Mumbai’s ultra-luxury housing market is drawing an increasing number of buyers from outside Maharashtra. According to CREMatrix data, among purchasers of homes priced above ₹25 crore between CY2023 and CY2025, Delhi accounted for the largest share of buyers, followed by Kolkata, Pune, Ahmedabad, and Bengaluru.
Industry experts say Mumbai continues to enjoy a distinct premium, driven by its deep luxury housing stock, global connectivity, established business ecosystem and reputation as a long-term store of wealth.
While Mumbai buyers accounted for nearly 85% of the over 700 transactions recorded in the ₹25 crore-plus segment, the remaining 15% were driven by buyers from cities such as Delhi-NCR, Kolkata, Pune, Ahmedabad and Bengaluru, highlighting the city’s ability to attract wealth from across India, data shared by CRE Matrix showed.
According to CREMatrix data, Mumbai recorded 477 primary market transactions involving homes priced above ₹25 crore, far ahead of other cities. This was followed by 21 transactions from Delhi-NCR, 13 from Kolkata, 12 from Gujarat, four from Bengaluru and three from Hyderabad.
Most buyers from Delhi-NCR purchased homes valued between ₹30 crore and ₹99 crore. Buyers from Kolkata acquired properties in the ₹29 crore to ₹60 crore range, while those from Ahmedabad purchased homes priced between ₹29 crore and ₹213 crore. Bengaluru-based buyers transacted in the ₹33 crore to ₹121 crore bracket, while buyers from Hyderabad recorded purchases worth around ₹80 crore, according to the analysis.
The trend indicates that India’s wealthy are increasingly viewing prime Mumbai real estate not merely as a residence, but as a long-term store of wealth and capital preservation asset, similar to how global investors perceive prime property markets such as London and New York, say experts.
“Mumbai’s ultra-luxury housing market is increasingly emerging as a national wealth destination rather than just a local residential market. While Mumbai buyers accounted for nearly 85% of the over 700 transactions recorded in the ₹25 crore-plus segment, the remaining 15% were driven by buyers from cities such as Delhi-NCR, Kolkata, Pune, Ahmedabad and Bengaluru, highlighting the city’s ability to attract wealth from across India,” Abhishek Kiran Gupta, CEO, CRE Matrix, told
“As wealth creation accelerates across multiple economic centres, affluent households are becoming far more location-agnostic in their real estate investments. Mumbai continues to command a unique premium due to its depth of luxury inventory, global connectivity, established business ecosystem and long-term wealth preservation potential,” he said.
Why are buyers from Delhi-NCR, Bengaluru and Kolkata purchasing ultra-luxury homes in Mumbai?
Capital preservation: One of the key reasons wealthy buyers from cities such as Delhi-NCR, Pune, Bengaluru, and Kolkata are purchasing ultra-luxury homes in Mumbai is to preserve capital. Prime residential properties in marquee locations have historically benefited from limited supply, strong demand and long-term value appreciation, making them attractive wealth-preservation assets. Increasingly, affluent buyers view Mumbai’s ultra-luxury homes not just as residences but as trophy assets and long-term stores of capital, much like investors globally regard prime real estate in cities such as London, New York and Dubai, say experts.
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Financial capital advantage: status as India’s financial capital is another major draw for ultra-high-net-worth individuals from across the country. The city remains the centre of the nation’s banking, financial services, capital markets and private equity ecosystem, attracting entrepreneurs, investors, business families and senior corporate executives. For many wealthy buyers, owning a premium home in Mumbai offers not only access to business and investment opportunities but also a strategic presence in India’s most influential financial hub.
Global-city appeal: Mumbai’s prime residential neighbourhoods, including Malabar Hill, Worli, Prabhadevi, Bandra and Juhu, are increasingly being viewed as trophy assets by India’s wealthy. Much like prestigious addresses in global cities such as New York, London and Dubai, these locations offer exclusivity, limited supply, strong brand value and long-term appreciation potential, making them highly sought-after destinations for ultra-luxury homebuyers, said experts.
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Diversification of wealth: Portfolio diversification is another key factor driving demand for Mumbai’s ultra-luxury homes. Ultra-high-net-worth individuals typically spread their wealth across multiple asset classes, including equities, private businesses, gold and real estate. Prime residential properties in Mumbai are increasingly being viewed as a strategic asset that offers both capital preservation and long-term appreciation, while helping diversify investment risk, they say.
Prestige factor: For many ultra-wealthy buyers, owning a home in Mumbai’s most exclusive neighbourhoods is as much about prestige as it is about investment. A landmark address in areas such as Malabar Hill, Worli, or Bandra carries significant social and business cachet, akin to owning prime real estate in global gateway cities such as London, New York, or Dubai. Such properties are often viewed as status symbols that reflect wealth, influence, and long-term success, experts said.
Inter-generational asset: Many affluent families acquire ultra-luxury homes in Mumbai as long-term, inter-generational assets rather than for immediate use. These properties are often viewed as legacy investments that can be passed on to future generations, preserving family wealth while benefiting from potential appreciation over time. For such buyers, the focus is less on short-term returns and more on owning a scarce, high-value asset in one of India’s most sought-after real estate markets, they said.