Sale of Mumbai luxury homes, priced over Rs 10 cr, up 8% to Rs 12,300 cr

Demand for luxury homes, each priced Rs 10 crore and above, remained strong with sales rising 8 per cent in January-June to around Rs 12,300 crore, according to a report by India Sotheby's International Realty and CRE Matrix.

Sales stood at Rs 11,400 crore in the first half of the 2023 calendar year.

In the report, India Sotheby's International Realty and CRE Matrix noted that the surge at the high end of the market aligns with an ongoing bullish trend in residential property sales overall, reflecting the exuberance and confidence in the Indian economy.

India Sotheby's International Realty, one of the leading transaction and advisory firms for luxury homes, and data analytics firm CRE Matrix released the report on Mumbai's luxury housing market (including both primary and secondary market) for the first half of this year on Thursday.

Out of the total sales, the primary luxury segment saw sales worth Rs 8,752 crore while the secondary (resale) market saw record sales of over Rs 3,500 crore, up 38 per cent compared to the first half of the 2023 calendar year.

Among big-ticket transactions, the report mentioned Rs 270 crore deal by Anil Gupta & well-known Polyester Ltd at Lodha Malabar, Malabar Hill; Rs 156.5 crore deal by Rekha Jhunjhunwala & Family at Rockside Apartment, Malabar Hill; Rs 116.4 crore by Vratika Gupta at Oberoi 360 West, Worli; Rs 101 crore by Girdharlal Bawri & others at G+1 Bungalow, JVPD Scheme, Juhu; and Rs 97.4 crore by Mavjibhai Shamjibhai Patel at Oberoi 360 West, Worli.