Ultra-luxury homes, priced above Rs 40 crore per unit
Mumbai Mumbai: Despite a surge in residential real estate prices, sales of ultra-luxury homes priced above Rs 40 crore continued to grow at a rapid pace in 2024.The number of sales and the sale price of such properties reached new peaks in 2024.Data provided by real estate consultant ANAROCK indicates that the total sale value of ultra-luxury homes grew 17 per cent year-on-year in 2024 compared to 2023.Overall, 59 ultra-luxury homes were sold across the top seven cities in 2024, with a collective sale value of around Rs 4,754 crore.In contrast, 58 ultra-luxury homes were sold across these cities in 2023, with a total sale value of around Rs 4,063 crore.
“The year-on-year growth in both the number of deals and their total sales value underscores the enduring demand for ultra-luxury properties in top cities,” said Anuj Puri, chairman, Anarock Group. Since the pandemic, there has been a significant increase in demand for luxury and ultra-luxury properties. “HNIs and ultra-HNIs are buying these trophy residences for personal use, investment, or both,” Puri said.
“This is a remarkable market dynamic, given that home prices are rising across the country due to rising input costs and strong 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,” Puri added. Some of the most prominent Grade A developers are increasing ultra-luxury inventory in response to rising demand. Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, 52 units in Mumbai sold at a price of over Rs 40 crore – accounting for 88 per cent of the total deals across the top cities.
At least 3 separate ultra-luxury home deals were completed in Delhi-NCR – two in Gurugram and one in New Delhi. Bengaluru and Hyderabad both saw two deals each.
Deeper investigation revealed that at least 17 of the 59 ultra-luxury homes sold in 2024 were priced at over Rs 100 crore. The total value of these 17 homes sold alone was Rs 2,344 crore. The COVID-19 pandemic created a massive surge in demand for luxury and ultra-luxury housing, which shows no signs of abating.
