Only 23 people bought a Rs 50 crore+ home in Mumbai this year. Here’s who’s actually buying

Headlines about Mumbai’s luxury real estate market often focus on its priciest transactions, but the numbers from the first half of 2026 tell a more grounded story. Just 23 apartments priced above Rs 50 crore were sold in the city during the period — and sales in that category actually fell 32% year-on-year, according to Knight Frank India’s “India Real Estate: Residential and Office (Jan-June 2026)” report, released Thursday.

Real demand growth is showing up elsewhere. Homes priced between Rs 1 crore and Rs 2 crore, and between Rs 2 crore and Rs 5 crore, both expanded their share of total sales during H1 2026, alongside incremental gains in categories above Rs 5 crore. Meanwhile, the strongest growth of any single category came from apartments priced between Rs 20 crore and Rs 50 crore, where sales rose 73% year-on-year to 214 units.

At the more affordable end, 17,148 flats costing less than Rs 50 lakh were sold in the Mumbai Metropolitan Region (MMR), though this segment’s overall share of total sales slipped to 36% from 40% a year earlier. Gulam Zia, international partner and senior executive director at Knight Frank India, said demand for mid-income and affordable homes “remains substantial” even as premium housing has accounted for a significant share of new launches in recent years.

Mumbai’s overall residential market maintained stable sales momentum in H1 2026, with housing sales at 47,355 units — broadly in line with the same period last year — while new launches rose 8% year-on-year to 49,161 units.