Real Estate

The New Face of Mumbai Property Market: Why the Elite are Snapping Up Luxury Homes

Mumbai luxury homes

There is a growing demand for luxury homes in Mumbai as the unsold inventory fell by a quarter by the end of March 2023.

Mumbai had 15,520 unsold apartments at the aforementioned price point by the end of the first quarter of 2023, according to Anuj Puri, chairman of Anarock Group.

Since the first wave of Covid-19, luxury homes have been driving housing sales across most cities like Mumbai. As a result of this demand, developers have cleared substantial amounts of unsold luxury stock thanks to the quest for more space, one of the defining characteristics of luxury homes.

Additionally, these homes defied the general trend in Mumbai, with unsold inventory rising across all price points. In general, homes priced between 40-80 lakh rose the most at 33%, while those priced between 80 lakh – 1.5 crore rose at 23%.

In all seven of the top seven cities, including Pune, NCR, Hyderabad, Chennai, Bengaluru and Kolkata, inventory of these ultra-luxury and spacious homes has dropped.

Budget CategoriesStock as of Q1 2023-end (Units)Stock as of Q1 2022-end (Units)% Change
<₹40 lakh53,97050,8606%
₹40 lakh – ₹80 lakh53,55040,25033%
₹80 lakh – ₹1.5 Cr53,08043,14023%
₹1.5 Cr – ₹2.5 Cr24,42022,8307%
>₹2.5 Cr15,52020,480-24%
Source: Anarock

Mumbai moves in a different direction-Mumbai luxury homes

Mumbai’s real estate trends do not match those of India’s top cities, and they do not match those in other areas, either. According to a recent Colliers report, home prices rose across eight of the top eight cities, except Mumbai, in the first quarter of 2023.

While Mumbai’s housing prices declined by 2% in Q1, those of the top eight cities – Ahmedabad, Bengaluru, Pune, Chennai, Kolkata, Hyderabad and NCR – rose by double digits.

Despite stable prices in the city at large, Mumbai’s micro markets like Panvel saw a 9% YoY rise in prices. Home prices in West suburbs rose by 6.4% as well.

Unsold inventory in the region has consistently risen during the last few quarters, led by new project launches in the city,” Colliers said.

According to Pankaj Kapoor, managing director of Liases Foras, FY23 saw the highest-ever new launches and sales across major Indian cities.

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I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

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