Over Rs 12,000 crore worth of luxury houses sold in Mumbai in six months: Report

The sales of secondary houses have also increased in the past year. This year, the total sales value of secondary homes rose to Rs 3,533 crore, which was Rs 2,583 in the same period last year. Earlier, 145 units of secondary houses were sold in the first half of 2023, which has increased to 200 this year.

“Buyers are looking for instantaneous satisfaction with their investment and residential upgrade needs, and they are buying ready-to-move-in properties. Mumbai's luxury landscape is expanding. Goregaon East, which I don't think anybody would have thought would become a luxury area two or three years back, has emerged as a top luxury area,” says Ashwin Chadha, CEO of India Sotheby’s International Realty

About 80 percent of the luxury homes sold are located in the top 10 localities, with Worli and Goregaon East registering the highest sales. Goregaon is emerging as the new luxury hotspot as its total sales value has increased from Rs 57 crore to Rs 881 crore, a growth of 1,446 percent. The average unit price in Goregaon has increased from Rs 11 crore to Rs 12 crore. Further, Prabhadevi and Mahalaxmi localities have registered sales of Rs 854 crore and Rs 707 crore, respectively.

Also read: 71% of India's ultra-rich want to buy luxury property in 2024

Further, the larger size apartment sales have witnessed an increase. A total of 422 luxury apartments were sold this year, of which 304 apartments have an area between 2,000 to 4,000 square feet. Only 44 luxury apartments were sold with an area below 2,000 square feet. Sixty-three apartments have an area size between 4,000 to 8,000 square feet, while 11 apartments have an area above 8,000 square feet.

High-net-worth individuals between the ages of 25 and 35 purchased nine percent of luxury houses, while those between the ages of 35 and 45 account for 22 percent of purchases. Furthermore, around 31 percent of the most luxurious houses were purchased by those who are primarily between the ages of 45 and 55.

The noteworthy luxury houses purchased in the year include the purchase of Rs 270 crore and Rs 156 crore worth of houses by businessman Anil Gupta and investor Rekha Jhunjhunwala respectively in Malabar Hills.