Mumbai’s ultra-luxury residential market has shattered previous records, with properties priced above ₹10 crore generating sales worth ₹14,750 crore in the first half of 2025—marking the highest-ever half-yearly performance for the segment.
The surge represents an 11% increase from ₹12,300 crore recorded in the same period last year, according to a joint report by India Sotheby’s International Realty and CRE Matrix. Combined with second-half 2024 figures, total luxury sales over the past 12 months reached ₹28,750 crore, with 1,335 units sold—both all-time highs.
Billionaire Wealth Fuels Demand
The momentum reflects India’s expanding wealth base, with the country now home to 185 billionaires whose collective wealth has risen 263% to $905.6 billion over the past decade, according to the UBS Billionaire Ambitions Report 2024.
“Mumbai’s luxury real estate market is at a pivotal moment,” said Sudershan Sharma, Executive Director at India Sotheby’s International Realty. “Record sales signal sustained appetite for ultra-premium homes, driven by better infrastructure and high-quality new launches.”
Market Dynamics Shift Upward
The ₹10-20 crore segment continues to dominate, accounting for 60-75% of total sales. However, the ₹20-40 crore bracket showed explosive growth, rising 138% compared to the first half of 2022. Properties above ₹40 crore tripled from 17 units in early 2022 to 53 units by late 2024.
Worli retained its position as the premium destination, contributing 22% of primary sales value. Bandra West surged 192% while Tardeo posted 254% growth, alongside strong performance in Prabhadevi and Malabar Hill.
Buyer Profile Evolution
The 45-65 age group remains the core buyer demographic, while purchasers above 65 years expanded to 15% of sales. Notably, 24% of buyers originated from areas beyond South Mumbai, indicating lifestyle upgrades across the city.
Primary market transactions dominated with three-quarters of sales volume, while secondary market activity contributed ₹3,750 crore—both five-year highs.
Cautious Optimism Ahead
Despite record performance, industry executives anticipate a more selective approach in the second half amid global uncertainties around tariffs, geopolitical conflicts, and muted stock markets.
The luxury segment’s resilience mirrors broader strength in Mumbai’s residential property market, with apartments between 2,000-4,000 square feet representing 70% of primary sales as buyers favor larger living spaces.
