According to a joint report released on Monday by India Sotheby’s International Realty and CRE Matrix, the sales of luxury homes priced at Rs 10 crore and above in Mumbai witnessed a substantial increase of nearly 50 percent during the period of January to June 2023, as compared to the corresponding period in the previous year.
In the first half of the calendar year 2023 (H1 CY'23), India Sotheby’s International Realty, a prominent transaction and advisory firm specializing in luxury homes, collaborated with data analytic firm CRE Matrix to publish a comprehensive report on the Mumbai luxury housing market.
Additionally, the report emphasizes that there was a remarkable 83 percent increase in sales of luxury housing in the primary market during H1 2023, reaching a value of Rs 8,817 crore, as compared to Rs 4,816 crore recorded in the corresponding period of the preceding year.
The top luxury markets in Mumbai encompass several areas, including Worli, Malabar Hill, Mumbai Central, Lower Parel, Prabhadevi, Bandra West, Tardeo, Mahalakshmi, Andheri West, and Santacruz West. Notably, Worli stood out by contributing 31 percent to the total luxury home sales among the top 10 localities. Meanwhile, Malabar Hill witnessed a significant surge, with luxury home sales amounting to Rs 1,580 crore in H1 CY'23, reflecting an impressive increase of 481 percent compared to H1 CY'22.
Amit Goyal, the Managing Director of India Sotheby’s International Realty, expressed that the upswing in the sales of ultra-luxury housing units during H1 CY'23 has been highly encouraging and positive.
He commented, "This signifies a substantial revival of real estate within the portfolios of ultra-high net worth individuals (UHNIs). As wealth creation in India continues to accelerate, and with Mumbai, the country's wealthiest city, projected to join the ranks of the top 20 cities with the highest number of millionaires by 2023, we hold the belief that Mumbai's luxury housing market possesses inherent strength that will endure in the times ahead."
Abhishek Kiran Gupta, the CEO and Founder of CRE Matrix and Index Tap stated, "Since 2018, Mumbai City has consistently witnessed approximately Rs 5,300 crore in luxury housing sales every half year. However, in H1 CY'23, luxury housing sales more than doubled, reaching an impressive Rs 11,400 crore, surpassing even the total annual sales recorded during 2018-2020. As Indians experience a rise in affluence, they are increasingly embracing the display of their wealth. The affluent individuals now have a growing preference for larger homes, with a strong inclination towards ocean views, higher floors, and abundant amenities."
According to the report, another significant discovery is that the ultra-luxury segment (priced between Rs 40-70 crore) in Mumbai experienced a remarkable growth of 64 percent, with 64 units sold in the primary market during the last 18 months (from H1 CY'22 to H1 CY'23). This figure stands in contrast to the preceding 18-month period of H2 CY'20 to H2 CY'21, during which 39 units were sold in the same segment.
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