Luxury Homes In Mumbai Record Transactions Worth A Whopping Rs 4000 Crore

The latest report by Square Yards titled 'List of most expensive homes sold in Mumbai- Jan-Jun 2021', captures an exhaustive list of the top residential transactions pegged at more than Rs 15 Crore in the island city during in H1, 2021. This does not include plotted developments. The total cumulative value for these transactions was more than Rs 4000 Crore, indicating that the luxury market in Mumbai had a good run in the first six months of 2021.

Talking about the luxury market in Mumbai, Anand Moorthy, Business Head, Data Intelligence & Asset Management, Square Yards says, "Mumbai being undoubtedly the most attractive and expensive real estate market in India boasts of highest number of transactions over Rs 15 Crore. It formed approximately 0.13% of the total residential sale transaction base of about 1.26 Lakh units in 2021 (Jan-May). There was a 63% hike in these high-ticket transactions compared to 2019 and 2020 which is attributed to lesser stamp duty, price correction of 15-30% in high value transactions and the recent cheer in equity markets."

Key Highlights of the List:

• More than 45% of the homes purchased in the above Rs 15 Crore category were priced between Rs 15-20 Crore while 40% were priced at Rs 20-30 Crore. Less than 10% of the transactions fell in the Rs 30-50 Crore budget bracket while homes priced above Rs 50 Crore formed 7% of the total share.
• Nearly 60% of the total transactions captured came from residential projects in Lower Parel.
• 60% of the total transactions were registered at 2% stamp duty indicating that the slashed stamp duty charges spurred a major uptick in the luxury segment in Q1, 2021.
• Higher floors were more preferred by luxury property buyers as 34% of the transactions recorded were for units on the 40th and above floors.
• Maximum number of transactions were noted for properties sized between 4,000-6,000 Sq.Ft. with 43% share of the total sales.
• Almost 67% of the buyers on the list were aged above 40 years while 35% of the buyers belonged to the real estate sector.