Mumbai Luxury Home Sales Have More Than Doubled in Two years

Luxury residential property sales in Mumbai increased more than twofold year on year to Rs 20,255 crore in 2021, owing to growing customer demand for larger residences with more facilities and cheap mortgage rates.

In the preceding fiscal year, Mumbai saw sales of luxury home units worth Rs 9,492 crore. Luxury property sales in Mumbai totaled 1,214 units in 2021, up from 548 units the previous year.

Worli alone accounts for around 20 per cent of the whole Mumbai luxury market.

In Mumbai, the main market accounts for around two-thirds of sales, while the secondary market accounts for approximately one-third of sales.

According to the statistics, 848 units worth Rs 13,549 crore were sold in Mumbai's main market in 2021, up from 349 units worth Rs 6,275 crore the previous year.

366 apartments were sold for Rs 6,706 crore in Mumbai's secondary market (resale) last year, compared to 199 units valued at Rs 3,217 crore in the 2020 calendar year.

The luxury home market in Mumbai has done very well over the previous year. This is broadly consistent with the sales velocity of luxury residences seen elsewhere, especially in global gateway cities such as London, New York, and Dubai.

In Mumbai, various factors contributed to robust luxury home sales, most notably discounts offered by luxury real estate developers  and incentives provided by the Maharashtra government in the form of stamp duty waivers.

Housing prices have been relatively stable across all sectors and price ranges over the previous 5-6 years. Well-informed HNI purchasers have taken advantage of this chance to acquire appropriately priced assets for wealth growth.

HNIs and ultra-HNIs took advantage of the lockdowns to review and enhance their real estate portfolios. Throughout this epidemic, the notion of house ownership has acquired significant significance. Consumers who have wanted to purchase larger, nicer houses from reputable developers that have a track record of completing projects on schedule, have done so.

The Mumbai luxury house sales trend is expected to continue in 2022, as 306 luxury housing units valued at Rs 4,877 crore have already been sold in Mumbai during the January-March quarter of the 2022 year.

The combination of all the above factors and of course the perennial demand for real estate and luxury real estate in Mumbai, is definitely leading to a resurgence of luxury property sales in Mumbai in a big way indeed.

The prime locations of Worli, Lower Parel, Bandra, Tardeo, Prabhadevi, and Andheri are the top luxury real estate markets in Mumbai.