India’s financial capital, Mumbai, is known for being the most expensive real estate market, with billionaires purchasing homes worth hundreds of crores in luxury towers. The year has started with some remarkable deals, including a penthouse sold to industrialist B K Goenka for Rs 240 crore in a Worli luxury tower. Goenka bought the triplex through a group company in the luxury project, Three Sixty West.

In addition, industrialist Niraj Bajaj purchased a triplex in an under-construction tower in Walkeshwar for Rs 252 crore, making it the most expensive transaction in India. This 18,000 sq ft triplex, located close to the governor’s residence at Walkeshwar, was booked by Bajaj for the upcoming Lodha Malabar project.
Furthermore, the Taparia family made a significant deal by booking six luxury apartments in Lodha Malabar for Rs 369 crore.

Luxury housing supply in Mumbai saw a significant increase in 2022. Units costing over Rs 3 crore witnessed a 76% increase in new launches, with the highest increase of 147% seen in units costing between Rs 3 crore and Rs 5 crore. While the number of launches in the Rs 5 crore to Rs 10 crore segment decreased by 19%, units costing Rs 10 crore to Rs 20 crore and above saw a 142% increase in new supply.

Despite these extravagant deals, luxury projects in Mumbai remain a small percentage. Only 1% of flats sold in March 2023 were priced above Rs 20 crore, and those priced between Rs 5 crore and Rs 10 crore accounted for just 4% of sales, according to Knight Frank India. The unsold stock in Mumbai has increased by 57% since 2021, reaching 1,32,253 units, with luxury housing comprising 15% or 19,334 units.