Based on data from the Maharashtra Real Estate Regulatory Authority (MahaRERA), the Mumbai real estate market, famous for its luxurious properties, saw an average daily launch of almost 150 property units during the first half of 2023. This number had almost doubled to about 200 units per day in 2022 compared to the pre-covid pandemic when around 100 units were launched daily.
Luxury home sales have experienced a robust surge of nearly 50% during the first half of 2023. Market data reveals that, in terms of volume, the luxury housing market in Mumbai saw a substantial increase, with 533 units sold in H1 2023 compared to 419 units in the same period of 2022. Notably, there has been an unprecedented demand for luxury homes priced above ?10 crore, resulting in record-breaking sales.
These numbers are poised to rise even further as we approach the festive season. Among the most significant beneficiaries of this anticipated surge will be the premium and luxury segments. This trend is supported by data from MahaRERA, which has shown an increase in the launch of larger 3 and 4 BHK apartments in the past two years.
Business for the real estate market in Mumbai will not be as usual in the upcoming festive season, but there is an expectation that sales might go up by 15% to 25%. Unlike Pune or Bengaluru, Mumbai is a more end-user-driven market when it comes to the residential real estate market, and these end users will get more active during the festive which will help boost sales.
