Ultra-luxury home sales up 250% in 2023 in Mumbai

Chennai: Sales value of ultra-luxury homes surged 247 per cent in 2023 to date against the whole of 2022 with over 90 per cent of the deals happening in Mumbai. Mumbai also saw the highest number of property registrations in November.

In 2023, the top cities saw sales of 58 ultra-luxury homes priced over Rs 40 crore. However, in 2022 only 13 ultra-luxury homes were sold. The cumulative value of the 58 ultra-luxury homes sold in 2023 was approximately Rs 4063 crore against Rs 1170 crore worth of homes in 2022, marking a growth of 247 per cent, said Anarock Group.

Mumbai accounted for 53 deals, Delhi-NCR sold four homes, and Hyderabad one. Of the 53 deals in Mumbai city, at least 3 were for price tags above Rs 200 crore, and 7 deals were closed for between Rs 100 - 200 crore each. At least two ultra-luxury homes in Delhi-NCR were sold for above Rs 100 crore each. In 2022, Mumbai had seen sales of 11 homes and Delhi-NCR sold 2 homes.

Apartments clearly remained the preferred property type for HNIs as of 58 deals, 53 were for apartments, and the remaining five were bungalows. At least 79 per cent of the total deals were concluded by businessmen and 16 per cent by senior professionals from across various sectors. Politicians and Bollywood celebrities accounted for the remaining 5 per cent.

“The emerging generation of young and affluent individuals are investing their wealth in ultra-luxury properties. Even celebrities like Alia Bhatt and Suhana Khan have invested in flats and farmland respectively,” said Ashwin Chadha, CEO, India Sotheby's International Realty.

Meanwhile, Knight Frank India found that property registrations in Mumbai city went up to 114,464 since January 2023. In the month of November, which saw the highest number of registrations in 11 years, 9,548 property registrations were recorded and they contributed Rs 697 crore to the state government revenues.