Top real estate developers in India are shifting focus to super-luxury homes priced at INR 10 crore and above, following the success of homes in the INR 2-4 crore range. These exclusive residences boast larger living spaces, five to six bedrooms, and premium amenities, strategically located in prime areas of cities like Gurugram, Mumbai, Goa, and Hyderabad. Renowned developers such as DLF Ltd, Prestige Group, and K Raheja Corp Homes are leading the charge, catering to the elite's demand for opulent living. With strong demand driving sales, developers are poised to launch even higher-priced projects, reaffirming India's status as a destination for ultra-luxury real estate.
Delighted by the impressive sales of homes priced between INR 2-4 crore, top real estate developers in India are now setting their sights on an even more exclusive segment: super-luxury homes costing INR 10 crore and above.
These ultra-high-end residences, catering to the country's elite, offer larger and more exclusive living spaces, with features such as five to six bedrooms or more, balconies for each room, and state-of-the-art clubhouses. Importantly, these projects are being developed in prime locations, in premium real estate addresses in cities like Gurugram, Mumbai, Goa, and Hyderabad. These ventures are backed by renowned developer brands, including DLF Ltd, Prestige Group, K Raheja Corp Homes, Godrej Properties, and M3M Group.
The resurgence in India's luxury residential real estate, with homes priced at INR 2-4 crore and above, has been evident in recent years. As buyers have upgraded their living spaces, sales have gained momentum. According to property advisory CBRE, the sales of luxury homes priced at INR 4 crore and above jumped sharply from 7,395 units in 2022 to 12,935 units in 2023.
The more exclusive, ultra-luxury segment has also seen strong demand, driving both primary and secondary sales. This trend has prompted developers to launch even higher-priced homes.
Prestige Group, based in Bengaluru, plans to soon launch a project in Mumbai's upscale Worli area, offering four- and five-bedroom apartments ranging from 3,500 to 7,000 square feet, with prices starting at around INR 1-1.1 lakh per square foot. The company had recently launched the first residential tower at its 'Prestige Ocean Towers' project in Mumbai's Marine Lines, where it sold 64 out of 75 four-bedroom homes overlooking the Arabian Sea for INR 20-25 crore each. It plans to launch the second tower soon, at a higher price.
Mumbai's K Raheja Corp Homes is also acquiring land for ultra-luxury projects, with plans to launch two such projects in Haji Ali and Worli, both in south Mumbai, with homes priced at INR 30-35 crore. They are in advanced stages of signing redevelopment deals in prime locations like Mount Mary and Pali Hill in Bandra, and Nepean Sea Road, for luxury residential projects.
Gurugram-based M3M Group's recently launched 'M3M Altitude' project on Golf Course Extension Road features a 2 million square feet sky club with a wide range of amenities for residents, connected to the apartments through a glass air bridge. M3M says the sky club will be the tallest in Gurugram. The project offers 350 apartments ranging from 3,780 square feet, priced upwards of INR 10 crore, with six penthouses of 8,000 square feet each, priced at around INR 30 crore.
Gurugram-based DLF, after successfully selling premium projects like 'Arbour' and 'Privana' (priced below INR 10 crore), has now lined up ultra-luxury projects. Its project 'The Camellias' set a new benchmark for luxury real estate in Gurugram, with an apartment selling at INR 100 crore last year. DLF now plans to launch Camellias-2 in DLF Phase-5, Gurugram, offering 9,500-square-foot, five-bedroom + study apartments, priced at upwards of INR 50 crore.
In Goa, DLF will launch 62 luxury villas on a 38-acre hill, priced at INR 40-50 crore, offering six or nine bedrooms across two different configurations and overlooking the Mandovi river. Both the Gurugram and Goa projects will be sold 'by invitation' only, showcasing its exclusivity.
As per the annual Luxury Outlook Survey 2024 by India Sotheby's International Realty, around 71% of wealthy Indians expressed the desire to invest in luxury real estate in the coming 12-24 months, indicating a robust future for this high-end segment.
The surge in demand for ultra-luxury residences in India's top cities underscores the growing appetite among the country's elite for exclusive, high-end living spaces. As this premium segment witnesses continued growth and innovation, it will further solidify India's position as a hub for world-class, ultra-high-end residential offerings.
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