59 luxury homes over Rs 40 cr sold in 2024, 16 in Mumbai over Rs 100 crore

Fifty nine ultra-luxury homes were sold for a total sales value of approximately Rs 4,063 crore in 2024, a 17% yearly surge in total sales value, shows data analysed by Anarock, a real estate consultancy firm.   Of the total of 59 ultra-luxurious homes sold in 2024, 53 were apartments and just 6 deals were of bungalows.

 

• Mumbai dominated with 52 ultra-luxury residential deals in 2024, comprising an 88% share of total deals.
• Delhi-NCR recorded 3 deals for two ultra-luxury homes in Gurugram and one in Delhi.
• Hyderabad & Bengaluru each saw two deals worth over Rs 40 crore each.
• At least 17 deals in 2024 were worth over Rs 100 each - 16 in Mumbai and one in Delhi-NCR (Gurugram).  Of the 16 in Mumbai,  14 were apartments (Worli, Malabar Hill, and Pali Hill) and two bungalows at Cuffe Parade and JVPD.
• One apartment was sold in Gurugram for Rs 190 crore at DLF Camellias.

 

 

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

 

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,” said 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.” 

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, a trend that shows no signs of slowing down. Analyzing the collective data from 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approximately Rs 9,987 crore concluded.

 

2022 Overview: In 2022, 13 deals worth approximately Rs 1,170 Cr were closed, with at least 10 being apartments and 3 bungalows. Mumbai accounted for 11 of these deals, while the remaining two were in Delhi-NCR. Notably, none of the other top 5 cities saw such large-ticket deals in 2022. Of the 13 ultra-luxury homes sold that year, at least 9 units were priced between Rs 100 - Rs 150 Cr, all located in Mumbai City.

 

2023 Overview: In 2023, 58 ultra-luxury homes (priced > Rs 40 Cr) were sold across the top 7 cities, with a cumulative sales value of approximately Rs 4,063 Cr. Mumbai dominated the market, selling 53 units priced > ₹40 Cr each, capturing a 91% share of all such deals. Delhi-NCR saw at least four separate ultra-luxury homes worth > Rs 40 Cr each, comprising two apartments in Gurgaon and two bungalows in New Delhi. Additionally, Hyderabad recorded one ultra-luxury deal worth > Rs 40 Cr in Jubilee Hills.