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In a clear display of economic resilience and growth, Mumbai's premium property micro-markets - including Worli, Malabar Hill, Mumbai Central, Lower Parel, Prabhadevi, Bandra West, Tardeo, Mahalakshmi, Andheri West, and Santacruz West - have seen an astounding 50% surge in luxury home sales in the first half of 2023 (H1 CY’23), according to a recent report by India Sotheby’s International Realty and CRE Matrix.
The report suggests a significant revival in the luxury real estate market, noting that sales of high-end homes, priced over Rs 10 crore, have soared to Rs 11,400 crore during H1 CY’23, marking a 50% increase. These figures reflect a parallel resurgence in overall residential property sales in Mumbai, which is known as both the financial heart and the cinematic hub of India.
Data released on Monday reveals that these premium properties, especially in Mumbai's prime real estate sectors, have recorded unprecedented sales in the initial six months of 2023. The primary luxury housing market registered an 83% boost in sales, escalating to Rs 8,817 crore from Rs 4,816 crore during the same period in the previous year.
Despite rising interest rates, the robust growth in the luxury real estate segment signals a strong return of confidence in the residential property market since 2021. Especially noteworthy is the 'Ultra-Luxury (Rs 40-70 crore)' segment, which sold 64 units in the last 18 months alone, a 64% growth compared to the preceding 18-month period.
Nevertheless, the Rs 10 - 20 crore bracket remains the most active, comprising about 71% of luxury sales. The report also highlights remarkable transactions, such as the Rs 1,238 crore sale of Oberoi Three Sixty West, Worli, to the Radhakrishnan Damani Family.
This tremendous growth in the luxury housing market, fuelled by the new wealth of industrialists, Bollywood celebrities, and high-income employees, is a strong indication of Mumbai's economic resilience and growing affluence. As the city continues to rise in global wealth rankings, its luxury housing market is anticipated to continue this trend, reflecting the inherent strength and potential of India's financial capital.
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