Ultra-Luxury Homes Market Sees Unprecedented Growth in India
The sale of ultra-luxury homes in India has remained unabated in 2024, with 25 units sold across top cities for a collective sales value of approx. INR 2,443 Cr.
Ultraluxury HomesIndian Real EstateAnarock GroupMumbaiHyderabadGurugramBengaluruReal EstateSep 05, 2024
Mumbai, being the financial capital of India, has attracted the maximum number of sales of ultra-luxury homes, despite being the most expensive residential market in the country. The average ticket price of homes priced >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.
The demand for 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. If we consider the collective data of 2022, 2023, and 2024 till August, over 99 ultra-luxury residential deals worth approx. INR 8,069 Cr. were closed in the top cities.
Apartments remained the preferred property type for HNIs – out of the total 25 deals, 20 were for apartments and the remaining five for bungalows. 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%.
The whole of 2023 saw about 61 deals with a cumulative sales value of approx. INR 4,456 Cr in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through.
Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth INR 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 INR 80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for INR 95 Cr, while Bengaluru also closed one deal worth INR 67.5 Cr.
At least 13 deals worth approx. INR 1,170 Cr were closed in 2022, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 of these deals, and the remaining two were closed in Delhi-NCR. Notably, none of the remaining 5 top cities saw such large ticket value deals in 2022.
Anuj Puri, Chairman – ANAROCK Group, says, “The whole of 2023 saw about 61 deals with a cumulative sales value of approx. INR 4,456 Cr in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through.”
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No. of Homes Priced >INR 40 Cr. Sold in Top Cities
Year Apartment Bungalow Grand Total
2022 10 3 13
2023 57 4 61
2024 (till Aug) 20 5 25
Source ANAROCK Research
Total Value (in INR Cr.) of Ultra-luxury Homes Sold
Year Apartment Bungalow Grand Total
2022 730 440 1,170
2023 4,115 341 4,456
2024 (till Aug) 1,694 748.5 2442.50
Source ANAROCK Research
Ultra-Luxury Homes Demand – A 3-Year Perspective
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. If we consider the collective data of 2022, 2023 and 2024 till August, over 99 ultra-luxury residential deals worth approx. INR 8,069 Cr. were closed in the top cities.
At least 13 deals worth approx. INR 1,170 Cr were closed in 2022, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 of these deals, and the remaining two were closed in Delhi-NCR. Notably, none of the remaining 5 top cities saw such large ticket value deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 were for units priced between INR 100 – 150 Cr – all in Mumbai City.
No. of Homes Sold City-Wise
Year Delhi NCR Mumbai Hyderabad Bengaluru Grand Total
2022 2 11 0 0 13
2023 4 56 1 0 61
2024 (till Aug) 1 21 2 1 25
Source ANAROCK Research
Frequently Asked Questions
What is the total sales value of ultra-luxury homes sold in India in 2024?
Approx. INR 2,443 Cr
Which city has seen the maximum number of sales of ultra-luxury homes in 2024?
Mumbai
What is the average ticket price of homes priced >INR 40 Crore in 2024?
INR 1,02,458 per sq. ft.
What is the total number of ultra-luxury homes sold in India in 2022, 2023, and 2024 till August?
Over 99
What is the total sales value of ultra-luxury homes sold in India in 2022, 2023, and 2024 till August?
Approx. INR 8,069 Cr
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