Mumbai’s ultra-luxury housing market is increasingly attracting affluent buyers from across India, with high-net-worth individuals from cities such as Delhi, Kolkata, Bengaluru, Pune and Ahmedabad investing heavily in premium residences priced above Rs 25 crore. Industry experts say the trend reflects Mumbai’s growing status as a national wealth destination rather than merely a local housing market.
According to data from CRE Matrix, Mumbai dominated the country’s ultra-luxury residential segment between 2023 and 2025, recording 477 primary-market transactions valued above Rs 25 crore. While local buyers accounted for nearly 85% of more than 700 transactions in this category, the remaining 15% came from buyers based outside Maharashtra.
Among non-Mumbai purchasers, Delhi-NCR accounted for the largest share, followed by Kolkata, Pune, Ahmedabad and Bengaluru. Buyers from Delhi-NCR primarily acquired homes priced between Rs 30 crore and Rs 99 crore. Purchases from Kolkata ranged between Rs 29 crore and Rs 60 crore, while Ahmedabad-based buyers invested in residences valued between Rs 29 crore and Rs 213 crore. Bengaluru buyers acquired homes in the Rs 33 crore to Rs 121 crore range, while buyers from Hyderabad recorded transactions worth around Rs 80 crore.
Industry observers attribute this demand to several factors. Prime Mumbai real estate is increasingly viewed as a long-term wealth-preservation asset, similar to prestigious residential markets in cities such as London, New York and Dubai. Limited supply, strong demand and long-term appreciation potential have enhanced the appeal of luxury homes in locations such as Malabar Hill, Worli, Bandra, Juhu and Prabhadevi.
“Mumbai’s ultra-luxury housing market is increasingly emerging as a national wealth destination rather than just a local residential market. While Mumbai buyers accounted for nearly 85% of the over 700 transactions recorded in the Rs 25 crore-plus segment, the remaining 15% were driven by buyers from cities such as Delhi-NCR, Kolkata, Pune, Ahmedabad and Bengaluru, highlighting the city’s ability to attract wealth from across India,” Abhishek Kiran Gupta, CEO, CRE Matrix, told Hindustan Times Real Estate. “As wealth creation accelerates across multiple economic centres, affluent households are becoming far more location-agnostic in their real estate investments. Mumbai continues to command a unique premium due to its depth of luxury inventory, global connectivity, established business ecosystem and long-term wealth preservation potential,” he said.
Experts note that apart from investment value, Mumbai’s position as India’s financial capital, its global-city appeal, portfolio diversification benefits, prestige factor and potential as an inter-generational asset continue to drive demand for the city’s most exclusive homes.
Source: Hindustan Times
