A budget of $1 million now buys less real estate in Mumbai compared to five years ago, highlighting the city's worsening affordability, even for the ultra-rich.
According to the Wealth Report 2026, released by international property consultant Knight Frank, $1 million bought 96 sqm of real estate in Mumbai in Q4 2025, down from 106 sqm in Q4 2020.
This decrease in purchasing capability has been driven by limited land availability, coastal constraints and strong global investor appeal, the report said.
In contrast, affordability has improved in other metros. In Delhi, the area purchasable for $1 million increased marginally from 202 sq m in Q4 2020 to 205 sq m in Q4 2025.
Mumbai remains India's wealth hub, accounting for 35.4% of the country's ultra-wealthy population. A 38% expansion in India's GDP over the past five years has accelerated wealth creation, particularly in technology, industry and capital markets.
