IN MUMBAI’S real estate market, it takes something extraordinary to raise eyebrows. In May, Leena Tewari, chairperson of pharma major USV, did just that as she bought two sea-facing duplexes in Worli’s Naman Xana, a 44-floor tower, for ₹703 crore ($83 million), including stamp duty and taxes. At ₹2.83 lakh a sq. ft, the price is among the highest ever recorded in Mumbai.

She is not alone. Banking titan Uday Kotak and family put down ₹400 crore-plus for all 22 apartments at the G+2 sea-facing 19 Shiv Sagar building, a two-minute drive away. That’s more than ₹2.75 lakh per sq. ft. Godrej Industries Group’s executive director Tanya Dubash also bought a ₹225-crore duplex in Naman Xana. The Lodha Group sold a ₹187-crore apartment at its Sea Face project just this March.

Up north, DLF Camellias in Gurugram sold a 16,290 sq. ft penthouse for ₹190 crore to Rishi Parti, CEO of Info-x Software Technology, at ₹1.17 lakh per sq. ft, the highest price for that project to date. In June, Deepinder Goyal, founder & CEO of food delivery major Eternal, acquired a 10,813 sq. ft apartment in the same project for ₹52.33 crore at ₹48,390 per sq. ft.

A structural shift is underway at the top of the housing pyramid. In three years, 49 properties priced at ₹100 crore or more have changed hands in Mumbai and Delhi-NCR alone, with the deal value exceeding ₹7,500 crore, according to data from property consultants ANAROCK. With 59 transactions exceeding ₹40 crore each, 2024 has proved to be the biggest year yet.

So, if price per sq. ft is the new power metric in Indian realty, where are these elite buyers parking their money?

The top-tier money flow

India’s ultra-luxury housing market is on the boil, with buyers parking their post-pandemic business gains in real estate. The demand isn’t about capital protection; it reflects changing lifestyle priorities. Properties priced above ₹40 crore have done well in the first half of 2025.

In 2024, ANAROCK’s data showed a 17% year-on-year surge in the sales value of ultra-luxury units. This trend accelerated in the first half of 2025, with sales volume surging over 40% YoY. The Mumbai Metropolitan Region (MMR) accounts for 80% of these high-value transactions.

Knight Frank, a realty consultancy, ranked Mumbai 8th globally in 2023, specifically for its price growth in the ultra-luxury segment. Hotspots such as Malabar Hill and Worli are key drivers. It’s not just the metros. Ultra-luxury properties are emerging in distant Alibaug, Lonavala, and Khandala, driving up prices to ₹12,011 a sq. ft. The improved connectivity has made their beaches and tranquillity accessible.

Anshuman Magazine, chairman & CEO for India, South-East Asia, the Middle East & Africa at CBRE India, says south Mumbai is the favourite for the ultra-rich. In Lutyens’ Delhi, limited inventory sustains the appeal of bungalow-style and marquee properties. “Buyers want homes that reflect evolving aspirations. This shift is being driven by rising incomes and a desire for more meaningful, future-ready living,” Magazine says.

A JLL India March report says that the strong sales of ultra-luxury properties indicate this is no longer a fleeting trend, but a structural shift, driven by increased post-pandemic wealth, a strong preference for hard assets, and evolving lifestyle choices. Independent houses such as bungalows and villas are no longer the only assets synonymous with a trophy residential abode.

Samantak Das, JLL India’s chief economist and head of research and REIS (real estate intelligence service), says, “With magnificent apartments boasting of exclusive resort-like amenities and privacy, the sky is the limit in redefining luxury living.”

Who’s driving the boom?

India has 284 billionaires, the third-largest globally, after the U.S. (870) and China (823), according to the Hurun Global Rich List 2025. Most of India’s billionaires are self-made, first-generation entrepreneurs. The profile of luxury house-buyers is also evolving. Among today’s buyers are old-money industrialists, startup founders, young inheritors, and NRIs who not only seek returns, but also spaces that convey success: 24x7 concierge services, hospitality-inspired residences, robust security, and distinctive aesthetics, but with privacy and permanence. Rooftop lounges, private spas, yoga decks, and cultural pavilions are now common features in many apartment blocks.

