Mumbai Luxury Housing Market Grows 11% in H1 2025 as Premium Buyers Lead Demand

Mumbai's luxury real estate market continued its upward momentum in the first half of 2025, clocking an 11% year-on-year increase in sales value. The surge was largely fueled by high-net-worth individuals (HNIs), lifestyle upgraders, and a series of big-ticket transactions in key micro-markets such as Worli, Bandra West, and Prabhadevi.

According to a joint report by India Sotheby’s International Realty and CRE Matrix, Mumbai luxury housing sales reached ₹14,750 crore between January and June 2025, up from ₹12,300 crore during the same period last year. The city recorded 692 units sold in this segment, compared to 622 units in H1 2024, underscoring a steady rise in demand for ultra-premium homes.

Sustained Demand from HNIs and Upgraders

A defining trend in H1 2025 has been the increasing involvement of HNIs and their families in the high-end housing market. These buyers aren’t just seeking a home they’re looking for lifestyle enhancement, exclusivity, and location advantage. The report notes that Mumbai luxury housing sales are now being driven by both traditional elite buyers and those upgrading from less central areas for better amenities and a more refined living experience.

Interestingly, 24% of luxury homebuyers in the top 10 Mumbai micro-markets came from outside South Mumbai, marking a significant shift in buyer geography. This movement reflects a changing mindset where the allure of premium living extends beyond heritage zones and into well-developed, high-rise corridors with strong infrastructure.

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Record-Breaking Deals Reshape the Market

The Mumbai luxury segment saw some landmark deals in the first half of the year, setting new benchmarks for property prices in India. Among the most talked-about was the acquisition of two sea-facing duplex apartments by Leena Gandhi Tiwari, Chairperson of USV Ltd, for a total consideration of ₹703 crore (inclusive of stamp duty and GST). The transaction, set in Naman Xana, Worli, is now the most expensive residential property deal in Indian history.

In the same tower, Shaula Real Estate struck a ₹225.8 crore deal, while AEX Real Estate LLP acquired a unit at Oberoi 360 West for ₹201.6 crore. At Lodha Sea Face in Worli, a ₹185 crore transaction was completed by Seema Singh, wife of Alkem Labs’ Mritunjay Kumar Singh. Bandra West also saw action, with Apco Infratech purchasing a triplex at The Legend by Ashar for ₹155 crore.

These high-value deals reflect growing confidence among ultra-rich buyers, and they significantly boost the overall value of Mumbai luxury housing sales.

Segment-Wise Breakdown Highlights Buyer Preferences

Out of the 692 luxury units sold in H1 2025, 352 units were in the ₹10–20 crore bracket, highlighting its continued dominance. Another 114 homes were sold in the ₹20–40 crore range a substantial increase from the 79 units sold in the same category in H1 2024. Notably, 35 units were sold above ₹40 crore, showing slight consolidation at the ultra-premium end.

This trend reflects a broadening base of affluent buyers, many of whom are moving from successful entrepreneurial ventures, finance, or senior corporate positions. These buyers are confident in long-term appreciation and are more discerning in terms of space, privacy, and branded living.

Top Localities Leading Mumbai Luxury Housing Sales

In terms of micro-market performance, Prabhadevi emerged as the top location for unit sales, with 56 luxury apartments sold in H1 2025, up from 42 last year. Byculla followed with 55 units, while Tardeo saw 47 sales. Bandra West and Goregaon East recorded 44 transactions each, while Worli saw a decline in volume from 60 to 32 units.

Despite the drop in sales volume, Worli remained the highest-grossing micro-market in terms of value, generating ₹2,400 crore in luxury sales—although this was 15% lower year-on-year. The decline in units sold, paired with stable overall value, suggests an increase in average ticket size per home.

Bandra West recorded a striking 192% surge in value, from ₹362 crore in H1 2024 to ₹1,057 crore in H1 2025 fueled by a mix of redevelopment, branded residences, and sea-facing inventory.

Larger Homes in High Demand

One of the most notable shifts in Mumbai luxury housing sales has been the rising preference for large-format homes. Properties measuring over 4,000 sq ft contributed 36% of the total luxury primary market value in H1 2025 up from 22% in the same period last year.

Buyers are prioritizing size, privacy, and multi-use spaces especially in the post-pandemic era where work-from-home, health, and entertainment amenities are key. Developers are responding by offering penthouses, duplexes, and custom layouts that cater to these preferences.

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Expert Insights and Market Outlook

Sudershan Sharma, Executive Director at India Sotheby’s International Realty, noted that Mumbai’s premium real estate market is at an inflection point. “Record sales in the first half of 2025 reflect a sustained appetite for ultra-luxury housing in both legacy and emerging markets. The combination of improved infrastructure and a slew of high-quality new launches has expanded the appeal of luxury living beyond traditional South Mumbai zones.”

Meanwhile, Abhishek Kiran Gupta, CEO of CRE Matrix, pointed to India’s growing wealth base as a key enabler. According to the UBS Billionaire Ambitions Report 2024, India now has 185 billionaires, more than double the number from a decade ago. Their combined wealth has grown over 260% to $905.6 billion. This rising affluence is directly feeding into the surge in Mumbai luxury housing sales, even as global uncertainties keep ultra-rich buyers slightly cautious.

Conclusion

The first half of 2025 has firmly cemented Mumbai’s position as India’s most dynamic luxury housing market. With a rise in HNI activity, record-breaking transactions, and growing interest in large-format homes, Mumbai luxury housing sales have set new benchmarks.

While the second half of the year may bring a more selective pace due to macroeconomic uncertainties, the long-term trajectory remains positive. For developers, the message is clear: the demand for premium living isn’t slowing down it’s evolving.

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