Mumbai’s wealthy citizens, who seek forward-thinking and upward-looking homes, prefer a novel idea of ultra-luxury living. In Mumbai, duplex and triplex apartments redefined the definition of living in luxury.
Duplex and triplex apartments are becoming increasingly popular in Mumbai’s ultra-luxury residential market; they bring back memories of the bygone era when sprawling bungalows typified luxury living in this megacity. Mumbai’s wealthy citizens, who seek forward-thinking and upward-looking homes, prefer a novel idea of ultra-luxury living.
This change in the real estate market is especially noticeable in affluent areas like Worli, Bandra, Borivali, and Malabar Hill, where quiet neighborhoods provide an amazing setting for these lavish residences. These dwellings stand in stark contrast to the conventional horizontal ones. Large families will find plenty of room and privacy in these vertically designed spaces.
To put things in perspective, duplexes normally have two stories connected by an internal staircase or elevator, whereas triplexes have three stories connected by an internal staircase or elevator. The numerous bedrooms and living spaces on each floor add to the feeling of luxury and exclusivity.
Imagine a living area that is two stories high with a ceiling that reaches 24 feet. It gets a boost from wide balconies and terraces. Luxurious modern living is available to inhabitants of these architectural wonders, perched high above the busy city. These belong to the ultra-luxury housing market, which is currently very active. A discriminating group of purchasers is driving the demand for such opulent homes. High-net-worth individuals (HNIs) and NRIs are driving the hunt for luxurious real estate showcases of distinction. For these buyers, duplexes and triplexes provide opulent living quarters and are excellent investment opportunities. These opulent residences are affordable for a limited number of people, with starting prices as low as Rs 12.5 crore and prices that can reach over Rs 100 crore.
Duplexes and triplexes are becoming more and more popular as real estate investments that offer luxurious lifestyles and significant returns on investment. The emphasis has shifted to vertical expansion as redevelopment projects have sprung up throughout Mumbai, many of which are limited to small land parcels. Additionally, even in locations that have little room for horizontal development, developers now have the option to include duplex and triplex units.
These spacious residencies appeal to more people than just the wealthiest NRIs or conventional luxury buyers. A new customer demographic is developing, keen to modernize and reflect sophistication and finesse in their lifestyle choices. This change suggests that luxury in Mumbai is more about the caliber and distinctiveness of the living experience provided by the buyer’s chosen neighborhood rather than being restricted to particular regions.
Luxury duplex and triplex units with a sea view are 10% to 15% more expensive because of their stunning views. Homebuyers seeking an opulent lifestyle have a strong preference for these units. Despite their high prices, the appeal of living in a sky duplex or triplex with large, open areas and abundant amenities keeps affluent buyers interested.
Mumbai’s performance on the international scene is also a reflection of the growing demand for ultra-luxury real estate. Mumbai made a spectacular ascent from 37th place in 2022 to 8th place in 2023 on Knight Frank’s Prime International Residential Index (PIRI). This places Mumbai firmly among the top 10 leading luxury residential markets and shows an impressive 10% year-over-year growth in annual luxury residential prices.
Upmarket is extremely sought-after due to several factors, including the dynamically shifting nature of the market, intense pricing competition, and government initiatives aimed at promoting greater transparency. The demand for ultra-luxurious residential properties has significantly increased due to India’s rapid modernization and urbanization. The emergence of duplex and triplex residences in Mumbai’s ultra-luxury real estate market bears witness to the city’s changing goals, as can be observed upon closer examination.
Attracting the most affluent and discriminating buyers, these vertical living spaces offer an unmatched blend of luxury, space, and height. As long as buyers are drawn to vertical homes, Mumbai’s luxury living standards will be redefined, eventually elevating these multi-level residences to new heights of elegance and sophistication.