Highlights

  • Mumbai's luxury property sales surge in ₹3-7 crore bracket.
  • 23% revenue spike fueled by upscale property market growth.

Latest news

Daughters get 'paedophile' father arrested using TikTok campaign

Daughters get 'paedophile' father arrested using TikTok campaign

Amitabh-Abhishek, Janhvi, Manushi Chillar and RiRi’s team reach for the Ambani wedding

Amitabh-Abhishek, Janhvi, Manushi Chillar and RiRi’s team reach for the Ambani wedding

UP CM Adityanath discusses trade, investment and education with Australian envoy Philip Green

UP CM Adityanath discusses trade, investment and education with Australian envoy Philip Green

UP government unveils employment bonanza in Kanpur, Bulandshahr and beyond through GBC 4.0

UP government unveils employment bonanza in Kanpur, Bulandshahr and beyond through GBC 4.0

Halwara International Airport terminal building to be ready by March 31: Ludhiana DC

Halwara International Airport terminal building to be ready by March 31: Ludhiana DC

Irish woman's lie nailed with this Christmas picture, court declines her ₹7Cr accident compensation

Irish woman's lie nailed with this Christmas picture, court declines her ₹7Cr accident compensation

China flag on Tamil Nadu minister's ISRO ad, PM Modi mocks DMK

China flag on Tamil Nadu minister's ISRO ad, PM Modi mocks DMK

OnePlus 12R Genshin Impact Edition launched: Check features, price in India

OnePlus 12R Genshin Impact Edition launched: Check features, price in India

Mumbai's luxury property market sees surge in ₹3-7 crore sales, revenue jumps by 23%

Estimates anticipate a 3-5% growth for the year, surpassing 1,22,035 registrations. Notably, the surge is driven by upscale properties, comprising 57% of registrations in 2023, up from 54% in the previous year.

Mumbai's luxury property market sees surge in ₹3-7 crore sales, revenue jumps by 23%

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


Up Next

Mumbai's luxury property market sees surge in ₹3-7 crore sales, revenue jumps by 23%

Mumbai's luxury property market sees surge in ₹3-7 crore sales, revenue jumps by 23%

Reliance Industries and Walt Disney announce joint venture, RIL to invest Rs 11,500 crore

Reliance Industries and Walt Disney announce joint venture, RIL to invest Rs 11,500 crore

Sunil Bharti Mittal receives honorary Knighthood from Britain's King Charles III

Sunil Bharti Mittal receives honorary Knighthood from Britain's King Charles III

No impact on merchants' trust on Paytm even after RBI's action: Survey

No impact on merchants' trust on Paytm even after RBI's action: Survey

After SEBI, mutual funds body writes to fund houses to protect small and mid-cap investors

After SEBI, mutual funds body writes to fund houses to protect small and mid-cap investors

Startup to Scaleup: Spotlight on The Hosteller, the game-changer in backpacking hostel space

Startup to Scaleup: Spotlight on The Hosteller, the game-changer in backpacking hostel space

More videos

Markets crash: Sensex, Nifty fall over 1%; heavyweight selling in Reliance Industries and bank stocks

Markets crash: Sensex, Nifty fall over 1%; heavyweight selling in Reliance Industries and bank stocks

Kellogg's CEO sparks outrage by proposing 'Cereal for Dinner' to save costs amid rising prices

Kellogg's CEO sparks outrage by proposing 'Cereal for Dinner' to save costs amid rising prices

Nita Ambani likely to be chair of the board of merged Reliance-Disney entity: Report

Nita Ambani likely to be chair of the board of merged Reliance-Disney entity: Report

Apple scraps electric car project after decade-long effort: Reports

Apple scraps electric car project after decade-long effort: Reports

Housing prices rise about 20% in two years; Bengaluru witnesses highest price rise of 31%

Housing prices rise about 20% in two years; Bengaluru witnesses highest price rise of 31%

GDP for Q3 FY24 forecast to be 6.8%: SBI Ecowrap

GDP for Q3 FY24 forecast to be 6.8%: SBI Ecowrap

Sony to cut 900 jobs in PlayStation division amidst industry shifts

Sony to cut 900 jobs in PlayStation division amidst industry shifts

March 2024 bank holidays: Important dates to note for financial planning

March 2024 bank holidays: Important dates to note for financial planning

Gold, Silver Price Today February 28, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 28, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 27, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 27, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.