List of most expensive homes sold in Mumbai REPORT: BOOMING PROPERTY BUSINESS! Luxury homes in Mumbai record transactions worth Rs 4000 crore in H1 of 2021

Mumbai’s luxury realty market had a booming business in the H1 of 2021 amid the COVID-hit market. The latest report by Square Yards titled ‘List of most expensive homes sold in Mumbai- Jan-Jun 2021’, captures a list of the top residential transactions pegged at more than Rs 15 crore in the island city during H1, 2021. This does not include plotted developments. 

The total cumulative value for these transactions was more than Rs 4,000 crore, indicating that the luxury market in Mumbai had a good run in the first six months of 2021.

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Talking about the luxury market in Mumbai, Anand Moorthy, Business Head, Data Intelligence & Asset Management, Square Yards, said: “Mumbai is undoubtedly the most attractive and expensive real estate market in India boasts of the highest number of transactions over Rs 15 crore.”  

He further added: “It formed approximately 0.13 per cent of the total residential sale transaction base of about 1.26 lakh units in 2021 (Jan-May). There was a 63 per cent hike in these high-ticket transactions compared to 2019 and 2020, which is attributed to lesser stamp duty, price correction of 15-30 per cent in high-value transactions and the recent cheer in equity markets.” 

The list also highlighted that more than 45 per cent of the homes purchased in the above Rs 15 crore category were priced between Rs 15-20 crore, while 40 per cent were priced at Rs 20-30 crore. 

Less than 10 per cent of the transactions fell in the Rs 30-50 crore budget bracket, while homes priced above Rs 50 crore formed 7 per cent of the total share.  

Nearly 60 per cent of the total transactions captured came from residential projects in Lower Parel. Over 60 per cent of the total transactions were registered at 2 per cent stamp duty indicating that the slashed stamp duty charges spurred a major uptick in the luxury segment in the first quarter of 2021, the report mentioned. 

The Square Yards reported that higher floors were more preferred by luxury property buyers as 34 per cent of the transactions recorded were for units on the 40th and above floors.  

The maximum number of transactions were noted for properties sized between 4,000-6,000 Sq. Ft. with 43 per cent share of the total sales, it said. 

Almost 67 per cent of the buyers in the list was aged above 40 years, while 35 per cent of the buyers belonged to the real estate sector, it added.