Mumbai Leads Luxury Housing Surge with Rs. 114,529 Crore Sales in FY 2024-25

Mumbai is spearheading India's luxury housing boom, posting Rs. 114,529 crore in sales in the first half of FY 2024-25. The demand for premium properties has increased despite global uncertainties, with affluent buyers showing confidence in the long-term value of luxury real estate. Key cities driving this growth include Mumbai, Delhi-NCR, and Bengaluru.

The luxury housing market in Mumbai is witnessing unprecedented growth, raking in Rs. 114,529 crore during the first half of FY 2024-25, according to recent reports. This surge is attributed to increasing demand for exclusivity and premium living, even amidst global economic challenges. Key cities in this trend include Delhi-NCR and Bengaluru.

Data from CREDAI-MCHI highlights an 18% rise in total sales value across India's top property markets, amounting to ₹279,309 crore, with a noticeable shift towards luxury homes as opposed to a dip in overall unit sales. The average price per home has jumped to ₹1.23 crore, underlining a distinct change in consumer preference.

Developers are meeting this demand through innovative, high-end projects. The push from affluent buyers is leading to the development of unique properties like holiday homes, farmhouses, and villas, especially in areas like Alibaug and Lonavala. Mumbai continues to be the hub of ultra-luxury real estate, leading with a significant share of high-value transactions.

(With inputs from agencies.)