (W), Lower Parel, Tardeo, and Byculla.
What is the total value of luxury housing sales in Mumbai in H1 2024?
The total value of luxury housing sales in Mumbai in H1 2024 is ₹12,300 crore.
Who are driving the demand for luxury housing in Mumbai?
High-net-worth individuals and investors are driving the demand for luxury housing in Mumbai.
What is the growth rate of real estate prices in Mumbai over the past year?
The real estate prices in Mumbai have surged by 11.5% over the past year, ranking third globally.
Tags:
Related News Articles
Mindspace REIT Acquires Sustain Properties for Rs 2,038 Crore: A Strategic Move in Real Estate
Mindspace Business Parks REIT has strategically acquired Sustain Properties, adding 18.2 lakh square feet of office space in Hyderabad, for an enterprise value of Rs 2,038 crore. This acquisition aligns with Mindspace's goal to expand its rent-generating
Budget 2024: Navigating India's Economic Future with Key Expectations
Get ready for the Union Budget 2024, which promises to bring significant changes to India's economic landscape, including reforms in the real estate sector.
Birla Estates LaunchesLuxury Residential Project in Pune, Eyes ₹2700 Crore Revenue
Birla Estates, a leading real estate developer, has entered the Pune residential market with a new luxury project expected to generate ₹2700 crore in revenue. The project aims to cater to the growing demand for premium housing in the city.
Mumbai's Real Estate Market: A Booming Sector with Upscale Properties in Demand
Romell, the President of CREDAI-MHAI, discusses the rising demand for upscale properties in Mumbai, highlighting key areas experiencing a significant boom.
Office Space Leasing Surges to a Record High in 2024: Bengaluru, Hyderabad, Mumbai Lead the Way
Data from real estate advisory firm Savills India shows that in 2024, about 75.2 million square feet (msf) of office space was leased in India’s top markets, marking a 21% increase over the previous year.
Summer Trade Fair 2025 Kicks Off at Gopal Maidan in Jamshedpur
The highly anticipated Summer Trade Fair 2025 has officially commenced at Gopal Maidan in Jamshedpur. Featuring a wide range of exhibitors, the event promises an exciting array of products and services, including real estate, electronics, fashion, and more. Organized by Santosh Gupta, Pramod Bhai, and Manoj, the fair aims to boost local commerce and provide an enriching experience for visitors.