Mumbai leads luxury real estate boom with 21 Out of 25 ultra-luxury homes sold in 2024 priced over Rs 40 crore

NEW DELHI: Ultra rich continue to spend lavishly on ultra-luxury homes as sale of units, priced over Rs 40 Cr each, remained unabated in 2024 despite spiralling prices. According to property consultant Anarock, a total of 25 ultra-luxury homes were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first 8 months of 2024 for a collective sales value of approx Rs 2,443 Cr.

Anuj Puri, Chairman of ANAROCK Group, says, “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.”

Of the total of 25 ultra-luxury homes sold in 2024 so far, at least 20 were high-rise apartments worth approx. Rs 1,694 Cr. The remaining five sales were of bungalows cumulatively worth about Rs 748.5 Cr.

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. Pune, Chennai and Kolkata did not witness any sales in this rarified price bracket.

“Notably, the average ticket price of homes priced INR 40 Crore have witnessed a 2% rise in the last 8 months – from INR 1,00,208 per sq. ft. in 2023 to INR 1,02,458 per sq. ft. in August 2024,” says Puri. “A deeper dive into the data reveals that homes priced INR 100 crore have seen a 14% price jump in the last eight months alone – from INR 1,24,697 per sq. ft. in 2023-end to INR 1,41,904 per sq. ft. in 2024 till date. 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.”

Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth Rs 2,200 crore – an 84% share of the total deals in this segment across the top cities. At least 2 separate ultra-luxury home deals collectively worth Rs 80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for Rs 95 Cr, while Bengaluru also closed one deal worth Rs 67.5 Cr.

Of the 25 deals closed across cities this year, 9 were of large ticket sizes worth over Rs 100 Cr. each, and had a collective sales value of INR 1,534 Cr. Contrastingly, the whole of 2023 saw 10 such large deals for a collective sales value of Rs 1,720 Cr. Anarock expects the market to see a new peak created in this segment over the 4 months remaining in 2024.

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%.

Demand for luxury and ultra-luxury homes has been scaling ever-rising heights since the pandemic. With demand soaring, developers have gone on a veritable launch spree for such high-priced homes.

“If we consider the collective data of 2022, 2023 and 2024 till August, over 99 ultra-luxury residential deals worth approx. INR 8,069 Cr. were closed in the top cities,” said Anarock.