Mumbai's ₹10 cr-plus luxury home sales hit record ₹14,750 cr in H1 2025 amid HNI surge

Mumbai's ₹10 crore + luxury real estate market has set a new benchmark in the first half of 2025, recording the highest-ever half-yearly (H1 CY’25) sales of ₹14,750 crore across primary and secondary transactions for homes priced above ₹10 crore, an 11% surge in sales over ₹12,300 crore in H1 CY’24.

The surge in luxury sales reflects strong momentum in residential demand, driven by rising wealth, investor confidence, and the growing purchasing power of high-net-worth individuals, per the latest report by India Sotheby’s International Realty, a leading transaction and advisory firm for luxury homes, and data analytics firm CRE Matrix. Seeing an exponential surge in demand for premium homes, the report notes the ₹20-40 crore segment grew 138% compared to H1 2022. In terms of market composition, the primary market accounted for nearly three-quarters of sales volume, while the secondary contributed ₹3,750 crore, both at their highest in five years. Over ₹40 crore homes also registered the sharpest rise, tripling from 17 units in H1 CY’22 to 53 in H2 CY’24.

Top performing localities included Worli, which retained its lead as the most preferred luxury destination, contributing 22% of primary sales value, while other thriving micro-markets included Bandra West (192% growth), Tardeo (254% growth), Prabhadevi, and Malabar Hill. The 45-65-year age group remained the largest segment of buyers, while those above 65 years grew to 15% of sales. In terms of preference, apartments between 2,000-4,000 sq. ft. dominated, representing 70% of primary sales.

Mumbai’s luxury real estate market is at a pivotal moment, and the record sales in H1 2025 signal a sustained appetite for ultra-premium homes, especially in established micro-markets like Worli, Prabhadevi, Tardeo, Malabar Hill, and Bandra West, Sudershan Sharma, Executive Director, India Sotheby's International Realty. "This demand is buoyed by India’s expanding wealth base."

Notably, the UBS Billionaire Ambitions Report 2024 notes India now has 185 billionaires, more than double the number a decade ago, with collective wealth rising 263% to $905.6 billion. "With continued global uncertainty around tariffs, geopolitical conflicts, and muted stock markets, the outlook for the remainder of 2025, while still positive, is expected to be more cautious and selective,” says Sharma.

Abhishek Kiran Gupta, Co-founder & CEO, CRE Matrix said combined with H2 CY’24, total sales in the luxury segment over the past 12 months touched ₹28,750 crore, an all-time record. "During this period, 1,335 luxury units were sold, the highest for any 12-month stretch. The steady rise, particularly in the ₹20-40 crore segment, points to sustained buyer interest and a confident, though increasingly selective, high-end luxury buyer."

Industry watchers believe the remarkable performance in the high-end segment mirrors a broader bullish trend observed in the overall residential property market. With the market showing resilience and continuous growth, the outlook remains positive, the report asserts.

Among the other key highlights, around 24% buyers from the top 10 localities for luxury housing in Mumbai have their origins in localities situated beyond South Mumbai. Goregaon East accounted for the highest proportion of homebuyers at 7%, placing it among the top 10 localities for luxury purchases.