Mumbai: 3,000 Luxury Flats Worth INR 38,000 Crore Sold In 2023

Due to a shortage of reasonably priced public housing, nearly half of Mumbai’s population lives in slums; yet, wealthy people are swarming to purchase opulent flats worth above INR 5 crore in posh towers that are popping up all over the city, according to media reports. In Greater Mumbai, about 3,000 brand-new, opulent flats were sold in 2023 for a total price of over INR 38,000 crore.

According to data produced by real estate research and data analytics firm Liases Foras, this was twice as many high-priced flats sold in 2022. In the year 2022 about 1,567 sales totaling INR 14,638 crore were recorded. Seventy percent of the 1,916 opulent flats purchased in the previous year were priced between INR 5 crore and INR 10 crore. The roughly 1,000 that were left were ones that cost more than INR 10 crore. Approximately 8% of all flat sales were made up of them; 34,533 units valued at INR 93,000 crore were sold in 2023. Luxury flat sales accounted for 41% of all sales in the city in terms of value.

In 2023, there were several high-profile real estate transactions in Greater Mumbai. One of the largest came in March of last year when businessman Niraj Bajaj paid INR 252 crore to purchase an 18,000-square-foot triplex in the Lodha Malabar skyscraper in Walkeshwar, which was still under construction. Industrialist B K Goenka paid INR 240 crore in February of last year for a 30,000 square foot penthouse in the opulent Worli building Three Sixty West.