59 ultra-luxury homes worth ₹4,754 cr sold in 2024; Mumbai leads

Despite the spiralling residential prices, the sale of ultra-luxury homes (priced more than ₹40 crore each) continued to sell briskly in 2024, recording a 17% yearly surge against 2023. Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of around ₹4,754 crore, compared to 58 ultra-luxury homes with a value of around ₹4,063 crore in 2023.

Of at least 59 ultra-luxury properties sold across the top 7 cities in the year 2024, Mumbai saw 52 units sold at price tags of over ₹40 crore each -- an 88% share of the total deals across the top cities. At least 3 separate ultra-luxury home deals worth ₹40 crore each were closed in Delhi-NCR -- two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad saw two deals each with price tags of over ₹40 crore.

In 2024, at least 17 ultra-luxury purchases were priced at more than ₹100 crore each. The total value of these 17 homes sold alone was ₹2,344 crore. Of the 52 deals in Mumbai City, at least 16 were at price tags above ₹100 crore each. Of these, 14 were apartments (Worli, Malabar Hill, and Pali Hill) and two bungalows at Cuffe Parade and JVPD. One ultra-luxury home priced more than ₹100 crore was sold in Gurugram in Delhi-NCR.

Anuj Puri, Chairman – ANAROCK Group, says HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both. “This is a noteworthy market dynamic, given that home prices are surging nationwide 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% 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.”

The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. In the years 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth around ₹9,987 crore.

In 2023, 58 ultra-luxury homes (priced less than ₹40 crore) were sold across the top 7 cities with a cumulative sales value of ₹4,063 crore. Of these, Mumbai alone sold 53 units priced ₹40 crore each -- a 91% share of all such deals across the top 7 cities. At least four separate ultra-luxury homes worth ₹40 crore each were sold in Delhi-NCR -- two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad saw one ultra-luxury deal worth less than ₹40 crore.

In 2022, 13 luxury deals worth ₹1,170 crore were closed, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 deals and the remaining two were in Delhi-NCR. Interestingly, none of the remaining 5 top cities saw such large ticket-size deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 units were priced between INR 100 - 150 Cr – all in Mumbai City.

Notably, the year 2024 marked a pivotal moment for India's luxury real estate market, as high and ultra-high-end properties emerged as the preferred choice for the country's affluent as well as many real estate developers. Gurugram, Mumbai and Bengaluru remained the hey hotspots, while the trend towards premiumisation i.e. larger, more luxurious homes with better surroundings prompted developers to expand to traditional mid-end markets like Noida, Bengaluru, Pune, and Chennai.

Among the biggest individual deals in the year 2024, an upscale residential transaction in Delhi saw a bungalow of around 900 square yards sell for nearly ₹100 crore. In December 2024, 47-year-old Rishi Parti, the founder of Info-x Software Technology Pvt Ltd, bought an ultra-luxury 16,290 square feet penthouse at DLF Camellias, Gurugram's Golf Course Road, for ₹190 crore, thus bagging the crown of India's most expensive purchase in 2024.

The surge in premium and luxury housing demand prompted developers to launch numerous new projects, accounting for 19% of India's total new residential launches in the January to September 2024 period, according to global property services firm CBRE's year-end snapshot.