Luxury property sales in Mumbai soared throughout 2023. The sweet spot for homebuyers, particularly in the city's opulent segment, has emerged within the price range of ₹3-7 crore, accounting for a significant 30 to 35% of residential property transactions.
Figures released by Maharashtra's government, aggregated by Knight Frank India, a real estate consultancy firm, revealed a steady increase in Mumbai's real estate sector. From January to November 2023, a total of 1,14,652 property registrations were recorded, marking a modest 2% year-on-year surge compared to the same period in 2022.
Projections for the entire fiscal year foresee a moderate 3-5% growth, amounting to a rise from the previous year's 1,22,035 registrations. Notably, this surge in registrations has been propelled by the upscale market segment, with properties valued at ₹1 crore and above constituting a notable 57% of registrations in 2023, up from 54% in the preceding year.
The revenue generated from property registrations from January to November 2023 escalated by a substantial 23%, reaching ₹9,937 crore. This surge in revenue can be attributed to the simultaneous increase in property sales and prices. Knight Frank India projects a further 22 to 25% growth in total revenue collections this fiscal year for Mumbai, surpassing the ₹8,900 crore recorded in 2022.
Industry experts according to Money Control have identified a shifting trend among homebuyers, showcasing a preference for larger and more luxurious properties within the ₹3 to 7 crore price bracket. Developers in Mumbai's western suburbs have noted a faster turnover in units priced within this range compared to more affordable alternatives ranging between ₹1 to 2 crore.
The Mumbai luxury property market is poised for continued expansion, fostering optimism among developers and buyers alike as they look forward to another promising year ahead.
Also Watch: Ultra luxury homes see 247% Y-O-Y sales value surge in 2023