Mumbai luxury homes: less space for the same money
Introduction
The 2026 Knight Frank report says Mumbai is India''s most expensive city for luxury homes. With ₹10 crore, you can buy less space than last year. The report also shows different trends in other cities and more rich people in India.
Main Body
In 2025, ₹10 crore bought 1,033 square feet of luxury home in Mumbai. In 2024, it bought 1,066 square feet. That is 3% less. In Delhi, the same money bought 2,207 square feet in 2025, down from 2,239. In Bengaluru, it fell from 3,983 to 3,843 square feet. In Hyderabad, from 5,414 to 5,360. The report also looked at US dollars. In late 2025, $1 million bought 96 square meters in Mumbai. In late 2020, it bought 106 square meters. That is 9% less. The report says this is because there is not much land, and many rich people from other countries want to buy. In Delhi and Bengaluru, the dollar bought a little more space over five years. Prices of luxury homes went up faster than the rupee lost value. The rupee lost 5.4% against the dollar. But home prices per square foot went up 8.7% in Mumbai, 6.9% in Delhi, and 9.4% in Bengaluru. So $1 million bought less space. Bengaluru''s price rise was one of the fastest in the world. Its rank in a global list went from 40th to 8th. Mumbai went from 21st to 10th. Delhi from 18th to 17th. The global list showed average price rise of 3.2% in 2025. Tokyo had the biggest rise (58.5%). Guangzhou had a fall (12.2%). Middle East had highest average growth (9.4%), mostly from Dubai (25.1%). Latin America and Caribbean grew 4.7%, Asia-Pacific 3.6%, Europe 3.3%. North America was the only region with a fall (0.9%). The report also gave numbers about very rich people in India. People with more than $30 million (not counting their home and collections) grew by 63% from 2020 to 2025. From about 12,000 to 19,877. India is now the 6th largest market for these ultra-rich. The report says this number will grow 27% more to 25,217 by 2031. Mumbai has 35.4% of India''s ultra-rich. Delhi and Chennai each grew their share by 3% in ten years. Hyderabad''s share grew by 1.3% since 2015. Shishir Baijal from Knight Frank India said India''s rise in the list shows the luxury home market is getting stronger. Bengaluru, Mumbai, and Delhi are becoming more important because people are getting richer and want homes. He said India''s economy keeps growing, and the number of rich people keeps going up. About Mumbai, he said it is India''s financial center. Being close to business, good lifestyle, and expensive homes creates a strong reason to buy. This shows a big change in how India creates wealth.
Conclusion
The 2026 Knight Frank report says Mumbai''s luxury homes are getting more expensive and you get less space. Delhi and Bengaluru have smaller changes. India''s very rich population grew a lot, and it will grow more. India is now an important market for luxury homes in the world.