Mumbai's luxury real estate market hits Rs 14,750 crore sales
Sudershan Sharma, executive director at India Sotheby's International Realty, said the market was entering a pivotal moment. 'Record sales in H1 2025 signal sustained appetite for ultra-premium homes, especially in established areas like Worli, Prabhadevi, Tardeo, Malabar Hill, and Bandra West. This surge is being supported by better infrastructure and a fresh wave of high-quality new launches,' he said.Sharma added that India's expanding wealth base was also a factor. 'The UBS Billionaire Ambitions Report 2024 revealed that India now has 185 billionaires, more than twice the number from a decade ago. Their combined wealth has grown 263%, reaching 905.6 billion US dollars.'BIGGEST GAINS The report also found that the primary market accounted for nearly 75% of all luxury home sales, while the secondary (resale) market contributed Rs 3,750 crore, both figures being the highest seen in five years. Among the city's micro-markets, Worli retained its top spot, contributing 22% of the total primary sales value. Bandra West and Tardeo also showed strong growth, with sales rising by 192% and 254% respectively.Apartments between 2,000 and 4,000 square feet were the most popular, making up 70% of primary sales. Homes priced between Rs 10 crore and Rs 20 crore continued to be the most active segment, contributing between 60 and 75% of total sales.Abhishek Kiran Gupta, co-founder and chief executive officer of CRE Matrix, noted, 'The Rs 20 to 40 crore segment grew by 138 percent compared to 2022, showing that luxury buyers are not just spending, they are upgrading. The 12-month sales figure of Rs 28,750 crore is an all-time high and reflects confidence, even if buyers are becoming more selective.'Interestingly, the report pointed out that 24% of buyers came from areas outside South Mumbai, indicating a trend of people upgrading their lifestyle and shifting into more prestigious locations. Goregaon East was the top contributor among these, accounting for 7% of such purchases.advertisementThe highest-value transactions over the period included a Rs 639 crore purchase by Leena Gandhi Tiwari at Naman Xana, Worli, and a Rs 225.8 crore deal by Shaula Real Estate at the same project. Other notable deals included Rs 201.6 crore at Oberoi 360 West and Rs 185 crore at Lodha Sea Face, both in Worli, and a Rs 155 crore transaction in Bandra West.Looking ahead, new luxury projects are set to launch in key locations, including The West Park by DLF in Andheri West, Sunteck Nepean Sea on Nepean Sea Road, Prestige Nautilus in Worli, and Rustomjee Crescent in Bandra West.While the outlook for the rest of 2025 remains positive, both firms cautioned that ongoing global uncertainties may lead to a more careful buying environment in the coming months. Nonetheless, Mumbai's luxury housing market continues to thrive, reflecting the city's role as a magnet for wealth, ambition and aspirational living.- Ends
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