Guided by favorable market conditions, Luxury real estate sales in Mumbai for 2021 saw their greatest rise in four years, according to a report by a leading English daily. A total of 1,214 luxury units were sold in Mumbai in 2021 compared to only 548 a year earlier, a massive 126% rise.

Some of the city's most upscale micro-markets can be found in Worli, Lower Parel, Bandra, Tardeo, Prabhadevi, and Andheri. Luxury real estate sales in Mumbai (apartments costing more than Rs 10 crore) and Pune (apartments costing more than Rs 5 crore) reached their highest level in four years in 2021, and it is expected to set a new record the following year, 2022, as per the report. Given that 306 luxury housing units worth Rs 4,877 crore were sold in Mumbai during the first three months of the calendar year 2022, it is reasonable to expect the sales trend to continue this year.

Worli generated nearly a quarter of the total value of Mumbai's luxury market. The primary market accounts for two-thirds of total sales, with the secondary market accounting for the other one-third. In 2021, 848 units worth Rs 13,549 crore were sold in Mumbai's primary market (new sales), up from 349 units worth Rs 6,275 crore the previous year, according to the report. Last year, 366 units were sold for Rs 6,706 crore in Mumbai's secondary market (resale), up from 199 units the year before.

The luxury market has seen an increase in sales as a result of several factors, including low mortgage rates, discounts provided by builders and developers, a remission of stamp duty provided by state governments, and an increase in demand for larger residences that are equipped with luxury amenities. Having a place of one's own has taken on new significance as a result of this pandemic. Recognized developers who have a good track record of completing projects on schedule are in high demand from consumers.