Report
Luxury homes worth Rs 500 crore sold in South-Central Mumbai localities in October
Beginning the festive quarter on a distinct upbeat note, South-Central Mumbai localities witnessed luxury home sales worth Rs 500 crore last month. In 2019, the corresponding period saw luxury sales worth approx. Rs 150 crore, thus improving by >230 per cent in the year.
South-Central localities include Worli, Prabhadevi, Mahalaxmi, Tardeo and Lower Parel, among others, with average ticket prices beginning Rs 4 crore onwards.
These micro markets host some of the biggest and most prestigious luxury housing projects in the city, and thus attract business honchos, sports personalities and other celebrities, start-up founders and C-Suite professionals.
As per ANAROCK research, the unsold stock in South-central Mumbai localities has reduced by over 5 pc in a year – from approx. 11,870 units as on Q3 2019-end, it had decreased to nearly 11,300 units by Q3 2020-end. Luxury housing developers active in these micro-markets, previously struggling to sell unsold stock here, are breathing easier now.
- Previous years’ data indicates that unsold stock in these premium localities had risen by 8 pc in 2019 as against 2018. As on Q3 2018-end, the unsold stock in the localities collectively was over 11,000 units which increased to 11,870 units by Q3 2019-end.
- Back in Q3 2017-end, the unsold inventory in South-central localities was merely 8,350 units.
Source: ANAROCK Research
South-Central Mumbai has traditionally ranked as the most aspirational residential destination in the city, housing the financial capital’s who’s who – including business magnates, film stars, prominent sports personalities and other celebrities. This phenomenon continues, even though newer precincts are competing with South-Central Mumbai’s legacy areas, especially among the nouveau riche. The limited new supply in highly aspirational South-Central Mumbai continues to command a premium among wealthy buyers.
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