Sales of luxury residential properties, priced over INR 10 crore, in Mumbai jumped more than two-fold year-on-year during 2021 at INR 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.
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These are some of the key findings:
- Mumbai saw sales of luxury housing properties worth INR 9,492 crore in the previous calendar year. In terms of volumes, luxury housing sales in Mumbai were 1,214 units in 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.
As per the data, 848 units were sold in Mumbai’s primary market (fresh sales) for INR 13,549 crore in 2021 as against 349 units worth INR 6,275 crore in the previous year.
In Mumbai’s secondary market (resale), 366 units were sold for INR 6,706 crore during the last year as compared to 199 units valued at INR 3,217 crore in the 2020 calendar year.
“Mumbai’s luxury housing market has performed exceedingly well during the last year. This is in line with the sales velocity for luxury homes we have witnessed across the globe. 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.
The concept of homeownership has gained tremendous importance during this COVID-19 pandemic. Consumers are looking to buy bigger and better homes from branded developers who have a decent track record of executing projects on time.
The sales trend is likely to remain buoyant even during this year as 306 luxury housing units worth INR 4,877 crore have already been sold in Mumbai during the January-March quarter of the 2022 calendar year.
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