Demand for Ultra-Luxury Homes Surge in India
The demand for ultra-luxury homes, properties priced over Rs 40 crore continues to surge in 2024, according to ANAROCK data. A total of 25 ultra-luxury homes were sold in Mumbai, Hyderabad, Gurugram, and Bengaluru from January to August 2024, yielding an impressive collective sales value of Rs 2,443 crore.
Notably, cities like Pune, Chennai, and Kolkata saw no such sales in this high-end market.
Of the 25 homes sold, 20 were high-rise apartments valued at approximately Rs 1,694 crore, while the remaining five were bungalows, accounting for Rs 748.5 crore.
Mumbai, India’s financial hub, dominated the market, contributing 21 of the 25 sales, collectively worth Rs 2,200 crore. This reflects an 84 percent share of the ultra-luxury real estate market in India’s top cities.
Despite the city’s high real estate costs, Mumbai continues to attract High Net-Worth Individuals (HNIs) and ultra-HNIs, who purchase these trophy homes for both personal use and investment reasons. Businessmen, in particular, dominate the buying pool, accounting for 80 percent of the total deals. The remaining transactions were completed by senior professionals from various industries (12 percent), with Bollywood celebrities, legal, and medical professionals making up the final eight percent.
The other sales in 2024 were scattered across Hyderabad’s Jubilee Hills, Gurugram in NCR, and Bengaluru. Hyderabad saw two deals totaling Rs 80 crore, while Gurugram and Bengaluru recorded sales worth Rs 95 crore and Rs 67.5 crore, respectively. Moreover, nine of these homes were sold for over Rs 100 crore each, generating a combined sales value of Rs 1,534 crore.
The demand for luxury and ultra-luxury homes has risen steadily over the past three years, peaking after the pandemic. From 2022 to August 2024, the top cities in India saw 99 ultra-luxury homes sold for a combined value of Rs 8,069 crore. In 2022 alone, 13 deals worth Rs 1,170 crore were closed, with Mumbai once again leading the pack.
With four months left in 2024, the ultra-luxury housing market could reach new heights, further solidifying growing demand for premium real estate in the country.