+
Luxury housing sales worth Rs 12.3 billion sold in Mumbai
Real Estate

Luxury housing sales worth Rs 12.3 billion sold in Mumbai

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code