Mumbai’s luxury housing market continues to thrive, driven by evolving buyer aspirations and the growing appeal of green living as the new luxury. Modern homebuyers seek expansive layouts, world-class amenities, and a seamless blend of nature and urban convenience. Premium residences with open spaces, landscaped gardens, and wellness-focused designs are gaining traction as buyers prioritize a superior living experience, says Manju Yagnik, Senior Vice President of NAREDCO-Maharashtra, and Vice Chairperson of Nahar Group.
In an exclusive interview with Sanjeev Sinha, Ms Yagnik discusses luxury housing in India and shares her insights on the key factors shaping Mumbai’s real estate market. Excerpts:
Despite economic fluctuations, luxury housing continues to witness strong demand in India. What are the key drivers behind this trend?
India’s luxury housing market has shown remarkable resilience, with sales value across the top seven cities reaching Rs 279,309 crore in the first half of FY 2024-25—an 18% rise in unit sales. This shift reflects a strong demand for premium living spaces driven by multiple factors.
Rising disposable incomes, a growing base of ultra-high-net-worth individuals, and evolving lifestyle aspirations have fueled this demand. Homebuyers today prioritize larger homes with superior amenities, sustainable designs, and top-tier security. Additionally, real estate remains a preferred asset class for wealth preservation, with investors seeing luxury properties as stable long-term investments.
Mumbai has been a major contributor, accounting for 84% of ultra-luxury home sales, highlighting the city’s role as a prime luxury real estate hub. With developers offering innovative projects tailored to elite buyers, this sector continues to thrive, reinforcing confidence in high-end real estate investments.
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How do you see the current real estate landscape in MMR? Which micro-markets are witnessing the most traction, and what is driving demand in these areas?
The Mumbai Metropolitan Region (MMR) remains one of India’s most dynamic real estate markets, witnessing consistent growth driven by infrastructure advancements, employment opportunities, and evolving lifestyle preferences. The expansion of metro lines, highway developments, and increased connectivity to business districts have significantly enhanced the region’s appeal. MMR continues to attract homebuyers and investors looking for long-term value, particularly in well-developed and emerging micro-markets. The demand for premium residential spaces has surged, with buyers seeking spacious homes equipped with modern amenities,
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