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Over the past two months, luxury property deals worth Rs 800 crore have been reported in Mumbai’s real estate market: Key factors driving the surge
Inside Mumbai’s Luxury Real Estate Surge: What’s Fueling Record Transactions?
Mumbai’s Luxury Real Estate: Over the past two months, luxury property deals worth Rs 800 crore have been reported in Mumbai’s real estate market, with high-net-worth individuals (HNWIs) engaging in buy-and-sell transactions of premium apartments.
Despite a slowdown in the luxury segment’s sales in recent months, there has been a notable surge in high-end property transactions. Industry experts suggest this uptick is largely due to the financial year-end, with many HNWIs eager to finalize deals before the March 31 deadline. Additionally, anticipation of an increase in ready reckoner rates has added urgency to these transactions.
According to property registration documents, over Rs 800 crore worth of luxury property deals, including transactions involving upscale apartments in Mumbai, have been recorded in the last two months.
Ritesh Mehta, Senior Director and Head (North and West) of Residential Services and Developer Initiative at JLL India, a leading real estate consultancy, told Hindustan Times: “While the luxury segment in Mumbai has been sluggish recently, the recent increase in transactions is likely tied to the financial year-end.” He added, “Many individuals and families are liquidating stocks and moving their profits into real estate, especially in transactions over Rs 100 crore, driven by tax planning strategies, particularly to minimize capital gains tax.”
Experts also point to a sharp rise in property registrations in March, likely spurred by the expected 5% to 10% hike in ready reckoner rates in Maharashtra, which will take effect on April 1.
Notable High-End Property Deals in the Last Two Months
In January 2025, directors of financial consulting firm Sahastraa Advisors Private Limited acquired a luxury apartment at Avalon Tower by Lodha Group in Juhu, Mumbai, for Rs 106 crore.
In February 2025, Sujata Agarwal, director of 9 Sky View Residences Pvt Ltd, bought three luxury apartments in Juhu for a total of over Rs 104 crore, including taxes.
March saw at least three high-value property transactions, including:
- Amit Rathi, co-founder of QiCAP.AI, purchased an apartment in Palais Royale, India’s tallest building, located in Worli, Mumbai, for Rs 89.91 crore.
- Aruna Babulal Varma, wife of Omkar Realtors’ promoter Babulal Varma, bought a luxury apartment in Worli for Rs 68 crore.
- SR Menon Properties LLP acquired a 14,866 sq ft apartment at Lodha Sea Face, an under-construction project by Macrotech Developers, for Rs 187 crore.
Additionally, a few HNWIs have been selling properties in the last two months. Bollywood actor Akshay Kumar sold residential apartments worth nearly Rs 100 crore in Mumbai. In March 2025, Priyanka Chopra Jonas sold four luxury apartments, including a combined unit, for Rs 16.17 crore in Andheri West, according to documents accessed by IndexTap.