In 2023, the maximum city aka aamchi Mumbai, has witnessed a steep rise in the buying and selling luxury homes priced above INR 10 CR. Reportedly, the Richie rich of Mumbai bought luxury homes worth INR 11,400 CR in the first half of 2023. The luxury housing markets like Worli, Malabar Hill, Mumbai Central, Lower Parel, and many others are seeing the most action.
The sale frenzy has witnessed a steep upswing by 50% as compared to last year. Also, ultra-rich individuals are now preferring and buying 4,000-8,000 square feet homes with ocean views, situated at insane heights with world-class amenities. According to a report, the demand for such houses has tripled in 2023 as compared to 2018. One reason for this could be the growing wealth creation in the country.
From elite businessmen like Radhakrishnan Damani to the ace actors like Alia Bhatt, everyone is becoming a part of the frenzy of buying super-expensive homes. Other than them, JP Taparia and his family, Jay Mahtani, a businessman in Dubai, and Sandeep Khosla, an ace fashion designer, have recently added luxury homes to their real estate portfolio.
As per the reports, the metropolis is now observing a substantial semi-annual real estate turnover of ₹5,300 crore, primarily comprising of luxury properties. In the first half of 2023, this amount more than doubled to a staggering ₹11,400 crore, exceeding even the yearly sales figures from 2018 to 2020.
According to Amit Goyal, the Managing Director of Sotheby’s International Realty in India, these figures strongly indicate the growing number of ultra-wealthy individuals in the country.
He further said, “Considering the rapid wealth generation in India and the prediction that Mumbai, India’s richest city, will join the ranks of the top 20 cities with the highest number of millionaires by 2023, we are confident about the health of Mumbai’s luxury housing market. We anticipate this trend to persist in the near future too.”
According to the report, homes valued between ₹10-20 crore constituted approximately 71% of transactions in the high-end market. However, the market also saw significant interest in properties valued between ₹40-70 crore.
The report further reveals that the ultra-luxury segment in Mumbai, with properties ranging from Rs 40-70 crore, experienced a significant surge of 64 per cent. A total of 64 units were sold in the past 18 months, from the first half of 2022 to the first half of 2023, a marked increase compared to the 39 units sold during the previous 18-month stretch, from the second half of 2020 to the second half of 2021.
During the first half of the year, nine properties exceeding ₹70 crore were sold, which is nearly on par with the ten transactions for 2022, as mentioned in the report. Needless to say, Indians are getting wealthier by the day and are not backing down from flaunting their riches.
