Mumbai Dominates Ultra-Luxury Real Estate Market with 21 High-End Homes Sold in 2024
Mumbai leads the pack in ultra-luxury home sales, with 21 out of 25 units sold in 2024, despite being the most expensive residential market in India.
Ultraluxury Real EstateMumbaiLuxury HomesAnarockIndian Real Estate MarketReal Estate NewsSep 05, 2024
Mumbai tops the list of cities with the maximum sales of such properties, despite being the most expensive residential market in India. The city's attraction to HNIs and ultra-HNIs is unfailing, with many buying luxury homes for investment, personal use, or both.
Notably, the average ticket price of homes priced at INR 40 crore has witnessed a 2% rise in the last 8 months – from INR 1,00,208 per sq. ft. in 2023 to INR 1,02,458 per sq. ft. in August 2024. A deeper dive into the data reveals that homes priced INR 100 crore have seen a 14% price jump in the last eight months alone – from INR 1,24,697 per sq. ft. in 2023-end to INR 1,41,904 per sq. ft. in 2024 till date.
Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth Rs 2,200 crore - an 84% share of the total deals in this segment across the top cities. At least 2 separate ultra-luxury home deals collectively worth Rs 80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for Rs 95 crore, while Bengaluru also closed one deal worth Rs 67.5 crore.
At least 80% of the total deals were concluded by businessmen and 12% by senior professionals from across various sectors. Bollywood celebrities and leading legal and medical professionals accounted for the remaining 8%.
Demand for luxury and ultra-luxury homes has been scaling ever-rising heights since the pandemic. With demand soaring, developers have gone on a veritable launch spree for such high-priced homes.
Frequently Asked Questions
What is the total value of ultra-luxury homes sold in 2024 so far?
Approximately Rs 2,443 crore
Which city has seen the most sales of ultra-luxury homes in 2024?
Mumbai
What is the average ticket price of homes priced at INR 40 crore?
INR 1,02,458 per sq. ft. in August 2024
Who are the primary buyers of ultra-luxury homes?
Businessmen and senior professionals from across various sectors
What is the expected trend in the ultra-luxury real estate market for the remaining months of 2024?
A new peak is expected to be created in this segment over the four months remaining in 2024
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