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Hindustan Times
4 days ago
- Business
- Hindustan Times
Here's why sales of Mumbai's luxury apartments priced above ₹40 crore have softened in H1 2025
While the Mumbai real estate market has reported several blockbuster deals in the luxury apartments segment post-COVID-19 pandemic, sales of apartments priced above ₹40 crore have softened in the first half of 2025 compared to the last two years, according to data from India Sotheby's International Realty and CRE Matrix. Mumbai real estate update: While the city has reported several blockbuster deals in the luxury apartments segment post-COVID-19 pandemic, sales of apartments priced above ₹ 40 crore have softened in H1 2025. (Picture for representational purposes only)(Pexels) According to data, nearly 35 units priced above ₹40 crore were sold in the first half of 2025, a slight dip from 38 units sold during the same period in 2024, and 50 units in H1 2023. In contrast, the second half of 2024 saw a surge, with 53 units sold in this segment, compared to just 16 in H2 2023. In calendar year 2022, 17 units were sold in the first half and 19 in the second half, indicating a steady rise in ultra-luxury home transactions over the years until the recent moderation. Sales of homes priced between ₹ 10 crore and ₹ 40 crore increase While sales in the above ₹40 crore units have softened a bit in the last year, the data indicates that sales for units in the price range of ₹10 crore to ₹20 crore and ₹20 crore to ₹40 crore have grown constantly. In the calendar year of 2022, 465 units were sold in the ₹10 crore to ₹40 crore range, which went up to 591 units in 2023 and 788 units in 2024. According to the data, 466 units were sold in the ₹10 crore to ₹40 crore price range in the first half of 2025. The data shows that several areas, such as Prabhadevi, Worli, Byculla, Tardeo, Bandra West, and Lower Parel, contribute to sales of luxury apartments above ₹10 crore in the Mumbai real estate market. Also Read: Mumbai luxury housing sales up 11% in H1 2025, driven by HNIs and lifestyle upgraders Is there a slowdown in the ₹ 40 crore+ luxury apartment segment? According to experts, there are signs of a slowdown in the ₹40 crore and above luxury housing segment. However, they expect sales to remain stable or only slightly dip over the next two years. Sales in this segment surged significantly post-COVID-19, but the market now appears to be stabilising as demand levels off following years of activity. "In the ₹40 crore-plus luxury housing segment, Mumbai's High Net Worth Individuals (HNIs), many of whom have built fortunes in stocks, startup sale, gold, silver, cryptocurrency, etc, have already made their move over the last five years, settling into high-end residences. Around five or ten years ago, the supply of ₹40 crore-plus luxury homes was much less than what it is today," said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix. Also Read: Housing sales drop by 19% across nine cities, and supply dips by 30%.; Mumbai sees steepest decline: Report 'We have seen a bullish run in ultra-luxury homes, but considering the upcoming supply in the above ₹40 crore-plus luxury housing segment, I anticipate that demand will either flatten or dip slightly in this segment over the next two years, but a major decline or spike seems unlikely,' Gupta said. "Across Mumbai, we might witness a natural correction, perhaps a 10% softening at a project level, not a location level. One should not expect any drastic collapse in prices. Homebuyers will be spoilt for choice if they are flexible in their expectations. After all, real estate, like every other sector, is cyclical and moves in cycles," Gupta said. Also Read: Lloyds Group's promoter family buys six ultra-luxury apartments in Mumbai's Altamount Road for ₹227 crore Property deals in the above ₹ 40 crore segment in Mumbai In the last three years, several corporate honchos bought properties in the Mumbai real estate market. These included Nadir Godrej of Godrej Industries, the promoter of the wires and cables manufacturer RR Kabel Ltd, and Shreegopal Kabra, among others. Also Read: Year Ender 2024: 5 corporate leaders who invested in the Mumbai real estate market This includes well-known Polyester's CMD buying two luxury apartments in Mumbai's Worli for ₹270 crore, RR Kabel's Shreegopal Kabra and family purchasing two apartments for ₹198 crore in Mumbai's Worli and Nadir Godrej purchasing three apartments for ₹180 crore in South Mumbai. Two months ago, Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, bought two ultra-luxury, sea-facing duplex apartments in the Worli area for over ₹700 crore at close to ₹3 lakh per sq ft, setting a national record. Seema Singh, wife of Alkem Laboratories promoter Mritunjay Kumar Singh, purchased a premium residence for ₹185 crore around three months ago in Worli, Mumbai, among others.
