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The penthouse segment in India has seen a steady uptick in interest and sales over the past three years, with high-networth domestic buyers and returning non-resident Indians (NRIs) driving demand for ultra-premium residences.
“The per square foot pricing for high-end penthouses in cities like Mumbai and Gurugram has reached all-time highs, touching ₹1.5 lakh per square foot in marquee projects,” said Ravi Shankar Singh, managing director, residential services, Colliers India.
He added that the broader luxury housing segment — comprising homes priced at ₹8 crore and upwards — has grown by more than 150 per cent between 2022 and 2024. This growth has been most pronounced in metro cities such as Mumbai, Delhi-National Capital Region, and Hyderabad, where demand for ultra-premium residences has accelerated.
Umang Jindal, chief executive officer (CEO) at Homeland Group, added that compared to 2021-22, when penthouse sales were limited and highly niche, 2022-23 and 2023-24 (FY24) saw year-on-year growth of 30-40 per cent. “By the first quarter of 2024-25, we had already achieved over 80 per cent of the total penthouse sales recorded in FY24, indicating strong ongoing demand,” he said.
Recognising this shift, many developers are now strategically positioning penthouses as the crown jewels of their luxury towers. Firms such as DLF, Homeland, Lodha, and Prestige are promoting their penthouses not just as homes but as lifestyle statements — combining stature, comfort, and investment appeal.
DLF’s new Privana North luxury project in Gurugram recently saw all 12 of its penthouses sell out within a week of launch at ₹25 crore each — almost 3x the price of a regular apartment. Trump Residences in Gurgaon also saw its four penthouses sell out for ₹125 crore each within a day of launch in May 2025.
Similarly, DLF’s The Dahlias sold 173 apartments in nine weeks, averaging ₹75 crore per unit, with some reported to have sold for as much as ₹150 crore. “The project is expected to include 15 penthouses (duplexes), ranging between 16,000 and 19,000 square feet, while standard units start at roughly 9,800 square feet,” a DLF executive said.
Commenting on the trend, Sudeep Bhatt, director of strategy at Whiteland Corporation, said penthouses are now being designed, positioned, and marketed as flagship residences from the outset, rather than being treated as leftover inventory.
Jindal added that this trend is only set to grow, with developers crafting upcoming projects to meet evolving demand for space, sophistication, and a curated luxury experience.
Bhatt said that this growth can be partly attributed to a nearly 20 per cent rise in per-square-foot prices.
Colliers India’s Singh, however, pointed out that while super built-up areas remain expansive, the actual carpet area has slightly shrunk due to higher loading ratios.
The loading ratio refers to the percentage of a property’s total area (super built-up area) that is not part of the usable living space (carpet area) but includes common areas such as hallways, lobbies, and amenities. This reduction in usable space, however, is being offset by a substantial upgrade in specifications and lifestyle amenities.
“This is largely driven by enhanced specifications, larger layouts, and an increased focus on bespoke features such as private decks, panoramic views, and seamless indoor-outdoor transitions,” Bhatt said.
Singh added that developers are now offering features such as private lifts, plunge pools, rooftop gardens, and fully automated smart homes, targeting a niche clientele that equates luxury with privacy and personalisation.
Industry players also say that the appeal of self-contained, spacious homes with private outdoor areas has grown, with space becoming synonymous with well-being in the post-pandemic world.
“There is also a strong element of social signalling, as owning a penthouse is seen as the pinnacle of urban success. With land constraints in major cities, vertical luxury is not only a logical progression but also a response to the realities of urban density and premium pricing,” Singh said.
Chasing vertical luxury
* Experts say luxury housing has seen 150% surge between 2022 and 2024
* Appeal of self-contained, spacious homes with private outdoor areas driving demand
* DLF, Lodha, Trump Organisation, etc, see each unit being sold for ₹25 crore or more
* Developers now positioning penthouses as crown jewels in their luxury towers
* Features offered include private lifts, plunge pools, rooftop gardens
