Mumbai Luxury Real Estate Prices Nearly Double Gurugram: Report

• Mumbai’s median luxury home price stands at ₹9.66 crore, highest in India

• Luxury pricing power remains strongest in South Mumbai, Worli–Lower Parel and Bandra West

• Affluent end-users, NRIs and investors drive demand in ₹5–10 crore and ₹10 crore-plus segments

Mumbai: Mumbai has further strengthened its position as India’s most expensive luxury housing market, with Mumbai luxury real estate prices reaching a median quoted value of ₹9.66 crore, nearly double that of Gurugram and more than three times Bengaluru’s levels. This is according to the Magicbricks India Luxury Housing Market Report 2025.

The report shows that Mumbai continues to command unmatched pricing power among Tier-1 cities, reflecting deep-rooted wealth concentration, sustained demand from high-income professionals, and limited availability of premium land parcels.

Mumbai Far Ahead of Other Tier-1 Cities

Among major Indian metros, Mumbai leads the luxury price charts by a wide margin. Median quoted prices across key markets are as follows:

• Mumbai: ₹9.66 crore

• Gurugram: ₹5.46 crore

• Bengaluru: ₹2.91 crore

• Hyderabad: ₹2.20 crore

• Chennai: ₹2.00 crore

• Pune: ₹1.97 crore

This pricing gap places Mumbai nearly two times costlier than Gurugram and over three times more expensive than Bengaluru, reinforcing its reputation as India’s most resilient and premium luxury real estate destination.

Luxury Pricing Power Remains Intact

While the overall Luxury Price Index (LPI) for Tier-1 cities has moderated slightly—from 2.32 in 2021 to 2.27 in 2025—Mumbai has moved in the opposite direction. The city’s luxury coefficient has climbed to 3.72, up from 3.32 last year.

This rise highlights Mumbai’s ability to sustain a sharp premium over mainstream housing, even as other cities see faster expansion in premium supply. According to the report, this resilience is driven by:

• A consistently strong base of ultra-affluent buyers

• High price tolerance among CXOs, HNIs, NRIs and finance-sector professionals

• Limited new supply in established luxury micro-markets

In contrast, cities like Gurugram and Bengaluru may be witnessing higher growth in premium housing volumes, but they lack Mumbai’s absolute pricing depth.

Prime Micro-Markets Continue to Dominate

Demand for luxury homes in Mumbai remains heavily concentrated in established, high-value neighbourhoods. The report identifies the following areas as the strongest demand drivers:

• South Mumbai (Malabar Hill, Walkeshwar, Nepean Sea Road)

• Worli–Lower Parel

• Bandra West

These micro-markets continue to attract wealthy end-users and investors seeking central locations, sea views, superior connectivity, and long-term value security.

Search activity for luxury properties has gained momentum through 2025, particularly in the ₹5–10 crore and ₹10 crore-plus segments. This trend signals a renewed appetite among domestic high-net-worth individuals as well as NRIs looking at India as a stable investment destination amid global uncertainty.

Developers Respond with Larger, Lifestyle-Led Homes

As Mumbai luxury real estate prices remain elevated, developers are adjusting product offerings to match evolving buyer expectations. New launches increasingly feature:

• Larger apartment configurations

• Gated luxury communities

• Amenity-rich, hospitality-inspired lifestyle projects

According to Magicbricks, the rise in user searches has been complemented by a steady increase in luxury listings, reflecting both strong demand and developer confidence.

“Mumbai’s luxury demand remains closely tied to high-value neighbourhoods such as South Mumbai, Worli–Lower Parel and Bandra West. Searches in the ₹5–10 crore and ₹10 crore-plus brackets have seen sharp momentum this year,” the report noted.

Emerging Luxury Markets, But Mumbai Remains Distinct

The report also highlights the emergence of new luxury residential corridors across India, including Noida Expressway, Devanahalli (Bengaluru), Ballygunge (Kolkata), and Porvorim (Goa). While these markets are gaining scale and attention, Mumbai’s luxury housing ecosystem continues to stand apart due to its maturity, depth, and sustained buyer demand.

Commenting on the trend, Prasun Kumar, CMO, Magicbricks, said that premiumisation in mainstream housing has gradually narrowed the price gap ratio between luxury and non-luxury homes. However, the absolute value difference has widened sharply in Mumbai.

“This shift reflects Mumbai’s unique economic profile—driven by dense wealth concentration, finance-led professional growth, and a strong aspiration for centrally located, well-connected luxury living,” he said.

Overall, the data reaffirms that despite high entry costs, Mumbai luxury real estate prices continue to set national benchmarks, supported by strong fundamentals that few other Indian cities can replicate.