The luxury property market in Mumbai, India’s financial capital, is experiencing a surge in demand, with over Rs 800 crore worth of high-end property deals recorded in February and March alone. Affluent individuals, including business leaders and celebrities, are driving this trend. One notable example is Sarvesh Singh, executive director of Alkem Laboratories, who recently acquired a sea-facing duplex in Bandra’s Supreme ArtHouse for Rs 174 crore. The 12,148 square foot property offers breathtaking views of the Arabian Sea and is considered one of the most expensive home purchases on the Bandra seafront.
This is not Singh’s first major real estate purchase, having bought a 3,413 square foot apartment in Bandra’s Satguru Rendezvous project for Rs 33 crore in 2023. Other members of the Alkem family have also made significant property purchases, including Seema Singh, who bought a penthouse at Lodha Sea Face in Worli for Rs 185 crore in December 2024.
Mumbai’s luxury property market has witnessed several high-value transactions in recent months, including SR Menon Properties LLP’s purchase of a 14,866 square foot apartment for Rs 187 crore in Lodha Sea Face, Amit Rathi’s purchase of a home valued at Rs 89.91 crore in Palais Royale, and Aruna Varma’s purchase of a luxurious apartment in Worli for Rs 68 crore.
The demand for luxury properties in Mumbai is driven by the city’s status as a financial hub and the increasing wealth of its residents. Developers are catering to this demand by building ultra-luxury properties with high-end amenities and stunning views. Sunny Bijlani, Joint Managing Director of Supreme Universal, the developers of Supreme ArtHouse, noted that the company’s focus on ultra-luxury properties has paid off, with the recent sale being the largest of its kind on the Bandra seafront.
Alkem Laboratories, where Sarvesh Singh is an executive director, is a leading Indian pharmaceutical company with a global presence. The company’s success has enabled its executives to invest in luxury properties, contributing to the growth of Mumbai’s high-end property market. Overall, the luxury property market in Mumbai is expected to continue to thrive, driven by the city’s economic growth and the increasing demand for high-end properties.