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Mumbai luxury housing sales up 11% in H1 2025, driven by HNIs and lifestyle upgraders
Mumbai real estate update: In the first half of 2025, 692 luxury housing units worth ₹14,750 crore were sold, up from 622 units worth ₹12,300 in 2024
Mumbai’s luxury housing segment comprising apartments priced above ₹10 crore saw an 11% rise in sales during the first half of 2025, with 692 units sold worth ₹14,750 crore, compared to 622 units worth ₹12,300 crore in the same period last year, according to a joint report by India Sotheby’s International Realty and CRE Matrix.
The report highlights strong interest from high-net-worth individuals (HNIs) and their families, who continue to drive demand in the city’s premium real estate market. Notably, 24% of buyers in the top 10 luxury localities were from areas beyond South Mumbai, indicating a clear shift in lifestyle preferences and a growing readiness to upgrade for better amenities and high-end living.
In a record-setting deal that has stirred Mumbai’s ultra-luxury real estate market, Leena Gandhi Tiwari, Chairperson of USV Ltd, has purchased two sea-facing duplex apartments at Naman Xana in Worli for ₹639 crore. Including stamp duty and GST of ₹63.9 crore, the total transaction value touches an unprecedented ₹703 crore, making it the most expensive residential property deal ever recorded in India.
In the same tower, Shaula Real Estate Pvt Ltd sealed a deal worth ₹225.8 crore, while AEX Real Estate LLP acquired an apartment at Oberoi 360 West, Worli, for ₹201.6 crore. At Lodha Sea Face in Worli, Seema Singh, wife of Alkem Laboratories promoter Mritunjay Kumar Singh, purchased a premium residence for ₹185 crore. Meanwhile, in Bandra West, Apco Infratech Pvt Ltd bought a luxurious triplex at The Legend by Ashar for ₹155 crore.
Also Read: Mumbai’s luxury housing sales up by 8% in H1 2024; touch ₹12,300 crore: Report
₹10 crore+ luxury homes in Mumbai
According to the report, the ₹10 crore plus segment has consistently contributed 60% to 75% of the total sales. Out of the total sales of 501 luxury units in the primary market, 352 units were in the ₹10 crore to ₹20 crore price range, 114 units in the ₹20 crore to ₹40 crore price range, and 35 units in the above ₹40 crore price range.
During the same period last year, 305 luxury units were sold in the ₹10 crore to ₹20 crore price range, 79 units in the ₹20 crore to ₹40 crore price range, and 38 units in the above ₹40 crore price range.
According to the report, luxury homes measuring above 4,000 sq ft account for 36% of total luxury primary sales in H1 CY’25 in terms of value of units sold, an increase of almost 14% from the H1 CY’24 level.
Areas that witnessed the maximum number of luxury housing sales
According to the report, Prabhadevi recorded the highest number of luxury housing sales in Mumbai’s primary market in the first half of 2025, with 56 units sold, up from 42 units during the same period last year. Byculla followed with 55 units, Tardeo with 47, Bandra West and Goregaon East with 44 each, and Worli with 32 units.
Despite a drop in unit sales, Worli retained its position as Mumbai’s top luxury housing market, clocking ₹2,400 crore in sales in H1 CY’25, a 15% year-on-year decline. The dip in volume from 60 to 32 units points to a significant increase in the average ticket size.
According to the report, Bandra West witnessed a 192% surge in sales value from ₹362 crore in H1 CY’24 to ₹1,057 crore in H1 CY’25. On the other hand, Prabhadevi led in the number of units sold, rising from 42 to 56 units year-on-year.
"These figures highlight shifting buyer preferences, with emerging micro-markets like Tardeo and Bandra West seeing accelerated demand alongside sustained premium appeal in Worli," the report said.
Sudershan Sharma, executive director of India Sotheby's International Realty, said, “Mumbai’s luxury real estate market is at a pivotal moment. Record sales in the first half of 2025 signal sustained appetite for ultra-premium homes, especially in established micro-markets like Worli, Prabhadevi, Tardeo, Malabar Hill, and Bandra West driven by better infrastructure and a spate of high-quality new launches."
"This demand is buoyed by India’s expanding wealth base. The UBS Billionaire Ambitions Report 2024 notes India now has 185 billionaires, more than double the number a decade ago, with collective wealth rising 263% to$905.6 billion. That said, with continued global uncertainty around tariffs, geopolitical conflicts, and muted stock markets, the outlook for the remainder of 2025, while still positive, is expected to be more cautious and selective," Sharma said.
Also Read: Mumbai, Thane, Navi Mumbai, and Pune see a decline in housing sales and supply in Q2 2025
Who is buying luxury homes in Mumbai?
According to the report, 24% of buyers in Mumbai’s top 10 luxury housing localities are upgrading from areas beyond South Mumbai. This trend signals a shift in lifestyle preferences and a growing willingness to move out of their original neighbourhoods for better amenities and premium living.
“Mumbai’s luxury real estate market hit a new high in the first half of 2025, clocking ₹14,750 crore in sales. Combined with the second half of 2024, total sales over the past 12 months touched ₹28,750 crore, an all-time record. During this period, 1,335 luxury units were sold, the highest for any 12-month stretch. The steady rise, particularly in the ₹20 to ₹40 crore segment, points to sustained buyer interest and a confident, though increasingly selective, high-end luxury buyer," said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.
