Penthouses: The Ultimate Luxury for India's Ultra-Rich
Discover the booming demand for luxury penthouses in India's top metros, where the ultra-wealthy are paying top dollar for unparalleled views and exclusive living.
Luxury Real EstatePenthousesMumbaiUltrawealthyHighend PropertiesReal Estate NewsJun 23, 2025
When DLF Ltd unveiled its Privana North luxury project in Gurugram this month, all 12 penthouses were sold out within a week. At ₹25 crore each, a penthouse costs almost thrice as much as a regular apartment. Earlier, DLF sold two penthouses in its The Dahlias super-luxury project at ₹150 crore each. In May, Gurugram's Trump Residences sold out all 298 apartments at ₹8-15 crore each. The four penthouses were sold for a total of ₹125 crore.
“Penthouses are in big demand, but the supply is limited. Projects with ultra-luxury penthouses are all about creating like-minded gentry, and offer large, private and exclusive living to the residents,” said Fatima Saidi, head of luxury residential real estate (Mumbai) at Anarock Property Consultants.
Penthouses often feature double-height ceilings, expansive floor areas, private gardens, elevators, and lobbies, and stunning views of the sea or a race course. Developers often sell them only by invitation, after vetting customer profiles. Good demand and limited supply have prompted developers in Mumbai and Gurugram to add more penthouses to attract high-profile buyers.
Land-starved Mumbai, the country's most valuable real estate market, is the hub for high-priced penthouses, duplexes, and triplexes, offering a bungalow-in-the-sky living experience. Gurugram in the National Capital Region (NCR) has swiftly caught up too. Among their customers: Business owners, celebrities, investors, non-resident Indians (NRIs), and wealthy local buyers.
In Mumbai alone, around 275 penthouses and duplexes were sold between 2021 and 2024 through primary and secondary (resale) transactions, according to data from CRE Matrix, a real estate data analytics firm. This year, till April, 21 such units were sold in the city.
New penthouses are continually entering the market. In Mumbai, penthouses and duplexes are limited to a few luxury properties in its south and central parts, and posh suburbs such as Bandra. Prestige Group's Prestige Daffodils at Bandra's Pali Hill has a 9,200 sq. ft penthouse with an open-to-sky private terrace. Prestige Ocean Towers in Marine Lines will have two penthouses with views of the Queen’s Necklace and the Arabian Sea. Prestige Nautilus in Worli will have penthouses overlooking the Bandra Worli Sea Link.
“Considering the limited number of these lavish and unique configurations, there is high demand from a cohort of crème-de-la-crème buyers in every micro-market for penthouses. Penthouses or duplexes command a much higher premium over the other typical configurations within the same development,” said Anand Ramachandran, senior executive vice-president, business expansion, Prestige Group.
Possibly the largest penthouse deal in India was when Bajaj Auto chairman Niraj Bajaj bought a sea-view luxury triplex penthouse at the Lodha Malabar in South Mumbai for ₹252 crore in 2023. The penthouse triplex called The Emperor's Palace is spread across 18,008 sq. ft.
In May, USV Pvt. Ltd chairperson Leela Gandhi Tewari bought two duplexes for ₹639 crore at Naman Xana in Mumbai's Worli, making it India's most expensive residential deal.
Sales strategies for penthouses also vary. They are either sold at the start of a project to set a price benchmark, or at the end to command a higher premium. Avighna Group's Avighna Marquee off Worli sea face has a 6,000 sq. ft seven-bedroom penthouse. Its Nishika Elysium in Worli has an 8,100 sq. ft penthouse. Both are available for private viewing by invitation only, and pricing is available on request.
“We intend to sell the penthouses towards the end of the sales cycle, as they are distinctive residences that require the right fit. That said, we're open to early discussions if the right client comes forward at the right value,” said Nishant Agarwal, managing director, Avighna Group.
Rustomjee Group's newly launched Pali Hill project Crescent will have six duplex penthouses of 3,500 sq ft each for around ₹40 crore and above. The project offers a selection of duplex apartments as well as ‘jodi’ penthouse options, where two units are joined together.
“There is steady demand for penthouses that offer panoramic views and open spaces such as terraces and private decks. These residences appeal to buyers seeking exclusivity and privacy,” said Rakesh Setia, president of sales and marketing, Rustomjee Group.
The luxury segment is beginning to pick up in cities such as Pune, where the number of homes costing ₹10 crore and above has risen in recent years. The sale of Lodha Developers' The Emperor’s Palace branded penthouse, spanning 12,000 sq ft, in its Lodha One, Bund Garden project for ₹37 crore was Pune’s most residential property deal last year.
Frequently Asked Questions
What makes penthouses so expensive?
Penthouses are often significantly more expensive due to their exclusive features such as double-height ceilings, expansive floor areas, private gardens, elevators, and lobbies, as well as stunning views. They are also limited in supply, which drives up their value.
Who are the typical buyers of penthouses?
The typical buyers of penthouses include business owners, celebrities, investors, non-resident Indians (NRIs), and wealthy local buyers who are looking for exclusive and luxurious living spaces.
What are some popular locations for penthouses in India?
Popular locations for penthouses in India include Mumbai, particularly in areas like South Mumbai, Bandra, and Worli, as well as Gurugram in the National Capital Region (NCR).
How do developers typically sell penthouses?
Developers often sell penthouses by invitation only, after vetting customer profiles. They may also sell them at the start of a project to set a price benchmark or at the end to command a higher premium.
What are some notable penthouse deals in recent years?
Notable penthouse deals include Bajaj Auto chairman Niraj Bajaj buying a sea-view luxury triplex penthouse at the Lodha Malabar in South Mumbai for ₹252 crore in 2023, and USV Pvt. Ltd chairperson Leela Gandhi Tewari buying two duplexes for ₹639 crore at Naman Xana in Worli.
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