As many as 59 ultra-luxury housing units priced over ₹40 crore were sold across the top seven cities in 2024 for a collective sales value of approximately ₹4754 crore. There was a 17% increase in the total sales value of ultra-luxury homes sold in 2023 that saw sales of 58 ultra-luxury homes worth ₹4063 crore, data shared by Anarock showed.
Of the total of 59 ultra-luxurious homes sold in 2024, as many as 53 were apartments and just six deals were of bungalows.
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 ₹40 crore each – an 88% share of the total deals across the top cities. At least three ultra-luxury home deals worth more than ₹40 crore each were closed in Delhi-NCR – two in Gurugram and one in New Delhi. Bengaluru and Hyderabad saw two deals, each with over ₹40 crore price tags, the data showed.
A deep dive shows that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced at more than ₹100 crore each. The total value of these 17 homes sold alone was ₹2,344 crore.
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Of the 52 deals in Mumbai City, at least 16 were at price tags above ₹100 crore each. Of these, 14 were apartments (Worli, Malabar Hill, and Pali Hill) and two bungalows at Cuffe Parade and JVPD. One ultra-luxury home priced over ₹100 crore was sold in Gurugram in Delhi-NCR.
Apartments remained the preferred property type for UHNIs
Apartments clearly remained the preferred property type for ultra-HNIs—of the 59 deals, 53 were for apartments, and the remaining six were for bungalows.
“HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both,” said Anuj Puri, chairman – ANAROCK Group. “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.”
Here how the ultra-luxury housing numbers stack up
The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. Considering the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approximately ₹9,987 crore.
In 2022, 13 deals worth approximately ₹1,170 crore were closed, of which at least 10 were for apartments and the remaining three were 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 ₹100 and ₹150 crore—all in Mumbai City.
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In 2023, 58 ultra-luxury homes (priced over ₹40 crore) were sold across the top 7 cities with a cumulative sales value of approximately ₹4,063 crore. Of these, Mumbai alone sold 53 units priced over ₹40 crore each – a 91% share of all such deals across the top 7 cities.
At least four separate ultra-luxury homes worth more than ₹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 more than ₹40 crore, data shared by Anarock showed.
