The Mumbai real estate market has experienced a surge in prices due to the continued demand for luxury high-rise buildings. The trend is being fueled by the purchase of these properties by prominent individuals, including Creative Plastics Group and Indian singer, Sonu Nigam.

Sonu Nigam recently purchased two apartments in the Unicorn Building located in Andheri West for a staggering INR 11.37 crores, while Creative Plastics Group acquired eight units for a total of INR 154.6 crores. This is indicative of the growing trend of high-end real estate purchases in Mumbai.

The founder and MD of Liases Foras has reported that the luxury housing market in Mumbai has witnessed a substantial increase in supply in recent years. In 2022, there was a significant 76% surge in the launch of units priced at Rs 3 crore and above. This points to a rising demand for luxury properties in the city.

Furthermore, the global property consultancy firm Knight Frank India has reported that only 1% of apartments sold in Mumbai in 2023 were priced at INR 20 crore or above, while 4% were priced between INR 5 crore and INR 10 crore. These figures reveal that the high-end segment of the market is witnessing sustained growth, while there is also a strong demand for mid-range luxury properties.

In conclusion, the Mumbai real estate market is currently experiencing a hike in prices, which is being driven by the demand for luxury high-rise buildings. The trend is evident from the purchases made by prominent individuals such as Sonu Nigam and Creative Plastics Group. The rise in supply of luxury properties also highlights the growing demand for such units in the city.