Mumbai, 9th January 2025: Spiralling residential prices notwithstanding, ultra-luxury homes (priced >INR 40 Cr each) continued to sell briskly in 2024. The number of sales as well as the sales value of such assets hit new peaks. ANAROCK data indicates that 2024 saw a 17% yearly surge in the total sales value of ultra-luxury homes against 2023.

Anuj Puri, Chairman – ANAROCK Group, says, “Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of approx. INR 4,754 Cr. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of approx. INR 4,063 Cr. 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.”

Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties.

“HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both,” says Puri. “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.”

Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai saw 52 units sold at price tags of over INR 40 crore each – an 88% share of the total deals across the top cities. At least 3 separate ultra-luxury home deals worth >INR 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 INR 40 Cr.

A deep dive shows that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced >INR 100 Cr each. The total value of these 17 homes sold alone was INR 2,344 Cr.

• Of the 52 deals in Mumbai City, at least 16 were at price tags above INR 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 >INR 100 Cr was sold in Gurugram in Delhi-NCR.

Apartments clearly remained the preferred property type for ultra-HNIs – of the 59 deals, 53 were for apartments and the remaining six bungalows.

Ultra-Luxury Homes – A 2022 & 2023 Retrospective

The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. If we consider the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approx. INR 9,987 Cr. concluded.

• In 2022, 13 deals worth approx. INR 1,170 Cr 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.
• In 2023, 58 ultra-luxury homes (priced >INR 40 Cr) were sold across the top 7 cities with a cumulative sales value of approx. INR 4,063 Cr. Of these, Mumbai alone sold 53 units priced >INR 40 crore each – a 91% share of all such deals across the top 7 cities. At least four separate ultra-luxury homes worth >INR 40Cr each were sold in Delhi-NCR – two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad saw one ultra-luxury deal worth >INR 40 Cr. In Jubilee Hills.