Ultra-Luxury Home Sales: Hyderabad and Bengaluru Secure Two Deals Each in 2024
Hyderabad and Bengaluru each record only two ultra-luxury home sales, priced over Rs 40 crore, in 2024 amidst a significant surge in luxury property demand.
Ultraluxury HomesReal EstateMumbaiHyderabadBengaluruReal EstateJan 10, 2025
Hyderabad and Bengaluru each managed to secure just two deals, highlighting a stark contrast in the luxury real estate market dynamics.
Across the country, Mumbai captured 88% of the ultra-luxury home sales, with a total of 52 units sold.
In comparison, Delhi NCR recorded three deals, while Hyderabad and Bengaluru each saw two transactions.
This data underscores the significant dominance of Mumbai in the ultra-luxury housing sector.
Out of the 59 ultra-luxury homes sold in 2024, 17 were priced above Rs 100 crore each, with a combined value of Rs 2,344 crore.
The report further indicates that apartments remained the preferred property type, accounting for 53 of the 59 deals.
The remaining six transactions involved bungalows.
The COVID-19 pandemic has played a crucial role in driving demand for luxury and ultra-luxury housing.
High Net Worth Individuals (HNIs) and ultra-HNIs are increasingly purchasing these trophy residences for personal use, investment, or both.
Anuj Puri, Chairman of Anarock Group, noted, “This market dynamic is noteworthy, given the surging home prices nationwide due to increased input costs and robust buyer demand.”
In 2022, there were 13 deals worth approximately Rs 1,170 crore, with Mumbai accounting for 11 of these deals and Delhi-NCR securing two.
The following year, 2023, saw 58 ultra-luxury homes sold across the top seven cities, with a cumulative sales value of approximately Rs 4,063 crore.
Mumbai alone sold 53 units, continuing its dominance in the ultra-luxury market.
Despite the overall surge in residential property prices, cities like Hyderabad and Bengaluru are experiencing a slowdown in ultra-luxury home sales.
For instance, Hyderabad's Jubilee Hills area recorded ultra-luxury home deals worth Rs 80 crore by mid-year, but the city's real estate juggernaut seems to be losing steam, with a significant drop in sales.
The increase in residential property prices in Hyderabad over the past five years has been noteworthy, with areas like Kokapet seeing an 89% increase.
However, the demand for ultra-luxury homes, which are priced over Rs 40 crore, remains relatively low compared to Mumbai's market.
In conclusion, while the ultra-luxury property market continues to grow, the disparity between major cities like Mumbai and others such as Hyderabad and Bengaluru is evident.
The trend of HNIs and ultra-HNIs investing in luxury real estate is likely to continue, driven by factors such as increased input costs and strong buyer demand.
Frequently Asked Questions
How many ultra-luxury homes were sold in India in 2024?
In 2024, at least 59 ultra-luxury homes were sold across India.
Which city dominated the ultra-luxury home sales in 2024?
Mumbai dominated the ultra-luxury home sales in 2024, with 52 units sold, capturing 88% of the market.
How many ultra-luxury homes were sold in Hyderabad and Bengaluru in 2024?
Hyderabad and Bengaluru each recorded two ultra-luxury home sales in 2024.
What was the total value of ultra-luxury homes priced above Rs 100 crore sold in 2024?
The total value of ultra-luxury homes priced above Rs 100 crore sold in 2024 was Rs 2,344 crore.
What factors are driving the demand for ultra-luxury homes?
The demand for ultra-luxury homes is driven by factors such as increased input costs, robust buyer demand, and investments by High Net Worth Individuals (HNIs) and ultra-HNIs for personal use or investment.
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