Buyer interest in high-end housing in Mumbai is currently focused not only on several ultra-luxury deals. Data for the April-June quarter shows that, on one hand, transactions exceeding 100 million rupees are supporting market activity, and on the other, growing sales of homes priced between 5 and 10 million rupees are strengthening the foundation of the luxury housing segment.
According to registration data from Maharashtra IGR by Lighthouse Luxury and Zapkey, in the first quarter of the 2026-27 financial year, 1,499 properties valued over 5 million rupees were registered in Mumbai, totaling 14,903 million rupees. Notably, a significant portion of this market is concentrated in a select few projects: approximately 3,815 million rupees in transactions were recorded in the top 10 buildings.
Only the Godrej Trilogy project generated turnover amounting to 799 million rupees. Among these projects, Godrej Trilogy Seafront was the leader: between April and June, 37 homes were registered here for a total of 799 million rupees, with an average transaction price of 21.6 million rupees. This means that the share of this project in the overall luxury housing market in Mumbai (over 5 million rupees) accounted for about 5.4 percent.
Oberoi Elysian ranked second, where 35 transactions were registered for a total of 488 million rupees, with an average transaction price reaching 13.9 million rupees.
The most telling feature of Mumbai's luxury real estate market is seen in projects such as 25 Downtown and Naman Xana. Only 16 homes were sold in 25 Downtown, but their total value reached 452 million rupees, corresponding to an average deal price of about 28.2 million rupees. In Naman Xana, only two transactions took place, but their total value reached 294 million rupees, yielding an average deal price of approximately 147.1 million rupees. This figure demonstrates the high concentration of the ultra-luxury market in Mumbai, where a few large deals can significantly influence overall market data.
Oberoi Sky City registered the highest number of homes among the top 10 projects—42 units. However, the average price per home here was 6.8 million rupees, and the total transaction volume reached 286 million rupees. Furthermore, Lodha The Park recorded a turnover of 278 million rupees through the sale of 37 homes, while Bombay Realty ICC achieved 241 million rupees across 31 deals.
These data paint two different pictures of Mumbai's luxury real estate market: some projects increase turnover through a large volume of sales, while others achieve high sales despite fewer units, thanks to the high value of each property.
The most significant change in the Mumbai luxury real estate market is observed in the shift in the average transaction value. In May, the average deal price was 10.3 million rupees, but in June, it dropped to 9.4 million rupees, even as the transaction volume increased. This indicates that market growth is now driven not only by ultra-luxury homes but also by the activation of sales of luxury housing starting from 5 million rupees.
Thus, the number of buyers in the Mumbai luxury real estate market is increasing, although the average house price is slightly decreasing.
In June, there was a slowdown in the purchase of homes valued over 50 million rupees: eight such homes were registered in April and May, but none in June. However, it is premature to consider this a sign of weakening demand in the luxury market; the results of the next quarter will show whether this was a temporary fluctuation due to a few large deals or if a genuine decline in interest in the most expensive properties has begun.
The geographical scope of demand for expensive homes is also changing: the total registration value of homes over 5 million rupees in Goregaon East was 552 million rupees, and in Borivali East—292 million rupees. Kandivali East is also consistently present in the sales of expensive homes. This suggests that the luxury market is no longer confined to South Mumbai and traditional prime areas; new premium projects in Mumbai's suburbs, improved connectivity, and relatively spacious homes are attracting buyers.
Current indicators of Mumbai's high-end real estate market present a mixed picture. Buyers of the most expensive homes remain active, as confirmed by individual deals exceeding 100 million rupees. Nevertheless, overall market growth is also occurring through homes priced between 5 and 10 million rupees and developing premium projects in Mumbai's suburbs.
Therefore, the next quarterly data will be crucial. If large deals exceeding 50 million rupees increase again, and the sales pace of homes priced between 5 and 10 million rupees is maintained, the Mumbai luxury real estate market could remain strong in terms of both sales volume and overall turnover.