Mumbai Drives Bull Run in Luxury Housing

The bull run in Indian luxury housing continues even while property prices are on the rise, with Mumbai emerging as the biggest driver.

Luxury home sales in Mumbai have boosted revenue in February 2023 to Rs 1102 crore,  registering a rise of up to 79 percent in a year.

The total number of property registrations saw a drop of 8% in the year – from 10,379 total registrations in February 2022 to nearly 9,511 registrations in February 2023.

February 2023 has seen the highest revenue collection in Mumbai in the last five years during the same month.

One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 to cap capital gains at INR 10 Cr.

 The HNIs across top cities including Mumbai are rushing in to close luxury housing deals before the financial year ends in March. 

If one sells a house/other assets including equities and his/her gains are more than INR 10 crore, then maximum benefit that can be availed is only up to INR 10 crore when invested into another property.