The sale of ultra-luxury homes—units priced over Rs 40 crore each—remained robust in 2024 despite soaring prices, with Mumbai continuing to lead in sales of such properties.
Mumbai remains the most expensive residential market in India.
According to Indian property consultants ANAROCK, the first eight months of 2024 saw the sale of 25 ultra-luxury homes in cities like Mumbai, Hyderabad, Gurugram, and Bengaluru, with a collective sales value of approximately Rs 2,443 crore.
Pune, Chennai, and Kolkata did not record any sales in this high-end price bracket.
ANAROCK chairman Anuj Puri stated:
The whole of 2023 saw around 61 deals with a cumulative sales value of approximately Rs 4,456 crore in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December underway, we are likely to see more high-value residential deals before the year ends.
Mumbai’s dominance in ultra-luxury real estate
Mumbai stands out as the epicentre of ultra-luxury real estate, accounting for 21 of the 25 units sold in 2024, with a staggering total value of Rs 2,200 crore ($264 million).
This represents an impressive 84% of the total sales in this price bracket across the top cities.
“The financial capital continues to attract high-net-worth individuals and ultra-high-net-worth individuals seeking investment opportunities or personal residences,” noted ANAROCK.
Despite being the most expensive residential market in India, Mumbai’s appeal remains unmatched.
Among the 25 ultra-luxury homes sold this year, high-rise apartments were the preferred choice, with 20 deals amounting to approximately Rs 1,694 crore.
The remaining five sales were for bungalows, collectively worth about Rs 748.5 crore.
Most transactions, around 80%, were made by businessmen, with senior professionals accounting for 12% and Bollywood celebrities, along with leading legal and medical professionals, making up the remaining 8%.
Substantial price hikes for homes over Rs 100 crore
The ultra-luxury segment has seen significant price increases over the past eight months.
The average price of homes valued above Rs 40 crore has risen by 2%, from Rs 1,00,208 per square foot in 2023 to Rs 1,02,458 per square foot by August 2024.
More notably, homes priced over Rs 100 crore have experienced a substantial 14% price hike, climbing from Rs 1,24,697 per square foot at the end of 2023 to Rs 1,41,904 per square foot in 2024.
While talking about the price hike, Puri remarked:
This double-digit price appreciation in this segment, even before the year concludes, underscores the relentless appetite for trophy homes. Not surprisingly, leading Grade A developers have scaled up the supply of ultra-luxury homes in recent years.
Outlook for the ultra-luxury market
Demand for ultra-luxury homes has been on a steady rise since the pandemic, prompting developers to launch new high-end projects.
Over the combined period of 2022, 2023, and the first eight months of 2024, more than 99 ultra-luxury residential deals totalling approximately Rs 8,069 crore ($961 million) have been recorded.
In 2024 alone, nine deals involved properties worth over Rs 100 crore each, with a cumulative value of Rs 1,534 crore. This contrasts with ten such deals in 2023, valued at Rs 1,720 crore.
With four months remaining in the year, ANAROCK anticipates that the segment may reach new peaks, driven by persistent high demand and escalating prices.
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