In 2024, 59 ultra-luxury homes were sold for a total sales value of approximately Rs 4,063 crore marking a 17% yearly surge in total sales value, according to the data analysed by Anarock.
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In 2024, 59 ultra-luxury homes were sold for a total sales value of approximately Rs 4,063 crore marking a 17% yearly surge in total sales value, according to the data analysed by Anarock.
The real estate consultancy firm said a total of 59 ultra-luxurious homes, 53 were apartments and just 6 deals were of bungalows.
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Mumbai dominated with 52 ultra-luxury residential deals in 2024, comprising an 88% share of total deals while Delhi-NCR recorded 3 deals for two ultra-luxury homes in Gurugram and one in Delhi.
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One apartment was sold in Gurugram for Rs 190 crore at DLF Camellias.
Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties.
“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.
“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.”
Hyderabad and 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.
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