Mumbai’s luxury housing market has achieved a new milestone in H1 CY’24, with total sales reaching ₹12,300 crore in the ₹10 crore and above segment. This marks the highest-ever recorded half-yearly sales in the city’s history. The strong performance reflects rising confidence among high-net-worth individuals and aligns with the overall bullish trend in India’s residential real estate market.
At the same time, industry experts highlight that Mumbai has been witnessing around ₹7,100 crore in luxury housing sales every half year since 2019, according to the Luxury Housing Report H1 CY’24 by India Sotheby’s International Realty and CRE Matrix. However, the sharp jump in H1 CY’24 indicates a clear rise in demand, driven by HNIs and startup founders. Additionally, the increasing number of billionaires and infrastructure development across the city are further supporting the growth of the luxury housing segment.
Key Findings
In H1 CY’24, Mumbai recorded total luxury housing sales of ₹12,300 crore across both primary and secondary segments, making it the highest-ever for the city. Furthermore, the secondary segment alone contributed over ₹3,500 crore, registering a growth of around 37% compared to H1 CY’23.
The top 10 localities contributed nearly 80% of the overall luxury sales value, with Worli leading the market and accounting for 31% of total sales. In addition, a total of 1,040 luxury units were sold over the last 12 months, marking the highest-ever sales volume for any such period. Notably, 53% of buyers in the ₹10 crore and above category fall within the 35–55 age group.
Surge in Demand
The luxury housing segment in Mumbai has witnessed a strong surge in demand in H1 CY’24. Total unit sales increased by 17% compared to the same period last year, reflecting steady growth in buyer interest.
At the same time, the secondary market recorded a 38% increase in unit sales, with its share in the overall market rising from 27% to 32%. This indicates a maturing market where investors are actively diversifying their portfolios.
Overall, the demand for luxury housing continues to grow. It is supported by rising wealth, strong economic conditions, and increasing aspirations for premium living spaces in Mumbai.
Sales & Pricing, Top Localities and Apartment Trends
Luxury housing sales in Mumbai are largely driven by a few key locations. The top 10 localities contributed around 80% of the total value sold in H1 CY’24. Among these, Worli remained the most preferred destination for HNI and UHNI buyers.
In addition, areas such as Goregaon East, Prabhadevi, and Lower Parel witnessed significant demand. Notably, Goregaon East recorded the highest growth in sales value, while other prime locations continued to attract consistent interest from buyers.
Another important trend is the shift toward larger apartments. Post-COVID, buyers are increasingly opting for bigger homes, with the 2,000 to 4,000 sq. ft. category emerging as the most preferred segment. Demand across 1,000 to 8,000 sq. ft. homes has also increased, highlighting the growing preference for spacious living.
Buyer Profile and Noteworthy Transactions
Mumbai’s luxury housing market shows that a significant portion of luxury homebuyers comes from locations beyond South Mumbai. This indicates a strong aspiration to upgrade to premium addresses. Approximately 24% of buyers in top luxury localities are from such areas.
From a demographic perspective, more than half of the buyers (53%) fall within the 35–55 age group. This makes it the dominant segment in the luxury housing market.. Additionally, the 55–65 age group accounts for around 25%, making it the second-largest contributor.
The report also highlights several high-value transactions across prime locations. Noteworthy deals include luxury residences in Malabar Hill, Juhu, and Worli. Transaction values range from ₹97 crore to ₹270 crore. This reflects strong demand for ultra-premium properties
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