 "(Clockwise from left): Bungalow in Bijwasan, New Delhi (Price: ₹95 cr | Photo: Sotheby's); Estate in Los Angeles (Price: Nearly $20 mn (approx ₹171 cr) | Photo: Christie's International RE); Estate in Lonavala (Price: ₹85 cr | Photo: Sotheby's)")
A ₹95 crore estate in Bijwasan, New Delhi. An ₹85 crore bungalow in Lonavala, Maharashtra. A sea-facing villa in Goa priced at ₹13.75 crore. These are just a few examples from India Sotheby’s International Realty’s listings that point to the surge in ultra-luxury real estate — a market segment that has not only bounced back from the pandemic lows but has gone from strength to strength.
Despite geopolitical instability and concerns about macroeconomic headwinds affecting household budgets, the luxury housing market in India has shown remarkable resilience. Sales in this segment rose 28 per cent year-on-year in the first quarter of 2025, according to a report by real estate consultancy CBRE.
India’s ultra-high-networth individuals (UHNIs) are increasingly directing their wealth into luxury real estate. In major metros, micro-markets like Lutyens’ and South Delhi; BKC, Bandra, and Worli in Mumbai; and central Bengaluru areas such as Koramangala, Hebbal, and Vittal Mallya Road, besides north Bengaluru, are seeing strong demand.
Developers are responding with projects that blend opulence with exclusivity.
In Gurugram, M3M India’s Altitude project is a case in point. With 350 ultra-luxury residences — including 4BHK apartments and penthouses — the development boasts Gurugram’s tallest sky club and a glass-air bridge offering panoramic views. M3M’s Golfestate properties, priced ₹11.5–12.5 crore, come with concierge perks like a personal chef and a BMW for daily use.
“For India’s wealthy, luxury homes are not merely investments — they’re expressions of lifestyle, symbols of status, and instruments of legacy building,” says Ashwin Chadha, chief executive officer (CEO), India Sotheby’s International Realty. This asset class, he adds, offers a rare trifecta: Refined living, long-term capital gains, and the ability to create a multi-generational legacy.
“Urbanisation and growing affluence have shifted the aspirations of Indian buyers. Many are driven by both capital appreciation and the allure of elevated living,” says Robin Mangla, president, M3M India. “In fact, 62 per cent of HNIs and UHNIs cite long-term capital gains as a key driver, while over half focus on steady returns from real estate assets.”
New hotspots
Beyond metro cities, second-home markets have emerged as significant investment destinations. Locations like Goa, Alibaug, Lonavala, and parts of Uttarakhand are increasingly attractive to HNIs seeking weekend homes or holiday retreats.
Abhinandan Lodha, chairman of Abhinandan Ventures, says this shift is being met with aggressive development. “We currently have 16 projects across India, with premium offerings in Alibaug, Goa, and Ayodhya,” he says. “In Goa alone, 1 million sq ft sold out in under a month. Ayodhya followed closely with 0.6 million sq ft.”
About 90 per cent of their buyers, he adds, are CXOs (chief experience officers) from tech, BFSI (banking, financial services, and insurance), pharma, and consultancy sectors, as well as non-resident Indians (NRIs) and celebrities.
Even lesser-known destinations like Neral, Dapoli, and Anjarle in Maharashtra — where the group is developing over 19 million sq ft — are gaining traction, primarily for their investment potential, Lodha adds.
Global aspirations
The appetite for luxury real estate isn’t limited to Indian shores. According to the India Luxury Outlook Survey 2025, 22 per cent of HNIs are keen to invest in international property. Dubai remains the top pick, but cities such as London, New York, and Miami continue to attract serious interest.
Christie’s International Real Estate lists properties that cater to such cross-border ambitions. Among them are a $17 million vineyard in Tuscany, a $25 million ski resort in Aspen, a $68 million beach villa in Dubai, and a $20 million estate in Los Angeles.
“Internationally, the preferred locations are Dubai, Western Europe (primarily France and Italy), Greece, the UK (though those have slowed a bit over the past year ), Thailand, and Singapore,” says Himmat Singh, managing partner, Christie’s International Real Estate.
Ritesh Mehta, senior director at real estate consultancy JLL India, says improved global mobility and digital connectivity have made managing overseas properties feasible. These investments also provide portfolio diversification, and in many countries, residency or citizenship benefits through Golden Visa schemes, as seen in Greece or Portugal, he adds.
Buyers from India are motivated by three factors, says Singh: One is purely investment-driven. The second is functional — such as homes near children’s universities or frequent travel destinations. The third is psychological or symbolic — the so-called ‘trophy’ buy, which includes vineyards, chalets, beachfront homes, or historical estates.
Heritage and prestige
Back home, restored havelis and palaces — especially in Rajasthan — remain aspirational for buyers seeking properties that blend cultural heritage with exclusivity, says Mehta. Urban addresses in Mumbai’s Malabar Hill or Delhi’s Lutyens’ Bungalow Zone continue to command top rupee.
Luxury villas and mansions in the French Riviera, beachfront estates in Malibu (California), and hillside homes in Lake Como in Italy, meanwhile, are popular choices for seasonal living and the privacy they offer. Vineyards and farmlands in Napa Valley, Tuscany, Bordeaux, and South Africa’s Cape Winelands appeal to investors drawn to boutique winemaking, lifestyle farming, and long-term asset appreciation, Mehta says.
“Luxury real estate offers more than tangible returns. There’s a lifestyle premium attached — prestige, privacy, and often access to elite social networks,” he adds.
With rising affluence, India’s luxury real estate market is becoming more nuanced. Chadha points to the growing popularity of “trophy homes” and scenic retreats in North Goa, Alibaug, Dehradun, Kasauli, and Coorg.
Real estate, particularly luxury real estate, is seen as a hedge against market volatility, he says. “It offers stability and long-term wealth preservation — a quality that volatile stocks and bonds often lack.”
Parvinder Singh, CEO of Trident Realty, adds that the financial case for such investments remains strong. “Prime-location luxury homes yield better rental returns and appreciate significantly over time,” he adds. “Beyond the numbers, they enhance one’s lifestyle and social standing — an increasingly important factor for HNIs.”
According to a recent Reuters poll, national home prices are expected to rise by 7.75 per cent in 2025. Luxury property is expected to outperform that average, with stronger demand and steeper appreciation led by India’s wealthiest homebuyers.
As Singh of M3M puts it: For those at the top of the pyramid, real estate is not just an investment. It’s a statement — one that pays off in returns, prestige, and permanence.
