In a shift in India’s real-estate map, Gurugram has gone ahead of Mumbai to emerge as India’s largest market for luxury homes, clocking transactions worth ₹24,120 crore for homes priced at ₹10 crore and above in 2025.
This is an 80 per cent rise over the ₹13,384 crore reported for 2024, according to a joint report by India Sotheby’s International Realty and CRE Matrix.
On the other hand, Mumbai’s luxury market remained relatively stagnant, recording transactions worth ₹21,902 crore for the high-end segment in 2025 as against ₹20,415 crore in 2024.
While Mumbai has traditionally held the crown for being the most expensive real-estate market, it has been outpaced for the first time in the last five years due to reasons such as Gurugram seeing an unprecedented shift of high net-worth individuals (HNIs) towards luxury properties.
“Mumbai has not stagnated. It is just that Gurugram has done better due to the emergence of new micro markets and infrastructure developments in the last couple of years,” an industry executive told Business Standard.
Gurugram’s shift towards being a bankable luxury market has been led by several high-profile project launches in the last two years. This includes luxury housing projects such as DLF’s Dahlias and Camellias, which have prices in the range ₹70 crore-102 crore. The market also saw the entry of branded residences helmed by global players such as the Trump Organisation and Elie Saab.
The report states that micro-markets such as the Dwarka Expressway, Golf Course Road, and Golf Course Extension Road together drove much of Gurugram’s expansion in 2025, supported by infrastructure upgrades, new supply, and enhanced connectivity.
The Dwarka Expressway saw a 2,079 per cent jump in transaction value, rising from ₹383 crore in 2024 to ₹8,347 crore in 2025.
Similarly, Golf Course Extension Road recorded a 379 per cent increase from ₹3,319 crore in 2025 from ₹693 crore in 2024.
Gurugram’s rise has been complemented by sales of approximately 1,494 homes in the price segment of ₹10 crore and above, which is the highest ever recorded in any 12-month period in the city.
The surge marks a nearly tenfold jump in unit sales from just 155 homes in 2023, underscoring accelerating wealth creation and growing participation from HNIs and ultra-HNIs.
Meanwhile, in Mumbai 967 units in this price segment were sold in 2025, as against 924 units sold in 2024.
Ultra-luxury housing accounted for 24 per cent of Gurugram’s residential market value in 2025, with an average ticket size of around ₹16 crore per home, signalling sustained appetite for large, premium residences.
Residential units averaging about 5,000 square feet dominated demand, with the 4,000-6,000 square foot category being the most bought at 1,029 units of the 1,494 luxury homes sold in 2025.
Such residences contributed 54 per cent of the transaction share, whereas units larger than 8,000 square feet contributed nearly 22 per cent of the total value, highlighting buyers’ willingness to pay a premium for scale, privacy, and exclusivity.
Industry executives linked the boom to broader capital formation and entrepreneurial wealth.
“In 2025 alone, 103 Indian companies raised a record $19.54 billion through mainboard initial public offerings, creating a cohort of founders and promoters entering the ultra-luxury housing segment,” said Tina Talwar, area director, India Sotheby’s International Realty.
Abhishek Kiran Gupta, cofounder and chief executive officer, CRE Matrix, added that the nearly tenfold growth in the luxury segment over the past two years reflected sustained buyer confidence and a maturing demand profile.
 "Gurugram overtakes Mumbai to become India's top luxury housing market")
