Mumbai recorded over 700 transactions in the ₹25 crore-plus housing segment between calendar year 2023 and 2025, according to data analysed by CRE Matrix, a real estate consultancy firm.
While Mumbai-based buyers accounted for nearly 85% of these transactions, the remaining 15% came from affluent buyers across India.
During the period analyzed, Mumbai recorded 477 primary market transactions involving homes priced above ₹25 crore.
Where are the buyers coming from?
The data also revealed strong participation from buyers outside Maharashtra. Delhi-NCR accounted for 21 transactions, followed by Kolkata with 13 transactions, Gujarat with 12 transactions, Bengaluru with four transactions, and Hyderabad with three transactions.
These were not small-ticket purchases.
According to the analysis, buyers from Delhi-NCR purchased homes largely in the ₹30 crore-₹99 crore range, while buyers from Ahmedabad bought homes valued between ₹29 crore and ₹213 crore. Bengaluru-based buyers acquired residences worth between ₹33 crore and ₹121 crore, while Hyderabad buyers recorded transactions worth around ₹80 crore.
Why are wealthy Indians buying in Mumbai?
The answer lies in how India’s wealth landscape is evolving.
Over the past five years, wealth creation has accelerated beyond Mumbai. Entrepreneurs, startup founders, professionals, industrialists and investors in cities such as Bengaluru, Gurugram, Hyderabad, Ahmedabad and Pune have seen substantial increases in net worth.
At the same time, Mumbai remains India’s deepest luxury housing market.
“One of the biggest reasons affluent buyers invest in Mumbai’s luxury housing market is capital preservation.
Prime residential properties in locations such as Worli, Malabar Hill, Bandra, and Juhu benefit from limited supply and consistent demand. These factors have historically supported long-term value appreciation.
As a result, many wealthy investors view Mumbai’s luxury homes as reliable wealth-preservation assets. This is similar to how global investors view prime properties in London, New York, and Dubai,” said CRE Matrix in a note.
Areas such as Malabar Hill, Worli, Prabhadevi, Bandra, and Juhu offer exclusivity, prestige, and limited housing inventory. These locations attract buyers who seek properties that combine luxury living with long-term investment value.
“Just as prestigious addresses in London, New York, or Dubai command strong demand, Mumbai’s prime residential neighborhoods increasingly function as trophy assets within India’s luxury real estate market,” said Abhishek Kiran Gupta, CEO and Co-Founder of CRE Matrix.
A shift from homes to wealth assets
The trend reflects a broader change in Indian real estate.
Historically, luxury homes were largely end-user purchases. Today, many ultra-high-net-worth individuals view premium residential real estate as part of their wealth allocation strategy.
The appeal is understandable.
According to CRE Matrix’s Pan India Housing Market report, homes worth approximately ₹7.3 lakh crore were sold across India’s Tier-1 cities in 2025, more than double the value recorded in 2021. The report also notes that Indian households continue to allocate a majority of their assets to real estate, making it the country’s preferred wealth-creation vehicle.
Mumbai versus the rest of India
Ironically, Mumbai is attracting outside wealth even as other luxury markets are booming.
Gurugram, for instance, overtook Mumbai as India’s fastest-growing luxury housing market in 2025, recording ₹24,120 crore worth of sales in homes priced above ₹10 crore, according to a report by Sotheby’s International Realty and CRE Matrix.
Similarly, Bengaluru, Hyderabad and Pune have witnessed strong price appreciation driven by technology-sector wealth creation and infrastructure growth. Bengaluru recorded the highest residential price growth among major cities in early 2026, while MMR, NCR and Hyderabad also posted strong gains.
Yet when it comes to trophy assets, Mumbai continues to command a premium.
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