Luxury's New Address

DEMAND FOR LUXURY HOUSING IS NOT SHOWING ANY SIGN OF ENDING ANYTIME SOON. THE SEGMENT HAS CAUGHT THE IMAGINATION OF THE WELL-HEELED EVEN IN SMALL-TOWN INDIA

- JAYASHREE KURUP

WHEN DLF VENTURED into the Mumbai property market in July, India's largest real estate developer kept its sights low. It hoped to sell two of the four 37-storey towers in the first phase of the Westpark project in Andheri West.

Coming up on 5.18 acres carved out of a slum redevelopment site, Westpark drew sufficient demand for DLF and partner Trident Realty to announce that the 416 three- and four-bedroom units across the four towers had been sold out by July-end. The project recorded ₹2,300 crore in sales from buyers who included entrepreneurs, corporate leaders and entertainment industry figures.

To be sure, DLF has experienced this kind of buying frenzy for premium properties in the past, but in another geography—in Privana North in Gurugram, its home base. It clocked ₹11,000 crore of sales in a week. The company has reported sales of ₹21,223 crore in FY25, up 44% from ₹14,798 crore the previous year, the kind of success that does not happen by chance.

Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, says, "The inventory for Phase 1 of the (Andheri) project has been sold out in less than a week, a remarkable outcome in a market characterised by gradual absorption. Initially, we launched only two of the four planned towers, but due to exceptional demand, we brought all four towers to the market."

This confirmed a boom in Mumbai's premium luxury residential market where sales of such properties, priced ₹10 crore and above, touched a record ₹14,750 crore in the first half of 2025. Sales of residential units costing between ₹20 crore and ₹40 crore have grown 138% between the first half of CY2022 and the first half of CY2025 and account for a 23% share of the market, according to India Sotheby's International Realty and CRE Matrix Luxury Housing report.