Luxury Real Estate Market in Mumbai is Thriving Due to The Burgeoning Mumbai Real Estate Sector

As a result of the rapidly developing real estate industry in Mumbai, the city's luxury real estate market is doing very well.

According to a study that was carried out in collaboration by India Sotheby's International Realty (SIR) and CRE Matrix, the luxury real estate market in Mumbai reached Rs 20,255 crore in 2021, which was the highest level in the past four years. Furthermore, the market may be on the verge of setting a new record in 2022.

The sale of 598 units in 2018 for a total of Rs 9,872 crore was much lower than the sale of 1,214 luxury houses in 2021, which each had a price tag of more than Rs 10 crore.

According to the results of the survey, the increase in sales in the luxury sector can be attributed to a number of factors, including low mortgage rates, discounts offered by builders and developers, the elimination of stamp duty by state governments, and an increase in demand for larger houses with luxury amenities. According to the findings of the survey, the remaining one-third of business dealings were classified as secondary.

The most prominent residential micromarkets in Mumbai include Worli, Lower Parel, Bandra, Tardeo, Prabhadevi, and Andheri, with Worli accounting for 20% of the city's luxury housing market. Other notable residential micromarkets include Prabhadevi and Andheri.

The market for luxury residences in Mumbai saw explosive growth throughout the years 2021 and 2022.

This is in line with the rate at which luxury residences have been selling in major cities all over the world, such as New York City, London, and Dubai, amongst others. The vast majority of luxury real estate professionals believe that we are now at the beginning of a fantastic cycle for the residential real estate market.

In addition, the results of the survey showed that affluent people utilised the lockout to their advantage in order to make successful residential real estate purchases.

"Around five to six years ago, housing prices were quite stable across the board, regardless of market sector or price range. Wealthy individuals who are well informed have taken advantage of this trend by making beneficial purchases of assets. Already, prices are getting more consistent and stringent, and they are expanding."

This discovery was made by Abhishek Kiran Gupta, who is also the co-founder and CEO of CRE Matrix.

The conditions that led to the pandemic have subsided to a large extent, but it is projected that the bullish upswing will continue to be vigorous until at least 2022. In the first three months of the year 2022, a total of 306 luxury apartments in Mumbai were sold for a combined amount of Rs 4,877 crore.