India saw the sale of 59 ultra-luxury homes priced above Rs 40 crore at a total value of Rs 4,754 crore last year, a 17 per cent increase from 2023, according to a report on Thursday.
The data showed that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced at more than Rs 100 crore each. The total value of these 17 homes sold alone was Rs 2,344 crore, according to the report by Anarock Group.
In 2023, 58 ultra-luxury homes were sold for a total sales value of nearly Rs 4,063 crore.
Of the 59 ultra-luxurious homes sold in 2024, 53 were apartments and just six deals were of bungalows. At least 17 deals in 2024 were worth over Rs 100 crore each — 16 in Mumbai and one in Delhi-NCR (Gurugram).
Mumbai dominated with 52 ultra-luxury residential deals, comprising an 88 per cent share of total deals.
Delhi-NCR recorded three deals for two ultra-luxury homes in Gurugram and one in Delhi. Hyderabad and Bengaluru each saw two deals worth over Rs 40 crore, the data showed.
"The yearly increase in both the number of deals and their overall sales value underscores the enduring demand for ultra-luxury properties across the top cities," said Anuj Puri, Chairman, Anarock Group.
Since the pandemic, demand for luxury and ultra-luxury property has picked up significantly.
"These trophy homes are being purchased for personal consumption and/or as investment by HNIs and ultra-HNIs," says Puri.
An interesting market development, particularly considering that nationwide house prices have moved up significantly given the escalation of input costs, coupled with significant 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. Apartments clearly remained the preferred property type for ultra-HNIs.
“Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand,” Puri added.
Read also| Morgan Stanley Forecasts 18% Rise in Sensex by End of 2025
