by Sandeep Ahuja CEO of Atmosphere Living on home sales registrations for October 2024.

“November  2024 has been one of the best in the last 5 years with 133569 registrations in Mumbai. A slew of new project launches, varied range of choices, higher disposable income, improved sentiment due to festive season are some of the factors impacting demand and higher sales.

The notable point is that luxury homes are the most sold with the rise in demand from HNI and NRIs as Indian real estate, especially Mumbai, has become a hotspot for investment. The interesting development we are noting is that most buyers are first-time and end-users, with some new investors.

The sale of luxurious properties in Mumbai have been fluctuating over time as noticed in reports by Maharashtra IGR & CRE Matrix. 377 units sold out in the year 2019 had seen an upward leap of 429 units in 2020. However, this touched its maximum value with 863 units sold in the year 2021 followed by a very minute down in the figure that hit 781 in 2022. On the contrary, sales touched a bounce to 951 units in 2023. By June 2024, 622 luxury units have already been sold. These numbers reflect the vibrancy of luxury real estate sales in Mumbai. We expect the potential homebuyers to cast a wider net across India and many more cities and invest in premium developments. The steady economic growth projection will ensure real estate remains the premium asset class for investors.”