Hans India
5 days ago
- Business
- Hans India
Record Rs 14,750 crore worth luxury homes sold in Mumbai in 2025 first half
Mumbai: Mumbai's luxury real estate market (Rs 10 crore and above) has set a new benchmark in the first half of 2025, recording the highest-ever half-yearly sales of Rs 14,750 crore across primary and secondary transactions, a report showed on Tuesday. This is an 11 per cent increase in luxury housing sales during H1 2025 compared to Rs 12,300 crore in H1 2024. The overall luxury real estate market hit an all-time high, with a record Rs 28,750 crore in sales value recorded between H2 2024 and H1 2025, according to the report by India Sotheby's International Realty and CRE Matrix. The surge in luxury sales reflects strong momentum in residential demand, driven by rising wealth, investor confidence, and the growing purchasing power of high-net-worth individuals. 'Mumbai's luxury real estate market is at a pivotal moment. Record sales in H1 2025 signal sustained appetite for ultra-premium homes, especially in established micro-markets like Worli, Prabhadevi, Tardeo, Malabar Hill, and Bandra West — driven by better infrastructure and a spate of high-quality new launches,' said Sudershan Sharma, Executive Director, India Sotheby's International Realty. The primary market accounted for nearly three-quarters of sales volume, while the secondary market contributed Rs 3,750 crore, both at their highest in five years. Worli retained its lead as the most preferred luxury destination, contributing 22 per cent of primary sales value. Other thriving micro-markets included Bandra West (192 per cent growth), Tardeo (254 per cent growth), Prabhadevi, and Malabar Hill. 'The 45–65-year age group remained the largest segment of buyers, while those above 65 years grew to 15 per cent of sales. Apartments between 2,000–4,000 square feet dominated, representing 70 per cent of primary sales, the report mentioned. 'During this period, 1,335 luxury units were sold, the highest for any 12-month stretch. The steady rise, particularly in the Rs 20-Rs 40 crore segment, points to sustained buyer interest and a confident, though increasingly selective, high-end luxury buyer,' said Abhishek Kiran Gupta, Co-founder and CEO, CRE Matrix.
India Today
5 days ago
- Business
- India Today
Mumbai's luxury real estate market hits Rs 14,750 crore sales
Mumbai's luxury residential market has reached a new peak. Homes priced above Rs 10 crore recorded sales worth Rs 14,750 crore in the first half of 2025, marking the highest-ever half-yearly sales figure for this to a report jointly released by India Sotheby's International Realty and data analytics firm CRE Matrix, total sales for luxury homes in the past 12 months from July 2024 to June 2025 stood at an unprecedented Rs 28,750 crore. A record 1,335 luxury units were sold across primary and secondary markets during this period, making it the strongest 12-month stretch ever recorded in Mumbai's high-end property FUELLED BY WEALTH AND QUALITY SUPPLYThe report highlights an 11% growth in sales compared to the same period last year, when figures touched Rs 12,300 crore. Much of this growth has been driven by increasing wealth, a confident investment climate, and rising demand from high-net-worth individuals. 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 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% 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 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 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 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 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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Business Standard
6 days ago
- Business
- Business Standard
Mumbai ultra-luxury home sales jumps 20% in H1 to record ₹14,751 cr: Report
Sales of ultra-luxury homes, each costing Rs 10 crore and above, in Mumbai rose 20 per cent in January-June this year to a record Rs 14,751 crore on strong demand, according to a report. Property consultant India Sotheby's International Realty (ISIR) and data analytics firm CRE Matrix on Tuesday released a report on Mumbai luxury housing market (both primary and secondary). As per the data, the sales of luxury homes (Rs 10 crore and above) in Mumbai in value terms, increased 20 per cent to Rs 14,751 crore in the first six months of this year, from Rs 12,285 crore in the corresponding period of the preceding year. In terms of volume, sales of ultra-luxury homes rose 11 per cent to 692 units in January-June period this year, from 622 units in the year-ago period. "Mumbai's luxury real estate market is at a pivotal moment. Record sales in H1 2025 signal sustained appetite for ultra-premium homes, especially in established micro-markets like Worli, Prabhadevi, Tardeo, Malabar