Luxury Real Estate In Mumbai Registers Record Growth
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The real estate sector in India is witnessing
unprecedented growth, thanks to robust demand. While the sector has been
experiencing significant growth in the past few years, what caught attention in
the first quarter of 2024 is the luxury housing segment. The buoyancy in real
estate can be attributed to the recent demand for luxury housing. According to
a Knight Frank India real estate sector report, the luxury housing segment
accounted for 41% of sales growth in the first half of 2024 (January to June).
Mumbai’s luxury
real estate has now achieved a remarkable milestone. It recorded
the highest-ever sales from luxury housing at ₹12,300 crore in the first half
of the year 2024. The previous year recorded ₹11,400 crore in sales. This means
sales grew by 7.69% compared to the same period last year if a report by India
Sotheby’s International Realty and CRE Matrix is to be believed.
Homes costing ₹10 crore and above have recorded
the highest sales, with 1040 units sold. This was the highest number recorded
in any 12-month period.
New properties worth ₹8,752 crore were sold in
the city of Mumbai. This is the second-highest sales record in the last five
years. The sale of old or pre-owned properties was worth ₹3,500 crore in H1
2024. Sales increased by 38% compared to the previous year.
What does this mean for luxury
residential real estate?
The new record sheds light on the city's
appeal as a prime location for luxury investments. There is a strong appetite
among buyers for exclusive, high-value properties, reflecting increased
confidence in the market.
The sustained growth in the luxury housing
segment presents an ocean of opportunities for real estate developers to focus
on high-quality, luxury projects that cater to the discerning tastes of
affluent buyers. Real estate developers should promote the unique selling
points of luxury properties, such as exclusive amenities and location
advantages, to attract potential buyers in this competitive market.
The demand for new luxury housing developments
indicates a shift toward modern living. Developers should prioritize innovative
designs and sustainable practices in their developments to align with buyers'
preferences for contemporary luxury. Staying on top
of market trends and consumer preferences through ongoing
research will help brands adapt their strategies and offerings to meet the
evolving demands of luxury homebuyers.
As luxury buyers seek unique and exclusive
properties, embracing new trends will be crucial for sustained success and
growth in the thriving luxury housing segment.
Article authored by: Team Propfynd
Date: 28th August, 2024