Mumbai: Greater Mumbai’s luxury apartment segment is emerging as the primary driver of residential real estate activity in the city, with most high-value deals concentrated in the Rs 10 crore to Rs 20 crore range, even as overall home sales within the Brihanmumbai Municipal Corporation (BMC) limits show signs of levelling off.
Properties priced above Rs 2 crore have shown consistent growth and have continued to gain share even during periods when broader market volumes cooled. With the stock market correcting about 15% from its peak, Kapoor said the pool of investors with large realised gains—and the related incentive to reinvest in premium housing—could shrink. Because the above-Rs 2 crore category did not show the same dip seen elsewhere, liases Foras highlighted that the September quarter of 2026 stood out.
He said some buyers monetised equity market gains and redeployed proceeds into real estate, in part to optimise capital gains tax outcomes. In contrast, higher-priced homes have continued to expand. The divergence suggests that affluent end-users and investors remain active in the market, and that buyers in these segments are less sensitive to shifts in borrowing conditions or short-term macroeconomic volatility. Kapoor attributed a portion of recent demand to investor behaviour linked to gains in financial markets.
Annual residential sales within BMC limits climbed sharply from 16,371 units in 2016 to 48,772 units in 2024, nearly tripling over eight years. In 2025, sales slipped about 3% year-on-year to 47,473 units. The data points to a market increasingly shaped by two different trajectories: a volume-driven segment under pressure below Rs 2 crore, and a high-value segment that remains resilient and continues to attract capital.
Sales data compiled by real estate research firm Liases Foras indicates that Greater Mumbai’s housing market has shifted from a phase of rapid expansion to one approaching saturation in terms of transaction volumes. As overall sales stabilise, the composition of demand is shifting upward, with luxury and ultra-luxury purchases playing a larger role in sustaining activity within Mumbai’s residential real estate market. You Can Also Check: Gold Rate in Mumbai | Silver Rate in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Mumbai AQI | Weather in Mumbai | Petrol Price in Mumbai | Diesel Price in Mumbai | CNG Price in Mumbai | LPG Price in Mumbai
Momentum has weakened since then.