Ultra-luxury home sales surges in 2024, Mumbai leads charge

Luxury home sales: The demand for ultra-luxury homes, units priced above Rs 40 crore, has continued to rise unabated in 2024, despite escalating prices. According to recent data from real estate consultancy ANAROCK, a total of 25 ultra-luxury homes were sold across major Indian cities—Mumbai, Hyderabad, Gurugram, and Bengaluru—in the first eight months of this year, generating sales worth Rs 2,443 crore.

Mumbai has emerged as the dominant player in this segment, accounting for 21 of the 25 homes sold, with a total sales value of Rs 2,200 crore. Despite its reputation as India’s most expensive residential market, the financial capital remains highly attractive to high-net-worth individuals (HNIs) and ultra-HNIs, who purchase these properties for both investment and personal use.

Anuj Puri, Chairman of ANAROCK Group, commented on the trend, stating, "The whole of 2023 saw about 61 deals with a cumulative sales value of approximately Rs 4,456 crore in cities like Mumbai, Hyderabad, and Gurugram. With four months still remaining in 2024 and the festive quarter ongoing, we expect more large-ticket residential deals to take place before the year is over."

Surge in prices and high-end sales

The average ticket price of homes priced over Rs 40 crore rose by 2 per cent in the first eight months of 2024, reaching Rs 1,02,458 per square foot, up from Rs 1,00,208 per square foot in 2023. However, in the more exclusive segment of homes priced above Rs 100 crore, prices have seen a remarkable 14 per cent increase, rising from Rs 1,24,697 per square foot at the end of 2023 to Rs 1,41,904 per square foot as of August 2024.

In addition to the apartments that dominate the ultra-luxury market, bungalows also made a significant contribution. Of the 25 properties sold in 2024, 20 were high-rise apartments, valued at Rs 1,694 crore, while the remaining five were bungalows, collectively worth Rs 748.5 crore.

Hyderabad saw two major sales in the sought-after Jubilee Hills area, worth a combined Rs 80 crore. In Gurugram, an ultra-luxury property sold for Rs 95 crore, while Bengaluru recorded one high-end sale worth Rs 67.5 crore.

Upswing in large-ticket deals

Ultra-luxury homes priced above Rs 100 crore have also seen a significant surge. So far in 2024, nine such deals have been concluded, with a collective sales value of Rs 1,534 crore. In comparison, the entire year of 2023 saw 10 such deals, worth a combined Rs 1,720 crore.

Given the continuing momentum, experts suggest the market could hit a new peak in the ultra-luxury home segment before 2024 ends.
The ultra-luxury residential market has been on an upward trajectory since the pandemic. Over the last three years, a total of 99 ultra-luxury deals have been closed across India's top cities, generating sales worth Rs 8,069 crore.

In 2022, 13 such homes, valued at Rs 1,170 crore, were sold, with Mumbai accounting for 11 of these deals. Notably, all nine units priced between Rs 100 crore and Rs 150 crore that year were sold in Mumbai. No ultra-luxury deals were recorded in cities like Pune, Chennai, or Kolkata during this period.