BackECONOMY
$1 million buys less real estate in Mumbai now than in 2020: Report
Knight Frank's Wealth Report 2026 shows Mumbai's purchasing power for $1 million falling from 106 sqm in Q4 2020 to 96 sqm in Q4 2025, highlighting worsening affordability for the ultra-rich. The report contrasts Delhi and Bengaluru, notes 56 over-$5 million transactions in Mumbai in 2025, and outlines broader UHNW growth and future projections for India.
Why It Matters
The findings illustrate a growing gap between wealth creation and luxury housing affordability in Mumbai, reinforcing its role as India's financial hub and influencing future luxury market dynamics.
Timeline
3 Events
Publication of Knight Frank Wealth Report 2026 findings
April 24, 2026
Knight Frank's Wealth Report 2026 was released. It highlights Mumbai's dominance in India's UHNW landscape, with the UHNW population rising 63% from just over 12,000 to 19,877 between 2020 and early 2026 and a projected 27% increase to 25,217 by 2031. The city accounts for 35.4% of India's UHNW population, and trends show a shift toward larger, amenity-rich luxury housing and branded developments.
Q4 2025 real estate purchasing power in Mumbai, Delhi and Bengaluru
December 2025
In Q4 2025, $1 million bought 96 sqm (1,033.33 sq ft) in Mumbai (down from 106 sqm in Q4 2020). In Delhi, $1 million bought 205 sqm (2,206.60 sq ft) and in Bengaluru 357 sqm (3,842 sq ft). The report notes 56 new-build residential transactions in the over-$5 million segment in 2025 and 38% GDP growth in India over the past five years.
Mumbai affordability for $1 million in Q4 2020
December 2020
The Wealth Report 2026 notes that in Q4 2020, $1 million could buy 106 sqm (1,140.97 sq ft) of real estate in Mumbai.