Sales of Mumbai’s priciest homes fell even as demand grew for slightly cheaper luxury flats

Mumbai’s most expensive homes are becoming harder to sell, even as demand climbs for apartments just one tier below. Sales of ultra-luxury homes priced above Rs 50 crore fell 32% year-on-year in the first half of 2026, with just 23 such apartments sold in the city during the period, according to Knight Frank India’s “India Real Estate: Residential and Office (Jan-June 2026)” report, released Thursday.

By contrast, apartments priced between Rs 20 crore and Rs 50 crore recorded the strongest growth among all housing categories in H1 2026, with sales rising 73% year-on-year to 214 units. The report said that despite the low base for premium apartments overall, there is a growing appetite among affluent homebuyers for luxury homes in that slightly more accessible price bracket.

At the other end of the market, 17,148 flats costing less than Rs 50 lakh were sold in the Mumbai Metropolitan Region (MMR) during the same period, though this segment’s overall share of total sales declined to 36% from 40% a year earlier. Homes priced between Rs 1 crore and Rs 5 crore expanded their share instead, alongside incremental gains in categories above Rs 5 crore.

Mumbai’s overall residential market maintained stable sales momentum in H1 2026, with housing sales at 47,355 units, broadly matching the same period last year. New launches increased 8% year-on-year to 49,161 units, while unsold inventory declined 4% year-on-year despite the higher supply.