Ultra-Luxury Home Sales Soar in 2024: Mumbai Leads with 52 Deals
Despite a slowdown in overall housing sales, the demand for ultra-luxury homes priced above Rs 40 crore has hit new peaks in 2024. Mumbai alone accounted for 52 out of 59 deals across India's top cities.
Ultraluxury HomesReal EstateMumbaiHighnetworth IndividualsAnarockReal Estate NewsJan 09, 2025
According to data from ANAROCK, a leading real estate consultancy, 59 ultra-luxury homes were sold in 2024, marking a 17% yearly increase in sales compared to 2023.
The total sales value of these properties reached Rs 4,754 crore, up from Rs 4,063 crore in 2023.
Mumbai, the financial capital of India, dominated the ultra-luxury home market, accounting for 52 out of the 59 deals.
These 52 properties sold for over Rs 40 crore each, representing an 88% share of the total ultra-luxury deals in the top seven cities.
At least 17 of these properties were priced at Rs 100 crore each, totalling Rs 2,344 crore.
Of the 52 deals in Mumbai, 16 properties were priced above Rs 100 crore, with 14 of them being apartments in prestigious locations such as Worli, Malabar Hill, and Pali Hill.
The remaining two were bungalows in Cuffe Parade and JVPD.
Delhi-NCR, the national capital region, also saw a handful of ultra-luxury home deals.
At least three properties, priced over Rs 40 crore each, were sold in the region—two in Gurugram and one in New Delhi.
Bengaluru and Hyderabad each saw two ultra-luxury home deals, with properties priced over Rs 40 crore each.
Apartments remained the preferred choice for ultra-high-net-worth individuals (ultra-HNIs), with 53 of the 59 deals being for apartments.
The remaining six deals were for bungalows.
ANAROCK's Chairman, Anuj Puri, explained, “Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of Rs 4,754 crore.
The yearly increase in both the number of deals and their overall sales value underscores the enduring demand for ultra-luxury properties across the top cities.”
Puri further noted that the surge in ultra-luxury home sales is driven by a combination of factors.
HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both.
The nationwide increase in home prices, fueled by higher input costs and robust buyer demand, is another significant contributor.
“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 their ultra-luxury inventory in response to the growing demand,” Puri added.
The demand for luxury and ultra-luxury homes has been on a steady rise since the onset of the COVID-19 pandemic.
The collective data from 2022, 2023, and 2024 shows that the top seven cities saw at least 130 ultra-luxury residential deals worth Rs 9,987 crore.
In 2022, 13 deals worth Rs 1,170 crore were closed, with Mumbai accounting for 11 of these deals and the remaining two in Delhi-NCR.
These figures highlight the resilience and growth of the ultra-luxury housing market, even amidst broader economic challenges.
As developers continue to respond to the increasing demand, it is likely that the trend will persist in the coming years.
About ANAROCK GroupANAROCK Group is a leading real estate consultancy firm in India, providing comprehensive solutions for property developers, investors, and buyers.
With a focus on market research, project management, and strategic advisory, ANAROCK aims to enhance transparency and efficiency in the real estate sector.
Frequently Asked Questions
What is the definition of an ultra-luxury home in the Indian real estate market?
An ultra-luxury home in the Indian real estate market is typically defined as a property priced over Rs 40 crore. These homes are often located in prime locations and offer premium amenities and finishes.
How many ultra-luxury homes were sold in 2024 across India's top cities?
A total of 59 ultra-luxury homes were sold in 2024 across India's top cities, marking a 17% yearly increase in sales compared to 2023.
Which city saw the highest number of ultra-luxury home sales in 2024?
Mumbai saw the highest number of ultra-luxury home sales in 2024, accounting for 52 out of the 59 deals, representing an 88% share of the total deals in the top cities.
What was the total sales value of ultra-luxury homes in 2024?
The total sales value of ultra-luxury homes in 2024 was Rs 4,754 crore, up from Rs 4,063 crore in 2023.
What factors are driving the demand for ultra-luxury homes in India?
The demand for ultra-luxury homes in India is driven by a combination of factors, including personal use, investment, and the nationwide increase in home prices due to higher input costs and robust buyer demand.
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