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A total of 25 ultra-luxury homes priced more than ₹40 crore were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 for a collective sales value of approximately ₹2,443 core, Anarock data showed.
Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth ₹2,200 crore – an 84% share of the total deals in this segment across the top cities. At least two separate ultra-luxury home deals collectively worth ₹80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for ₹95 crore, while Bengaluru also closed one deal worth ₹67.5 crore.
Of the 25 deals closed across cities this year, nine were of large ticket sizes worth over ₹100 crore each, and a collective sales value of ₹1,534 crore. Contrastingly, the whole of 2023 saw 10 such large deals for a collective sales value of ₹1,720 crore, the data showed.
Apartments remained the preferred property type, 80% deals concluded by businessmen
Apartments remained the preferred property type for HNIs. Out of the total 25 deals, 20 were for apartments and the remaining five for bungalows. Of the total of 25 ultra-luxury homes sold in 2024 so far, at least 20 were high-rise apartments worth approximately ₹1,694 crore. The remaining five sales were of bungalows cumulatively worth about ₹748.5 crore.
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At least 80% of the total deals were concluded by businessmen, and 12% by senior professionals from across various sectors. Bollywood celebrities and leading legal and medical professionals accounted for the remaining 8%.
Mumbai dominates demand for ultra-luxury homes
Amid the rise in demand for ultra-luxury trophy homes in the last two years, Mumbai tops the list of cities with maximum sales of such properties, despite it being by far the most expensive residential market in India. The financial capital unfailingly attracts HNIs and ultra-HNIs who buy ultra-luxury homes for investment, personal use, or both.
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Of the total 25 deals, at least nine deals in 2024 were worth more than ₹100 crore each. All these were transacted in Mumbai – seven in South Central Mumbai and two in Bandra and Juhu, the data showed.
Price of ₹100 crore homes increases by 14%
The average prices of more than ₹40 crore homes witnessed a 2% jump in the last eight months while the average price of homes in the more than ₹100 crore bracket witnessed a 14% increase in the period, it showed.
The average ticket price of homes priced more than ₹40 crore have witnessed a 2% rise in the last eight months – from ₹1,00,208 per sq. ft. in 2023 to ₹1,02,458 per sq. ft. in August 2024. A deeper dive into the data reveals that homes priced more than ₹100 crore have seen a 14% price jump in the last eight months alone – from ₹1,24,697 per sq. ft. in 2023-end to ₹1,41,904 per sq. ft. in 2024 till date.
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This double-digit price appreciation in this segment even before the year concludes stands testimony to the unrelenting appetite for trophy homes. Not surprisingly, leading Grade A developers have scaled up ultra-luxury homes supply in the last few years, the data showed.
“The whole of 2023 saw about 61 deals with a cumulative sales value of approximately ₹4,456 crore in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through,” said Anuj Puri, chairman – ANAROCK Group.
