Mumbai Luxury housing sales surge by 44percent in Jan- March 2023 quarter

Mumbai, May 2023: Luxury housing sales have recorded remarkable figures across metro cities of the country. According to a CBRE report, the sale of luxury homes increased by 151 percent year-on-year in the January – March 2023 quarter on the back of a sterling performance in 2022. In terms of regions, Mumbai luxury home sales surged by 44%. Further analysis for the Central Mumbai luxury market for January – March 2023, a CRE Matrix report states that there were 357 luxury units sold at a total value of Rs. 4099 crores.

Speaking on the luxury home sales boom, Mr. Samyak Doshi, Director, of Bhoomi Group said, “Post the pandemic, we are seeing a greater demand for luxury properties across major cities of the country. This is mainly due to the need felt for larger space for individual family members and the higher aspirations of home buyers. Improved income levels coupled with more disposable income have further strengthened the demand in this property segment.”

“People have become more health conscious and look at ways to maintain a healthy lifestyle. There is a convergence between healthy and sustainable living which go hand in hand. Most luxury housing projects integrate more greenery, open landscape, sports, and recreational facilities etc. This creates an ambiance conducive for a positive living – health of mind and body,” added Mr. Doshi.

In Mumbai, there are a number of new micro markets emerging catering to the luxury housing segment. This is due to several ongoing and upcoming infrastructure projects underway. For instance, the Lalbaug – Parel belt has seen phenomenal growth in terms of ultra-luxury housing projects that are coming up here. This is due to the area being in close proximity to some of the most prestigious infrastructure projects ever to be undertaken; the Trans-Harbour Sea Link, Sewri- Worli Elevated Corridor (SWEC), and the Mumbai Eastern Waterfront project.

Most of these projects are Green rated which are sustainable in nature and provide a holistic living experience to the residents. The momentum of luxury home sales is expected to continue in the coming quarters as well.

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