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Here’s why sales of Mumbai’s luxury apartments priced above ₹40 crore have softened in H1 2025
Mumbai real estate: Sales of luxury flats priced above ₹40 crore have softened over the past year, while the ₹10 cr to ₹40 cr segment has seen positive growth
While the Mumbai real estate market has reported several blockbuster deals in the luxury apartments segment post-COVID-19 pandemic, sales of apartments priced above ₹40 crore have softened in the first half of 2025 compared to the last two years, according to data from India Sotheby’s International Realty and CRE Matrix.
According to data, nearly 35 units priced above ₹40 crore were sold in the first half of 2025, a slight dip from 38 units sold during the same period in 2024, and 50 units in H1 2023.
In contrast, the second half of 2024 saw a surge, with 53 units sold in this segment, compared to just 16 in H2 2023.
In calendar year 2022, 17 units were sold in the first half and 19 in the second half, indicating a steady rise in ultra-luxury home transactions over the years until the recent moderation.
Sales of homes priced between ₹10 crore and ₹40 crore increase
While sales in the above ₹40 crore units have softened a bit in the last year, the data indicates that sales for units in the price range of ₹10 crore to ₹20 crore and ₹20 crore to ₹40 crore have grown constantly.
In the calendar year of 2022, 465 units were sold in the ₹10 crore to ₹40 crore range, which went up to 591 units in 2023 and 788 units in 2024.
According to the data, 466 units were sold in the ₹10 crore to ₹40 crore price range in the first half of 2025.
The data shows that several areas, such as Prabhadevi, Worli, Byculla, Tardeo, Bandra West, and Lower Parel, contribute to sales of luxury apartments above ₹10 crore in the Mumbai real estate market.
Also Read: Mumbai luxury housing sales up 11% in H1 2025, driven by HNIs and lifestyle upgraders
Is there a slowdown in the ₹40 crore+ luxury apartment segment?
According to experts, there are signs of a slowdown in the ₹40 crore and above luxury housing segment. However, they expect sales to remain stable or only slightly dip over the next two years. Sales in this segment surged significantly post-COVID-19, but the market now appears to be stabilising as demand levels off following years of activity.
"In the ₹40 crore-plus luxury housing segment, Mumbai’s High Net Worth Individuals (HNIs), many of whom have built fortunes in stocks, startup sale, gold, silver, cryptocurrency, etc, have already made their move over the last five years, settling into high-end residences. Around five or ten years ago, the supply of ₹40 crore-plus luxury homes was much less than what it is today," said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.
“We have seen a bullish run in ultra-luxury homes, but considering the upcoming supply in the above ₹40 crore-plus luxury housing segment, I anticipate that demand will either flatten or dip slightly in this segment over the next two years, but a major decline or spike seems unlikely,” Gupta said.
"Across Mumbai, we might witness a natural correction, perhaps a 10% softening at a project level, not a location level. One should not expect any drastic collapse in prices. Homebuyers will be spoilt for choice if they are flexible in their expectations. After all, real estate, like every other sector, is cyclical and moves in cycles," Gupta said.
Property deals in the above ₹40 crore segment in Mumbai
In the last three years, several corporate honchos bought properties in the Mumbai real estate market. These included Nadir Godrej of Godrej Industries, the promoter of the wires and cables manufacturer RR Kabel Ltd, and Shreegopal Kabra, among others.
Also Read: Year Ender 2024: 5 corporate leaders who invested in the Mumbai real estate market
This includes well-known Polyester's CMD buying two luxury apartments in Mumbai's Worli for ₹270 crore, RR Kabel's Shreegopal Kabra and family purchasing two apartments for ₹198 crore in Mumbai's Worli and Nadir Godrej purchasing three apartments for ₹180 crore in South Mumbai.
Two months ago, Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, bought two ultra-luxury, sea-facing duplex apartments in the Worli area for over ₹700 crore at close to ₹3 lakh per sq ft, setting a national record. Seema Singh, wife of Alkem Laboratories promoter Mritunjay Kumar Singh, purchased a premium residence for ₹185 crore around three months ago in Worli, Mumbai, among others.
