We are excited to share some noteworthy updates about the dynamic Mumbai luxury real estate market. According to data from the Maharashtra Real Estate Regulatory Authority (MahaRERA), Mumbai, known for its extravagant properties, has experienced a significant surge in activity.
In the first half of 2023, we witnessed a daily launch average of nearly 150 property units, a substantial increase from the pre-COVID era. Notably, 2022 saw this figure double, reaching around 200 units launched per day. This high volume of launches indicates strong sales momentum, suggesting continued growth and stability in the market throughout 2024.
What stands out is the consistent stability of the Mumbai property market over the past five months, with monthly property registrations consistently falling within the range of 9,000 to 10,500. This trend is particularly promising for the luxury housing sector, where esteemed developers are actively involved in prestigious projects.
Luxury home sales have surged by almost 50% in the first half of 2023. Data indicates a substantial increase in the volume of luxury housing transactions, with 533 units sold in H1 2023 compared to 419 units in the same period of 2022. Remarkably, there’s an unprecedented demand for luxury homes priced above ₹10 crore, resulting in record-breaking sales.
As we approach the festive season, these numbers are expected to rise even further. The premium and luxury segments are anticipated to be significant beneficiaries of this surge. MahaRERA data shows an increase in the launch of larger 3 and 4 BHK apartments in the past two years, reinforcing this trend.
Unlike some other markets, Mumbai’s residential real estate market is more end-user-driven. This means that end users tend to be more active during the festive season, potentially boosting sales by 15% to 25%.
Moreover, retail and institutional investors now have a golden opportunity in the Mumbai real estate market. The surge in project launches has created numerous investment opportunities, especially for those looking to strategically select projects from reputable developers.
Mumbai stands out as a top choice for investment appreciation and return on investment, following Dubai, Tokyo, and Singapore. In fact, Mumbai and Auckland are projected to lead in terms of the highest surge in prime residential prices in 2024, with both cities expected to witness a remarkable 5% increase. This growth can be attributed to improving GDP figures and the city’s attractive value proposition.
The pandemic has shifted buyer preferences, emphasizing the importance of extra space and luxury living. Digital exposure to luxurious lifestyles has fueled an ambition for ultra-luxury living. This, coupled with significant infrastructure developments like the Mumbai Metro corridors, Coastal Road, and Mumbai Trans Harbor Link, is driving high-value transactions across Central Mumbai, Bandra, and South Mumbai.
Luxury home sales are no longer limited to South Mumbai. Emerging micro markets like Chembur in Central Mumbai and the western suburbs are offering significant opportunities. Buyers are opting for larger apartments, with sizes expanding from 2000 sq ft to above 8000 sq ft. “Jodi flats” or duplexes are gaining popularity for their lavish space.
In summary, luxury housing sales are reaching unprecedented heights, and this momentum is expected to continue not only this year but well into 2024. The overwhelming interest from high-net-worth individuals (HNIs) and ultra-high net worth individuals (Ultra-HNIs) underscores the enduring appeal of Mumbai’s luxury real estate market.
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