10 buildings, ₹3,815 crore: Where Mumbai's richest are buying homes

Mumbai’s luxury residential market was powered by a relatively small set of marquee projects in the April-June quarter, with 10 buildings together accounting for nearly ₹3,815 crore of registered transactions in the ₹5 crore-plus segment, according to Lighthouse Luxury and Zapkey data based on Maharashtra IGR registration records.

At the top was Godrej Trilogy Seafront, which recorded 37 deals worth ₹799 crore, with an average ticket size of ₹21.6 crore. That means the single project accounted for 5.4% of Mumbai’s entire ₹5 crore-plus residential market during the quarter.

The broader market recorded 1,499 registrations worth ₹14,903 crore in Q1 FY27.

Godrej Trilogy leads the project league

— Godrej Trilogy Seafront — accounted for ₹799 crore, 5.4% of the entire ₹5 Cr+ market, from 37 registrations averaging ₹21.6 crore. At the other extreme, Naman Xana reached ₹294 crore on two registrations averaging ₹147 crore — the whole of May’s ₹1

Godrej Trilogy Seafront was followed by Oberoi Elysian, which recorded 35 registrations worth ₹488 crore, with an average ticket size of ₹13.9 crore.

25 Downtown ranked third by value despite just 16 registrations. The project generated ₹452 crore, translating into a striking ₹28.2 crore average ticket size.

K Raheja Vivarea recorded 37 deals worth ₹417 crore, averaging ₹11.3 crore per transaction, while Rustomjee Crown recorded 25 deals worth ₹326 crore, with an average ticket size of ₹13 crore.

The standout in terms of ticket size, however, was Naman Xana. Just two registrations generated ₹294 crore, giving the project an extraordinary ₹147.1 crore average ticket size.

That compares with ₹6.8 crore for Oberoi Sky City, which recorded the highest number of deals among the top 10 projects at 42 transactions.

Point to note:

Eight registrations above ₹50 crore in April and May; none in June. Next quarter shows whether the top end paused or moved.

Ticket compression

The average ticket fell from ₹10.3 crore in May to ₹9.4 crore in June while volume rose —growth is coming from the entry rung.

Suburban luxury

Goregaon East (₹552 Cr), Borivali East (₹292 Cr) and Kandivali East (44 deals) are now fixtures in the ₹5 Cr+ table.

Volume versus ticket size

The project-level data highlights two very different ways in which developers are capturing Mumbai’s luxury market.

Oberoi Sky City generated ₹286 crore through 42 registrations, while Lodha The Park recorded 37 deals worth ₹278 crore. Bombay Realty ICC added ₹241 crore through 31 transactions.

At the other end of the spectrum, Naman Xana generated almost the same value with just two transactions. Its ₹147.1 crore average ticket illustrates how a small number of ultra-high-value purchases can materially influence the market.

Runwal Raaya completed the top 10, with 14 registrations worth ₹234 crore and an average ticket size of ₹16.7 crore.

Branded developers dominate

The project-level numbers broadly mirror the developer rankings.

Godrej Properties led the developer league with ₹1,304 crore across 110 registrations, followed by Lodha Developers at ₹889 crore across 92 registrations and Oberoi Realty at ₹633 crore across 81 registrations.

Prestige Group recorded ₹531 crore from just 20 transactions, resulting in an average ticket size of ₹26.6 crore—the highest among the top developers apart from the exceptional project-level figure for Naman Xana.

Overall, the top 10 developers accounted for ₹5,614 crore, or 37.7% of Mumbai’s total ₹5 crore-plus residential transaction value in the quarter.

Godrej Properties leads by distance at ₹1,304 crore, close to half as much again as Oberoi Realty behind it. But the table rewards two very different strategies: Hubtown reached ₹531 crore on only 20 registrations, an average ticket of ₹26.6 cr

Worli remains the epicentre

The concentration is even more evident at the micro-market level.

Worli topped Mumbai’s luxury property market with 97 registrations worth ₹2,272 crore, with an average ticket size of ₹23.4 crore.

That average was more than twice the city’s average for ₹5 crore-plus transactions. Worli’s 97 deals also exceeded the combined transaction count of the next two markets, Lower Parel and Bandra West.

Lower Parel recorded 81 deals worth ₹769 crore, while Bandra West registered 54 deals worth ₹575 crore.

But the market is spreading into the suburbs. Goregaon East recorded ₹552 crore across 46 transactions, Andheri West ₹425 crore across 60 deals, and Vile Parle West ₹413 crore across 45 transactions.

Worli’s 97 registrations averaged ₹23.4 crore each—more than twice the city’s average for ₹5 crore-plus transactions. Remarkably, Worli alone recorded more registrations than the next three micro-markets combined.

Luxury rentals tell a different story

Mumbai’s rental market at the very top end is considerably more concentrated than its sales market.

The quarter saw 23 leases registered at monthly rents of ₹10 lakh or more, with the median security deposit equivalent to 3.7 times the monthly rent.

Across these high-value leases, the rent contracted amounted to ₹3.90 crore every month, while the average monthly rent was ₹16.98 lakh.

Worli accounted for nine of the 23 high-value leases, while Bandra West accounted for another eight. Four of the Bandra West leases were concentrated in a single building in Pali Hill.

Security deposits broadly clustered around three months and six months of rent, with corporate tenants tending to pay the higher multiple.