Luxury Home Sales: 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 in India’s major 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 buy these properties for both investment and personal use.
Commenting on the trend, Anuj Puri, Chairman, ANAROCK Group, said, “The entire year of 2023 saw around 61 deals with a cumulative sales value of approximately Rs 4,456 crore across cities such as Mumbai, Hyderabad and Gurugram. With four months remaining in 2024 and the ongoing festive quarter, we expect more high-value residential deals to happen before the year ends.”
Price increases and high-end sales
The average price of homes priced above Rs 40 crore increased by 2% in the first eight months of 2024, reaching Rs 1,02,458 per sq ft, up from Rs 1,00,208 per sq ft in 2023. However, in the more exclusive segment of homes priced above Rs 100 crore, prices have seen a remarkable increase of 14%, rising from Rs 1,24,697 per sq ft at the end of 2023 to Rs 1,41,904 per sq ft in August 2024.
Apart from 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 valued at Rs 748.5 crore.
In Hyderabad, two major sales were recorded 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 a high-end sale worth Rs 67.5 crore.
Increase in high-value deals
Ultra-luxury homes priced above Rs 100 crore have also seen a significant rise. So far in 2024, nine such deals have been closed, with a collective sale value of Rs 1,534 crore. In comparison, in the entire year of 2023, 10 such deals were recorded, with a combined value of Rs 1,720 crore.
Given the continued momentum, experts suggest that the market could hit a new peak in the ultra-luxury housing segment before the end of 2024. The ultra-luxury residential market has been on an upward trajectory since the pandemic. In the last three years, a total of 99 ultra-luxury deals have been closed across major cities in India, generating sales worth Rs 8,069 crore.
In 2022, 13 such homes were sold, valued at Rs 1,170 crore, and 11 of them were in Mumbai. Notably, all nine units priced between Rs 100 and Rs 150 crore that year were sold in Mumbai. No ultra-luxury transactions were recorded in cities like Pune, Chennai or Kolkata during this period.
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