Bullish Real Estate Cycle Driving Mumbai's Luxury Real Estate Market : Report

Mumbai's luxury real estate market has risen sharply by Rs 20,255 million, the most in 2021 in four years, according to a joint report by India Sotheby's International Realty (SIR) and may be on track to set a new record in 2022. CRE Matrix.

The total sales volume in 2021 is 1,214 luxury houses (real estate for more than Rs 10 million) compared to 598 units worth Rs 9,872 million. in 2018.

According to the report, the luxury goods market has seen an increase in sales due to low mortgage rates, discounts offered by builders and developers, exemption from stamp duty provided by state governments and growing demand for larger luxury homes. The report added that two-thirds of sales were primary and the rest secondary

Worli, Lower Pearl, Bandra, Tardeo, Prabhadevi and Andheri have proven to be the largest micro-markets, with Worli contributing 20 percent to the entire luxury housing market in Mumbai.

"Mumbai's luxury housing market has performed very well over the past year. This is very much in line with the sales rates of luxury homes we have seen around the world, including the world's port cities such as London, New York." and Dubai We believe this is just the beginning of a positive and strong cycle for residential areas, "said Ashwin Chadha, President of India's Sotheby's International Realty.

Individuals with high net worth have also used the lockout period to invest in the housing market to create wealth, the report added.

"House prices have remained more or less stagnant over the last 5-6 years in all price segments and categories. HNI has taken advantage of this as an opportunity to buy at the right price. The ability to create wealth. CEO and co-founder of CRE Matrix.

But despite the pandemic conditions that have largely withdrawn from the country, rapid growth is trying to remain strong until 2022. In Mumbai, over 306 luxury housing units worth Rs 4,877 million have already been sold in Mumbai in the first quarter of the calendar year.