In charts: Luxury housing sales in Mumbai highest in 4 years, jump over 2-fold year on year: Report

NEW DELHI: Sales of luxury residential properties, priced over Rs 10 crore, in Mumbai jumped more than two-fold year-on-year during 2021 at Rs 20,255 crore, driven by rising consumer demand for bigger homes with better amenities and low mortgage rates, according to a joint report by India Sotheby’s International Realty and CRE Matrix.
In fact, sales are highest since calendar year 2017, and may set a new record in 2022.

Mumbai saw sales of luxury housing properties worth Rs 9,492 crore in the previous calendar year. In terms of volumes, luxury housing sales in Mumbai were 1,214 units during 2021 as compared to 548 units in the previous year.
The top luxury micro-markets in Mumbai are Worli, Lower Parel, Bandra, Tardeo, Prabhadevi and Andheri.
Worli alone contributes about 20 per cent of the overall Mumbai luxury market.

In Mumbai, the ratio of sales in primary and secondary markets has been 2/3rd primary and 1/3rd secondary.
At least 848 units were sold in Mumbai’s primary market (fresh sales) for Rs 13,549 crore during 2021 as against 349 units worth Rs 6,275 crore in the previous year.
In Mumbai’s secondary market (re-sale), 366 units were sold for Rs 6,706 crore during the last year as compared to 199 units valued at Rs 3,217 crore in the 2020 calendar year.
“Mumbai’s luxury housing market has performed exceedingly well during the last year. This is pretty much in line with the sales velocity for luxury homes we have witnessed across the globe, including global gateway cities like London, New York and Dubai. We believe, this is just the beginning of a very positive and bullish residential real estate cycle,” said Ashwin Chadha, President, India Sotheby’s International Realty.
In Mumbai, several factors have aided strong sales, especially discounts offered by builders and incentives by way of waiver in stamp duty given by Maharashtra government, added Chadha.
“Housing prices have remained more or less stagnant since the last 5-6 years across all segments and price brackets. The well informed HNI buyers have used this as an opportunity to buy right priced assets for wealth creation. We are already witnessing prices firm up and starting to rise,” said Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix.
The sales trend is likely to remain buoyant even during this year as 306 luxury housing units worth Rs 4,877 crore have already been sold in Mumbai during the January-March quarter of 2022 calendar year.