The value of residential sales in Mumbai is expected to cross INR 1 lakh crore in 2023 and go on to breach the INR 2 lakh crore mark in 2030.
Mr Ashwin Chadha, CEO, India Sotheby's International Realty
Over the past three years, Mumbai's housing market, particularly in the luxury segment, has demonstrated a consistent upward trajectory, mirroring the vitality of India's residential real estate sector. The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size.
Real estate has re-emerged as a significant component in the portfolios of Ultra High Net Worth Individuals (UHNIs), and we anticipate a further strengthening of demand from both High Net Worth Individuals (HNIs) and UHNIs. Given the rapid pace of wealth creation in India, coupled with Mumbai's trajectory towards joining the ranks of the top 20 cities with the highest number of millionaires by 2023, we believe there is an inherent robustness in Mumbai's luxury housing market that is poised to persist in the foreseeable future.
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