In 2024, sales of ultra-luxury homes priced above INR 40 crore remained robust in Mumbai, Hyderabad, Gurugram, and Bengaluru, with a total of 25 properties sold for INR 2,443 crore from January to August. Mumbai led with 21 sales totaling INR 2,200 crore, underscoring its status as India's priciest residential market. The demand for high-end homes persisted despite rising costs, with average prices increasing by 2% for homes over INR 40 crore and 14% for those above INR 100 crore. The trend indicates strong interest from high-net-worth individuals and suggests continued growth in the ultra-luxury sector through the year.
In 2024, sales of ultra-luxury homes priced above INR 40 crore remained strong across four major Indian cities-Mumbai, Hyderabad, Gurugram, and Bengaluru-despite rising property costs. According to data from Anarock, a real estate consultancy, 25 such homes were sold between January and August, amassing a total value of INR 2,443 crore. However, cities like Pune, Chennai, and Kolkata saw no transactions in this high-end bracket, indicating a concentration of ultra-luxury demand in select markets.
Mumbai emerged as the leader in the ultra-luxury real estate segment, recording 21 sales amounting to INR 2,200 crore. This dominance can be attributed to the city's status as India's most expensive residential market, attracting high-net-worth individuals (HNIs) and ultra-HNIs who purchase these properties for both investment and personal use.
The growing demand for these trophy homes in Mumbai, despite its premium pricing, highlights the city's appeal among affluent buyers. Hyderabad followed with two significant deals, both in the upscale Jubilee Hills neighbourhood, totalling INR 80 crore. Gurugram, part of the National Capital Region (NCR), saw the sale of one ultra-luxury home for INR 95 crore, while Bengaluru closed a single deal valued at INR 67.5 crore.
A detailed analysis of these transactions reveals that 20 of the 25 homes sold were high-rise apartments, collectively worth INR 1,694 crore. The remaining five deals, amounting to INR 748.5 crore, involved the sale of bungalows, indicating that apartments continue to dominate the ultra-luxury residential market. Additionally, 9 of the total 25 sales were large transactions, each exceeding INR 100 crore, with a combined value of INR 1,534 crore. This marks a significant uptick compared to 2023, which saw only 10 such large deals for a cumulative sales value of INR 1,720 crore over the entire year.
Notably, the ultra-luxury market has not only sustained demand but also experienced rising prices. In 2024, homes priced above INR 40 crore witnessed a 2% increase in their average ticket price, going from INR 1,00,208 per square foot in 2023 to INR 1,02,458 per square foot by August 2024. Homes valued at over INR 100 crore saw an even sharper rise, with prices surging 14% within the first eight months of the year, from INR 1,24,697 per square foot at the end of 2023 to INR 1,41,904 per square foot in 2024. This double-digit appreciation in the ultra-luxury segment underscores the growing appetite for high-end properties among the ultra-wealthy.
With four months still remaining in 2024, including the festive quarter from October to December, Anarock Chairman Anuj Puri expects more large-ticket deals to close by year-end. Leading developers are responding to this demand by increasing their supply of ultra-luxury homes, reflecting the sustained growth and resilience of this niche market segment.
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