As the demand for such properties grows, the city marks another new high of Rs 12,300 crore in H1 2024, with Worli cornering more than a third of the purchases.
While south Mumbai’s Worli accounted for 37% of the value of luxury home sales, there was a significant increase in this category in suburban Goregaon East.
Mahalakshmi, Prabhadevi, Mumbai Central, Malabar Hill, Bandra West, Lower Parel, Tardeo and Byculla also contributed to big sales.
It is pertinent to note that Bengaluru is following in the footsteps of Mumbai real estate market in buying premium luxury homes. According to sources, high-end residential units priced at Rs 10 crores and above have seen growing demand.
However, a luxury property in the IT capital with similar price specifications as its counterpart in Mumbai offers significantly more.
Presently, the built-up area in 4 BHK housing units priced around Rs 10 crores in Mumbai ranges between an average of 2,000 – 3,600 square feet, local brokers said. Meanwhile in Bengaluru, at the same price, the residents can fetch one a 4 BHK unit in prime locations across micro-markets, sprawling anywhere between 3,600-8,000 square feet.
Experts have attributed this to high land cost and scarcity in Mumbai.
Between January-March 2024, approximately 680 residential units priced above Rs 5 crores were sold in the IT capital, as per JLL report.
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