Sales of luxury residential properties, priced over Rs 10 crore, in Mumbai jumped more than two-fold year-on-year during 2021 at Rs 20,255 crore, driven by rising consumer demand for bigger homes with better amenities and low mortgage rates, according to a joint report by India Sotheby’s International Realty and CRE Matrix. Recently, India SIR deepen its prop-tech led offering with strategic investment in CRE Matrix, a deep analytics platform for residential and commercial real estate
These are some of the key findings –
- Mumbai saw sales of luxury housing properties worth Rs 9,492 crore in the previous calendar year.
In terms of volumes, luxury housing sales in Mumbai were 1,214 units during 2021 as compared to 548 units in the previous year. - The top luxury micro-markets in Mumbai are Worli, Lower Parel, Bandra, Tardeo, Prabhadevi and Andheri.
- Worli alone contributes about 20 per cent of the overall Mumbai luxury market.
- In Mumbai, the ratio of sales in primary and secondary markets has been 2/3rd primary and 1/3rd secondary.
- As per the data, 848 units were sold in Mumbai’s primary market (fresh sales) for Rs 13,549 crore during 2021 as against 349 units worth Rs 6,275 crore in the previous year.
- In Mumbai’s secondary market (re-sale), 366 units were sold for Rs 6,706 crore during the last year as compared to 199 units valued at Rs 3,217 crore in the 2020 calendar year.
“Mumbai’s luxury housing market has performed exceedingly well during the last year. This is pretty much in line with the sales velocity for luxury homes we have witnessed across the globe, including global gateway cities like London, New York and Dubai. We believe, this is just the beginning of a very positive and bullish residential real estate cycle,” said Ashwin Chadha, President, India Sotheby’s International Realty.
In Mumbai, several factors have aided strong sales, especially discounts offered by builders and incentives by way of waiver in stamp duty given by Maharashtra government, added Chadha.
“Housing prices have remained more or less stagnant since the last 5-6 years across all segments and price brackets. The well informed HNI buyers have used this as an opportunity to buy right priced assets for wealth creation. We are already witnessing prices firm up and starting to rise,” said Mr. Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix.
The concept of home ownership has gained tremendous importance during this pandemic. Consumers are looking to buy bigger and better homes from branded developers who have a decent track record of executing projects on time.
“During the lockdowns, HNIs and ultra HNIs got the much-needed break to analyze and strengthen their real estate portfolio,” added Abhishek Kiran Gupta.
The sales trend is likely to remain buoyant even during this year as 306 luxury housing units worth Rs 4,877 crore have already been sold in Mumbai during the January-March quarter of 2022 calendar year.
About India Sotheby’s International Realty
Born from the rich heritage of the Sotheby’s Auction House, Sotheby’s International Realty (SIR) is an iconic global brand, with a legacy of quality service and unmatched expertise. The SIR network is present in 79 countries and territories with 1,000 offices and 25,000 sales associates and has achieved a record real estate global sales volume of $204 Billion in the year 2021.
The brand established its presence in India by setting up its first office in New Delhi in July 2014. It now has offices in Delhi, Mumbai, Kolkata, Bangalore, Goa, Colombo, and the mandate for the Maldives. The team in India comprises of senior private bankers and experts from real estate, hospitality and luxury goods industries who have lived and worked in various parts of India and abroad, bringing a wealth of experience which has won the trust of an affluent and exclusive clientele
About CRE Matrix
CRE Matrix is a Deep Analytics Platform for Commercial & Residential Real Estate. CRE Matrix offers Real-Time, Authentic, Accurate, Comprehensive Data over a Cloud-Based Platform for Smarter Decision Making in Real Estate.
We help Developers build better, Brokers broke better, Banks lend better, Investors invest better, and Occupiers negotiate better. We cover all RE Asset Types including Offices, Malls, High-Streets, Warehouses and Residential across all major Indian cities.
