MUMBAI
— India saw the sale of 59 ultra-luxury homes priced above INR 40 crore at
a total value of INR 4,754 crore last year, a 17 per cent increase from 2023,
according to a report on Thursday.
The data showed that out of the 59 ultra-luxury homes sold
in 2024, at least 17 were priced at more than INR 100 crore each. The total
value of these 17 homes sold alone was INR 2,344 crore, said the report by
Anarock Group.
In 2023, 58 ultra-luxury homes were sold for a total sales
value of nearly INR 4,063 crore.
Of a total of 59 ultra-luxurious homes sold in 2024, 53 were
apartments and just six deals were of bungalows. At least 17 deals in 2024 were
worth over INR 100 crore each — 16 in Mumbai and one in Delhi-NCR (Gurugram).
Mumbai dominated with 52 ultra-luxury residential deals,
comprising an 88 per cent share of total deals.
Delhi-NCR recorded three deals for two ultra-luxury homes in
Gurugram and one in Delhi. Hyderabad and Bengaluru each saw two deals worth
over INR 40 crore, the data showed.
“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.
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,” 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 per cent annual
increase in value during the same period. Apartments clearly remained the
preferred property type for ultra-HNIs.
“Some of the most prominent Grade A developers have been
upping ultra-luxury inventory in response to the growing demand,” Puri added.
