Mumbai Pioneers Luxury Real Estate Boom with Record Sales

The luxury housing market in India is experiencing a significant surge, with Mumbai leading in sales worth Rs. 114,529 crore in the first half of FY 2024-25. The market shows a boom in exclusivity and premium living spaces, despite global economic uncertainties.

The Indian luxury housing sector is witnessing an unprecedented upswing, with Mumbai leading the charge. In the first half of the fiscal year 2024-25, Mumbai alone accounted for Rs. 114,529 crore in sales, as reported by CREDAI-MCHI. This surge indicates a growing demand for exclusivity and premium living spaces among affluent homebuyers.

The CREDAI-MCHI data revealed an 18% boost in total sales value across India's seven key property markets, despite a 3% drop in units sold. This highlights a shift towards premium housing, as average prices rose to ₹1.23 crore from ₹1 crore over the previous year. Notably, cities like Delhi-NCR and Bengaluru are following Mumbai as leaders in premium property sales.

The trend is more than just about homes; it's a lifestyle choice, as reported by CBRE South Asia Pvt. Ltd, with a significant rise in luxury unit sales over ₹4 crore. Developers are responding to this demand by rolling out high-end projects to meet the evolving preferences of homebuyers who seek quality, sophistication, and a blend of lifestyle and community living.

(With inputs from agencies.)