Ultra-Luxury Housing Market Sets New Records with Rs 4,754 Crore Sales in 2024
The ultra-luxury housing market in India witnessed a significant surge in 2024, with 59 units priced above Rs 40 crore sold across the top seven cities, generating a total sales value of Rs 4,754 crore.
Ultraluxury HousingReal Estate MarketAnarockHighnetworth IndividualsProperty SalesReal Estate NewsJan 09, 2025
According to data from Anarock, a leading real estate consultant, the market continued to thrive despite rising home prices.
Anarock tracks seven major cities Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.
The number of sales and the sales value of ultra-luxury homes (priced above Rs 40 crore each) reached new peaks, indicating a strong demand in the sector.
Anarock Chairman, Anuj Puri, commented, “Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, with a collective sales value of approximately Rs 4,754 crore.” Out of these 59 units, 53 were apartments and 6 were villas.
In comparison, 2023 saw 58 ultra-luxury homes (53 apartments and 5 villas) sold in these cities for a total sales value of Rs 4,063 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 added.
Mumbai led the sales with 52 units sold at price tags exceeding Rs 40 crore each, followed by three units in Delhi-NCR.
Both Bengaluru and Hyderabad saw two deals each.
High-net-worth individuals (HNIs) and ultra-HNIs are driving this market, purchasing these trophy residences for personal use, investment, or both.
This trend is particularly noteworthy given the nationwide surge in home prices 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 percent 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,” Puri concluded.
Anarock, a leading real estate consultancy, provides comprehensive market analysis and insights.
With a focus on the top seven cities, Anarock helps developers, investors, and buyers make informed decisions in the dynamic real estate market.
Frequently Asked Questions
Which cities saw the highest sales in the ultra-luxury housing market in 2024?
Mumbai led the sales with 52 units sold at price tags exceeding Rs 40 crore each, followed by three units in Delhi-NCR, and two units each in Bengaluru and Hyderabad.
What is the collective sales value of the 59 ultra-luxury homes sold in 2024?
The collective sales value of the 59 ultra-luxury homes sold in 2024 was approximately Rs 4,754 crore.
How does the 2024 ultra-luxury housing market compare to 2023?
In 2023, 58 ultra-luxury homes were sold for a total sales value of Rs 4,063 crore. In 2024, the number of units sold increased to 59, with a 17 percent increase in the overall sales value.
Who are the primary buyers of ultra-luxury properties?
High-net-worth individuals (HNIs) and ultra-HNIs are the primary buyers of ultra-luxury properties, purchasing these trophy residences for personal use, investment, or both.
What factors are driving the demand for ultra-luxury homes in India?
The demand for ultra-luxury homes is being driven by increased input costs, robust buyer demand, and a growing trend among HNIs and ultra-HNIs to invest in high-end properties for both personal use and investment purposes.
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