Mumbai’s luxury real estate market has seen a drastic increase to Rs 20,255 crore, the highest in 2021 in four years, and may already be on its way to setting a new record in 2022, according to a joint report by India Sotheby’s International Realty (SIR) and CRE Matrix.

Total volumes of sales were at 1,214 luxury residential properties (properties priced at over Rs 10 crore each) in 2021, compared to 598 units worth Rs 9,872 crore in 2018.