59 Ultra-Luxury Homes Priced Over Rs 40 cr Worth Rs 4,754 cr Sold in 2024

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Ultra-Luxury Homes
  • In 2023, 58 ultra-luxury homes were sold for a total sales value of approximately Rs 4,063 crore – 17% yearly surge in total sales value
  • Of a total of 59 ultra-luxurious homes sold in 2024, 53 were apartments; 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 2 ultra-luxury homes in Gurugram & 1 in Delhi; Hyderabad & Bengaluru each saw 2 deals worth >Rs 40 crore each
  • At least 17 deals in 2024 were worth >Rs 100 crore each – 16 in Mumbai and 1 in Delhi-NCR (Gurugram)

Spiralling residential prices notwithstanding, ultra-luxury homes (priced > Rs 40 crore each) continued to sell briskly in 2024. The number of sales and the sales value of such assets hit new peaks. ANAROCK data indicates that 2024 saw a 17% yearly surge in the total sales value of ultra-luxury homes compared to 2023, reveals Anuj Puri, chairman of ANAROCK Group.

Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of approximately Rs 4,754 crore. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of Rs 4,063 crore. 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.

> Rs 40-crore Homes Sold in India (nos of homes)
YearApartmentBungalowGrand Total
202353558
202453659

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. 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.

> Rs 40-crore Homes Sold in India (value in Rs cr)
YearApartmentBungalowGrand Total
20233,7433204,063
20243,9108444,754

Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai saw 52 units sold at price tags of over Rs 40 crore each ā€“ an 88% share of the total deals across the top cities. At least 3 ultra-luxury home deals worth >Rs 40 crore each were closed in Delhi-NCR – two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad saw two deals each with price tags of over Rs 40 crore.

A deep dive shows that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced at >Rs 100 crore each. The total value of these 17 homes sold alone was Rs 2,344 crore.

  • Of the 52 deals in Mumbai City, at least 16 were at price tags above Rs 100 crore each. Of these, 14 were apartments (Worli, Malabar Hill, Pali Hill) and two bungalows at Cuffe Parade and JVPD.
  • One ultra-luxury home priced >Rs 100 crore was sold in Gurugram in Delhi-NCR.

Apartments clearly remained the preferred property type for ultra-HNIs – of the 59 deals, 53 were for apartments and the remaining six were bungalows.

CityMicro marketTypeNo. of UnitsTotal Price (Rs)Project Name
MumbaiMalabar HillApartment2270 CrLodha Malabar
MumbaiCuffe ParadeBungalow1500 CrBungalow
MumbaiWorliApartment2225 CrOberoi 360 West
NCRGurugramApartment1190 CrDLF- The Camellias
MumbaiWorliApartment1185 CrLodha Sea Face

Ultra-Luxury Homes – A 2022 & 2023 Retrospective

The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. According to the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approximately Rs 9,987 crore concluded.   

  • In 2022, 13 deals worth Rs 1,170 crore were closed, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 deals and the remaining two were in Delhi-NCR. Interestingly, none of the remaining 5 top cities saw such large ticket-size deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 units were priced between Rs 100 – 150 crore ā€“ all in Mumbai City.

In 2023, 58 ultra-luxury homes (priced >Rs 40 cr) were sold across the top 7 cities with a cumulative sales value of Rs 4,063 crore. Of these, Mumbai alone sold 53 units priced >Rs 40 crore each – a 91% share of all such deals across the top 7 cities. At least four ultra-luxury homes worth >Rs 40 crore each were sold in Delhi-NCR – two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad saw one ultra-luxury deal worth >Rs 40 crore in Jubilee Hills.

> Rs 40-crore Homes Sold in India (nos of homes sold city-wise)
YearDelhi-NCRMumbaiHyderabadBengaluruGrand Total
2022211– – 13
20234531– 58
20243522259
Total911632130

Data Source: ANAROCK Research

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