Luxury housing sales worth Rs 12.3 billion sold in Mumbai

15 Jul 2024 CW Team

According to a report by India Sotheby?s International Realty and CRE Matrix, the luxury housing market in Mumbai, India?s largest and most expensive property market, is experiencing significant growth driven by unprecedented sales numbers. It was noted that sales of luxury homes priced at Rs 10 crore and above in Mumbai had increased by 8%, reaching a new high of Rs 12.3 billion in the first half of 2024. This represents a substantial rise from the average bi-annual sales of Rs 71 billion observed since 2019. The report highlighted that the ongoing demand for high-end properties reflects a strong sense of optimism and confidence in the Indian economy. Factors such as rising disposable incomes, favorable government policies, and increasing interest from both domestic and international investors were cited as contributing to this upward trend. Furthermore, the development of modern infrastructure and premium amenities in luxury residences is reportedly attracting affluent buyers, further stimulating growth in the market. It was also mentioned that a record-breaking total of 1,040 luxury units were sold in Mumbai over the past 12 months, marking the highest number ever recorded in any 12-month period. This surge underscores the robust and sustained demand for luxury housing in the city.

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