Mumbai Dominates Ultra-Luxury Real Estate Market with 52 High-End Deals in 2024
In 2024, the ultra-luxury real estate market saw a significant surge, with 59 homes priced over ₹40 crore sold across the top seven cities. Mumbai alone accounted for 52 of these deals, representing an 88% share of the total market.
Ultraluxury Real EstateHighend HomesMumbai Real EstateLuxury Property MarketReal Estate TrendsReal Estate NewsJan 09, 2025
Anarock's data reveals a 17% increase in the total sales value compared to 2023, when 58 ultra-luxury homes worth ₹4063 crore were sold.
Mumbai stands out as the epicenter of this luxury housing boom, with 52 ultra-luxury units sold, representing an 88% share of the total deals.
Delhi-NCR, on the other hand, recorded three deals, two of which were in Gurugram and one in New Delhi.
Bengaluru and Hyderabad each saw two deals, each priced over ₹40 crore.
Of the 59 ultra-luxury properties sold, 53 were apartments, while six were bungalows.
The data shows that 17 of these homes were priced at more than ₹100 crore each, contributing a total of ₹2,344 crore to the overall sales value.
In Mumbai, 16 of these high-value deals were recorded, with 14 being apartments in prime locations such as Worli, Malabar Hill, and Pali Hill, and two bungalows in Cuffe Parade and JVPD.
Gurugram in Delhi-NCR also saw one ultra-luxury home priced over ₹100 crore sold.
Anuj Puri, Chairman of ANAROCK Group, commented on the market dynamics 'HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both.
This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust buyer demand.
Although there was only a one-unit increase in the number of transactions closed in 2024 compared to 2023, there was a 17% annual increase in value during the same period.
Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand.'
The surge in luxury housing demand can be traced back to the COVID-19 pandemic, which generated a significant increase in demand for luxury and ultra-luxury housing.
This trend shows no signs of slowing down.
From 2022 to 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approximately ₹9,987 crore.
In 2022, 13 deals worth approximately ₹1,170 crore were closed, with 10 being apartments and three being bungalows.
Mumbai accounted for 11 of these deals, while the remaining two were in Delhi-NCR.
Notably, none of the other top five cities saw such large ticket-size deals in 2022.
In 2023, 58 ultra-luxury homes (priced over ₹40 crore) were sold across the top seven cities, with a cumulative sales value of approximately ₹4,063 crore.
Mumbai alone sold 53 units priced over ₹40 crore each, representing a 91% share of all such deals.
Delhi-NCR saw four separate ultra-luxury homes sold, two apartments in Gurgaon and two bungalows in New Delhi.
Hyderabad recorded one ultra-luxury deal worth more than ₹40 crore.
The consistent demand for ultra-luxury homes indicates a strong confidence in the real estate market among high-net-worth individuals.
Developers are responding to this demand by introducing more high-end properties in prime locations, ensuring that the trend of luxury housing continues to thrive.
Frequently Asked Questions
How many ultra-luxury homes were sold in 2024 across the top seven cities?
In 2024, 59 ultra-luxury homes priced over ₹40 crore were sold across the top seven cities.
What is the total sales value of ultra-luxury homes sold in 2024?
The total sales value of ultra-luxury homes sold in 2024 was approximately ₹4754 crore.
Which city dominated the ultra-luxury real estate market in 2024?
Mumbai dominated the ultra-luxury real estate market in 2024, with 52 deals, representing an 88% share of the total market.
How many ultra-luxury homes were priced over ₹100 crore in 2024?
Out of the 59 ultra-luxury homes sold in 2024, 17 were priced over ₹100 crore each, contributing a total of ₹2,344 crore to the sales value.
What is the trend in ultra-luxury real estate from 2022 to 2024?
From 2022 to 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approximately ₹9,987 crore, indicating a consistent and growing demand for luxury housing.
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