Mumbai's luxury realty sector recorded its highest-ever cumulative half-yearly sales from luxury housing, at ₹12,300 crore, in the first half of the calendar year 2024.
Anubhav Mukherjee
Published11 Jul 2024, 09:49 PM IST
Worli and Goregaon East are among the top localities in Mumbai that are fuelling luxury real estate sales growth.(Kunal Patil/HT)
The real estate market of India is going through premiumisation and the luxury housing segment accounted for 41 per cent of sales growth in the first half of 2024 (January to June), according to a Knight Frank India real estate sector report.
Mumbai's luxury realty sector recorded a cumulative highest-ever half-yearly sales from luxury housing at ₹12,300 crore in the first half of the calendar year 2024, which is a 7.69 per cent rise when compared to ₹11,400 crore in the previous year in the same period, according to an India Sotheby’s International Realty and CRE Matrix report.
The luxury homes costing ₹10 crore and above are under this segment, and a total of 1,040 units were sold which is the highest in any 12-month period, as per the report.
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In Mumbai, the primary market (sale of new properties) recorded sales of ₹8,752 crore, the second-highest sales record in the last five years after H1 of 2023. The secondary market (sale of pre-owned properties) recorded a significant increase in sales of 38 per cent, at more than ₹3,500 crore in H1 2024, compared to the same period in the previous year.
Areas like Worli and Goregaon East were amongst the top localities in Mumbai, fuelling 80 per cent of this growth, as per the report.
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As the trend of buyers shifts to bigger and luxury housing, India Sotheby’s report also states that the customers who bought into this record sale fall under the age bracket of 35 to 55 years old.