‘Branded residences’ have emerged as a high-growth category. One such is from Whiteland Corporation, a Delhi-NCR-based outfit, which launched Marriott International’s first Westin-branded residences in India this year.

“These developments, often built with global hospitality or design brands, provide a fully integrated lifestyle ecosystem backed by professional asset management and service quality,” says Shalin Raina, MD, Residential Services, Cushman & Wakefield.

DLF’s four marquee ultra-luxury projects, all part of its Golf Links development in Gurugram, are at the centre of this trend. Lodha is another player, consistently leading the luxury housing segment in MMR, with half the market share in the ₹100-crore-plus category. It is behind more than half of the Top 20 high-value transactions in the area. “We continue to shape luxury living,” says Prashant Bindal, chief sales officer, Lodha Developers.

Delhi-NCR’s real estate players are not far behind. The region accounted for 57% of the 4,000 ultra-luxury units sold in the first half of FY25. M3M India reports an increase in demand for properties priced at ₹15-50 crore and above. Robin Mangla, president, M3M India, says, “NCR’s premium housing market has experienced a shift in buyer preferences towards formats that prioritise space, exclusivity, and integrated living, especially post-Covid.”

The 2025 Mid-Year Luxury Outlook report by Sotheby’s International Realty affirms this trend. With capital markets on the rise, tech entrepreneurs are parking gains in real estate. “High-value transactions from names such as Vineet Kapur, founder of O3+, and Bhanu Chopra, MD of RainGain… signal a growing appetite for tangible assets,” says Ashwin Chadha, CEO, India, Sotheby’s International Realty. Startup founders often view a trophy home as a milestone and a smart investment, to preserve their wealth and establish a legacy.

NRIs, too, are increasingly returning to the Indian real estate market, and it is not merely for the rupee advantage.

Bollywood A-listers, including Amitabh Bachchan, Akshay Kumar, Sonakshi Sinha, and Taapsee Pannu, as well as sportspersons such as Shikhar Dhawan and Shivam Dube, are also investing in high-end properties.

Building for the top 1%

DLF’s recently launched luxury offering, DLF Privana North, valued at ₹11,000 crore, was sold out in a week. The average ticket size is ₹9.5 crore, says Aakash Ohri, joint MD and chief business officer, DLF Home Developers.

Aditya Birla Group’s Birla Estates has launched luxury projects across Mumbai, the NCR, Bengaluru, and Pune. It raked in record sales of ₹2,500 crore at its Silas Tower in Birla Niyaara (Worli). K.T. Jithendran, MD and CEO, says premium and luxury homebuyers still place a high value on being in the right micro-market.

“The residential market in H1 2025 reflected a nuanced shift where premium and luxury segments continued to thrive,” says Shishir Baijal, chairman & MD, Knight Frank India.

Start of a bubble?

India is now a high-growth market for premium real estate. Will the boom last? ANAROCK co-founder and chairman Anuj Puri says it appears sustainable as long as real end-users, rather than speculators, drive demand. There has been a sharp rise in prices across cities, largely fuelled by a deep demand-supply mismatch, buoyant NRI inflows, and a shift towards luxury housing. “Unfortunately, we are seeing increased investor activity once again, like in the early 2000s, particularly in markets like Gurugram. This increases the worrisome possibility of a bubble forming,” says Puri.

Others dismiss these fears, citing rising incomes, infrastructure upgrades, and a broader expansion of wealth across sectors. Sotheby’s Chadha says sales of high-end and luxury units are being driven by genuine preference for larger, amenity-rich homes. “A strong stock market has improved liquidity and investor confidence. For many high net worth individuals (HNIs), luxury realty is now a reliable wealth-preserving asset,” he says.