Mumbai, February 20, 2024: In a city where a significant portion of the population resides in slums due to a shortage of affordable housing, the luxury real estate market in Mumbai has experienced a remarkable surge. A staggering 3,000 high-end flats, collectively valued at over INR 38,000 crore, were sold in 2023, marking a substantial increase compared to the previous year.
Data provided by Liases Foras, a real estate rating and research firm, reveals that the trend of affluent individuals investing in opulent residences is on the rise. The sales of luxurious flats doubled in 2023, with 3,000 transactions recorded, compared to 1,567 in 2022. Most of these upscale properties were priced between 5 crore and 10 crore rupees, with a notable number exceeding the 10 crore rupee mark.
These transactions, representing a significant portion of overall flat sales in the city, underline the robust demand for high-end real estate despite the socio-economic housing challenges faced by a considerable section of Mumbai’s population.
Some notable deals in this booming market include businessman Niraj Bajaj’s acquisition of a massive flat in March for a whopping 252 crore rupees and industrialist B K Goenka’s purchase of a penthouse in February for 240 crore rupees.
This surge in luxury real estate transactions reflects the continued allure of Mumbai’s high-end properties, contributing to the city’s status as a hotspot for opulent living.