Hill, and Bandra West," ISIR Executive Director Sudershan Sharma said. The high demand is driven by better infrastructure and fresh supply of luxury homes, he added. CRE Matrix founder & CEO Abhishek Kiran Gupta noted that there is a sustained buyer interest in the Mumbai luxury housing market. In terms of volumes, the primary market performed better indicating that buyers are preferring newly built luxury homes, with better specs and amenities. As per the data, the sales of luxury homes in primary market rose to 501 units during January-June this year, from 422 units in the year-ago period. But, the deals in the secondary (re-sale) market fell to 191 units from 200 units. In value terms, the sales of luxury homes in the primary market surged to Rs 11,008 crore from Rs 8,752 crore. The secondary market also saw slight increase in sales to Rs 3,743 crore, from Rs 3,533 crore, despite fall in volumes. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hindustan Times
12-07-2025
- Automotive
- Hindustan Times
Tesla plans to open Mumbai showroom on July 15: Key facts on India's costliest lease deal and its real estate portfolio
Elon Musk's Tesla Inc. is reportedly expected to launch its first showroom in Mumbai on July 15. This will mark the electric vehicle (EV) giant's formal entry into the world's third-largest automobile market. Elon Musk's Tesla Inc. is reportedly expected to launch its first showroom in Mumbai on July 15. This will mark the electric vehicle (EV) giant's formal entry into the world's third-largest automobile market. (Picture for representational purposes only)(Unsplash ) According to an report citing Bloomberg, Tesla has already shipped five Model Y units from its Shanghai plant to Mumbai. Each vehicle was declared at ₹27.7 lakh (approximately $31,988), but steep import duties of over ₹21 lakh per unit, due to India's 70% tariff on fully built imported cars. 1) Tesla's Mumbai showroom in Bandra Kurla Complex According to property registration documents accessed by CRE Matrix, Tesla took 4,000 sq ft of showroom space in India's costliest commercial district, BKC, in Mumbai, for ₹23.38 crore for five years in February 2025. The space has been taken on rent by Tesla along with two car parking spaces, and the per sq ft rent works out to be ₹881, the documents showed. The amount sets a national record in terms of lease rentals and makes it the most expensive auto showroom lease deal in the country by far, experts have said. The showroom space has been rented out in a commercial building named Maker Maxity on North Avenue. Also Read: Tesla leases 24,565 sq ft warehouse space in Mumbai's Kurla for over ₹24 crore for five years 2) Flexi office space in BKC Tesla has also secured 30 seats in a managed office space near Mumbai's Bandra Kurla Complex, the most expensive business district in India. According to sources, the space has a monthly rent of ₹3 lakh. The 30 seats are leased in a co-working office located in Phoenix Market City with a rent of ₹3 lakh per month. They said the lease agreement is for one year and comes with a three-month lock-in period. 3) Tesla has taken up a dedicated vehicle service centre facility in Mumbai According to property registration documents accessed by CRE Matrix, Tesla India Motor and Energy Pvt Ltd leased 24,565 sq ft of warehouse space for use as a service centre at Lodha Logistics Park in Mumbai's Kurla area in May 2025 for a five-year total rent of ₹24.38 crore. The transaction includes two ground-floor units with a combined carpet area of over 18,000 sq ft and a chargeable area exceeding 24,000 sq ft. The starting monthly rent is over ₹37.53 lakh for the first year, with a 5% annual escalation, bringing the total rent over the five-year lease period to more than ₹24 crore. In addition, Tesla will pay ₹1.62 crore in common area maintenance charges over five years and has provided a security deposit of ₹2.25 crore, according to the documents. Also Read: Tesla set to debut in India with showrooms in Mumbai and Delhi: All you need to know about location and rent 4) Tesla has leased three real estate properties in close proximity in Mumbai The warehouse, showroom, and flex office space, all three real estate properties taken on rent by Tesla, are all within a 10-km radius of each other and around BKC. Also Read: Elon Musk's Tesla leases flexible office space near Mumbai's BKC for a year at a rent of ₹3 lakh per month 5) Tesla's Delhi real estate portfolio According to sources, Tesla has finalised a showroom space in Delhi measuring around 4000 sq ft, and the rent is around ₹25 lakh per month. Sources said the showroom space is in the Aerocity area, a Brookfield property near New Delhi's Indira Gandhi International Airport (IGI). Meanwhile, Tesla could not be reached for a comment.
