Mumbai sold just 23 homes above Rs 50 crore in six months. Here’s what that says about the market

The contrast is stark. The most expensive, ultra-luxury homes in Mumbai — those priced above Rs 50 crore — saw sales of just 23 apartments in the first half of 2026. During the same period, 17,148 flats costing less than Rs 50 lakh, mainly in the Mumbai Metropolitan Region (MMR), were sold.

These are the findings of Knight Frank India’s “India Real Estate: Residential and Office (Jan-June 2026)” report, released on Thursday. Despite the low base for premium apartments, the report said there is a growing appetite among affluent homebuyers for such luxury homes. Apartments costing between Rs 20 crore and Rs 50 crore in Mumbai recorded the strongest growth among all housing categories during H1 2026, with sales rising 73% year-on-year to 214 units. Ultra-luxury homes above Rs 50 crore remained niche, with sales in that category actually declining 32% year-on-year.

Meanwhile, flats priced below Rs 50 lakh declined to a 36% share of total sales, down from 40% a year earlier, while homes costing between Rs 1 crore and Rs 2 crore, and between Rs 2 crore and Rs 5 crore, expanded their share. Higher ticket-size categories above Rs 5 crore also recorded incremental gains.

Overall, Mumbai’s residential market maintained stable sales momentum in H1 2026 while continuing to broaden across both geography and price segments, the report said. Housing sales stood at 47,355 units, broadly in line with the same period last year, while new launches increased 8% year-on-year to 49,161 units. Average residential prices in the MMR were a shade below Rs 15,000 per square foot, a 4% increase from last year.