Mumbai: In 2024, the market for ultra-luxury residences, each priced above Rs 40 crore, remained vibrant despite rising residential real estate costs.
Sales volume and the total value of these properties reached unprecedented levels in 2024.
According to data from real estate consultancy ANAROCK, the overall sales value of ultra-luxury homes experienced a 17 percent year-on-year increase in 2024 compared to the previous year.
A total of 59 ultra-luxury homes were sold across the seven major cities in 2024, generating a combined sales value of around Rs 4,754 crore.
In comparison, 2023 recorded the sale of 58 ultra-luxury homes in these cities, with a total sales value of approximately Rs 4,063 crore.
"The annual growth in both the number of transactions and their total sales value highlights the persistent demand for ultra-luxury properties in major urban centers," stated Anuj Puri, Chairman of ANAROCK Group.
Since the pandemic, there has been a marked rise in interest for luxury and ultra-luxury real estate.
"High-net-worth individuals and ultra-high-net-worth individuals are acquiring these prestigious properties for personal enjoyment, investment purposes, or a combination of both," Puri noted.
"This trend is significant, especially as home prices are escalating nationwide due to rising input costs and strong buyer interest. While there was only a slight increase in the number of transactions in 2024 compared to 2023, the value of these transactions saw a substantial 17 percent annual growth during the same timeframe."
Leading Grade A developers have been increasing their ultra-luxury offerings in response to the rising demand, Puri noted.
In 2024, a total of 59 ultra-luxury properties were sold across the seven major cities, with Mumbai accounting for 52 of these transactions, each exceeding INR 40 crore, representing an impressive 88 percent of the overall sales in these cities.
In the Delhi-NCR region, three notable ultra-luxury home transactions were completed—two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad recorded two transactions each.
A detailed analysis revealed that among the 59 ultra-luxury homes sold in 2024, at least 17 were listed at Rs 100 crore each, contributing a staggering total of Rs 2,344 crore to the market.
The COVID-19 pandemic has significantly boosted the demand for luxury and ultra-luxury housing, a trend that appears to be continuing unabated.
When examining the combined data from 2022, 2023, and 2024, the top seven cities recorded a minimum of 130 ultra-luxury residential transactions, amounting to Rs 9,987 crore.
