Sales of luxury houses above Rs 10 crore jump over two-fold

Sales of luxury housing units priced over Rs 10 crore in Mumbai jumped more than two-fold during 2021 at Rs 20,255 crore, on the back of low interest rates on home loans and increased demand for bigger flats, according to a joint report by India Sotheby's International Realty and CRE Matrix.

Mumbai saw sales of luxury housing properties worth Rs 9,492 crore in 2020. The figure incudes sales in both primary (fresh sale) and secondary markets (re-sale).

In terms of volumes, the total number of luxury housing units sold in Mumbai was 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.

As per the data, 848 units were sold in Mumbai's primary market for Rs 13,549 crore during 2021 as against 349 units worth Rs 6,275 crore in 2020. In the city's secondary market, 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 2020.

The ratio of sales in primary and secondary markets has been 2/3rd and 1/3rd, respectively.

"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.