In 2023, the property market experienced substantial success, largely attributed to supportive government policies and a growing awareness among home buyers regarding the significance of homeownership. These factors have significantly contributed to an increase in housing demand across various property segments.

One of the prominent trends observed this year was the notable surge in luxury home sales in comparison to the affordable housing segment. This shift can be attributed to the enhanced affluence among home buyers, resulting in a heightened aspiration for luxurious living experiences. Notably, in Mumbai, there has been a distinct elevation in luxury living standards, with Penthouse living emerging as the latest trend among the affluent strata of society.

Outlook for 2024

Looking forward to 2024, there is a strong expectation that luxury living will reach new heights, especially among the residents of Mumbai. The prevailing trend towards luxury homes and penthouse living is expected to continue, and potentially intensify further, as the city’s elite and well-heeled individuals seek even more opulent and exclusive residential experiences. This anticipated trajectory suggests that 2024 will witness a further evolution and elevation in the standards of luxury living in Mumbai’s real estate market. (The author is Director, Atul Projects India Pvt. Ltd)