The rich in Mumbai are buying properties like never before

Mumbai’s appetite for large and luxurious homes is growing. The unsold inventory of homes priced above ₹2.5 crore — fell by a quarter by the end of March 2023, as compared to the same quarter last year.

Mumbai’s appetite for large and luxurious homes is growing. The unsold inventory of homes priced above ₹2.5 crore — fell by a quarter by the end of March 2023, as compared to the same quarter last year.

By the end of the first quarter of 2023, Mumbai had 15,520 units of unsold apartments at the aforementioned price point. This is the lowest inventory of luxury homes that the city has seen in a long time, says Anuj Puri, chairman of Anarock Group.

“Luxury homes have been driving housing sales across most cities since the first Covid-19 wave. “The quest for more space - one of the defining characteristics of luxury homes - fuels most of this demand, which has helped developers to clear significant chunks of their unsold luxury stock,” says Puri.

These homes also bucked the general trend in Mumbai, as the unsold inventory across all other price points increased during the quarter. In general, homes priced between ₹40-80 lakh rose the highest at 33%, while those priced between ₹80 lakh - ₹1.5 crore rose at 23%.