Mumbai: The contrast is stark. The most expensive, ultra-luxury homes in the city (more than Rs 50 crore) saw sales of just 23 apartments in the first half (H1) of 2026. On the other hand, during the same period, 17,148 flats costing less than Rs 50 lakh (mainly in the Mumbai Metropolitan Region or MMR) were sold.These are the findings in the latest Knight Frank India’s `India Real Estate: Residential and Office (Jan-June 2026)’ report released on Thursday.Despite the low base for premium apartments, there is a growing appetite among affluent homebuyers for such luxury homes, it said.Apartments costing between Rs 20 crore and Rs 50 crore in Mumbai recorded the strongest growth among all housing categories during the first six months (H1) of 2026, with sales rising 73% year-on-year (YoY) to 214 units. Ultra-luxury homes above Rs 50 crore remained niche, with 23 apartments sold in H1. However, sales in this category declined 32% YoY.Meanwhile, flats priced below Rs 50 lakh declined to 36% from 40% a year ago, while homes costing between Rs 1 crore and Rs 2 crore and between Rs 2 crore and Rs 5 crore expanded their share of total sales. Higher ticket-size categories above Rs 5 crore also recorded incremental gains.The report said Mumbai’s residential market maintained stable sales momentum in H1 2026 while continuing to broaden across both geography and price segments. Housing sales stood at 47,355 units in H1 2026, broadly in line with the corresponding period last year, while new launches increased by 8% YoY to 49,161 units. “The pickup in launches follows the moderation witnessed in 2025. Despite higher supply additions, unsold inventory declined by 4% YoY, indicating continued absorption across the market. Higher launches, declining inventory and continued price appreciation point to a market where supply additions have largely kept pace with end-user demand,” it said.Gulam Zia, international partner, senior ED, research, advisory, infrastructure and valuation, Knight Frank India, said: “Mumbai’s residential market continues to be supported by strong end-user demand and sustained infrastructure investment. While premium housing has accounted for a significant share of new launches in recent years, demand for mid-income and affordable homes remains substantial. Going forward, a more balanced supply mix, supported by redevelopment and increased participation from well-capitalised developers, will be important to address the city’s diverse housing requirements and sustain long-term market growth.”Average residential prices in the MMR were a shade below Rs 15,000 a square foot, showing a 4% increase from last year.In the commercial real estate segment, Mumbai recorded gross office absorptions at 7.3 million sq ft in H1 2026, a 33% YoY increase.The market continued to be driven by large institutional transactions, a diversified occupier base and changing leasing patterns across key office corridors. The period was anchored by JP Morgan’s 2.2 mn sq ft office lease in Powai, which accounted for nearly 31% of total leasing activity during the half-year and significantly influenced overall market performance,” said the Knight Frank report.
