While middle-class house buyers are struggling with steep EMIs and dipping affordability, the ultra-rich of Mumbai are making realty history. The luxury residential market of Mumbai homes priced over ₹10 crore, has hit all-time highs in the first half of 2025.
Mumbai has seen ₹14,750 crore worth of sales in luxury residences during H1 2025, an 11% year-on-year increase from ₹12,300 crore in the first half of last year, as per a joint study by India Sotheby's International Realty and CRE Matrix.
The sea-facing neighbourhood of Worli, famously known as India's Billionaire's Row, has again been the top luxury micro-market of choice, generating 22% of overall primary sales value. It still accommodates India's highest-earning business families like Uday Kotak, Ajay Piramal, Leena Gandhi Tewari, and Hemendra Kothari.
Residential properties worth more than ₹40 crore are gaining popularity, with sales growing three times—17 units in H1 2022 to 53 units in H2 2024.
Buyers in the age bracket of 45–65 are the ones demanding it, reflecting mature, moneyed customers. Spacious apartments between 2,000 sq ft and 4,000 sq ft are most sought after, and they comprised 70% of primary sales.
Notably, 24% of the buyers were from outside South Mumbai, indicating a definite upgrade in lifestyle and ambitions. Goregaon East alone accounted for almost 7% of ultra-luxury homebuyers in high-end deals.
The boom is not a blip, according to real estate analysts. A mix of economic strength, wealth creation, and lifestyle upgrades is driving the ultra-luxury segment.
Sudershan Sharma, Executive Director of India Sotheby's International Realty said, "H1 2025 record sales reflect a continued hunger for ultra-premium residences, particularly in top locations such as Worli, Bandra, Malabar Hill, Tardeo, and Prabhadevi. Improved infrastructure and quality launches have fuelled demand."
As per the UBS Billionaire Ambitions Report 2024, India has 185 billionaires today, up from more than double since a decade ago. Combined wealth? A whopping $905.6 billion, 263% up over ten years.
However, experts also warn that the second half of 2025 will see guarded optimism, and uncertainty at a global level regarding tariffs, geopolitics, and finance may subdue the momentum.
Some of the largest real estate transactions this year are:
While affordability for average buyers remains a challenge, Mumbai’s ultra-rich are reshaping the skyline with record-breaking purchases. Whether this boom sustains or slows, one thing is clear—the city’s luxury market is in a league of its own.
