Indian Ultra-Luxury Property Sales Soar in 2024 - Mumbai Leads with INR 2200 Crore in Transactions

In 2024, Mumbai dominated India's ultra-luxury real estate market, securing 21 of the 25 high-end property sales across top cities. With a collective value of Rs 2,443 crore, the demand for homes priced over Rs 40 crore remained strong, driven by HNIs and ultra-HNIs.

Mumbai, Hyderabad, Gurugram, and Bengaluru saw significant transactions, solidifying their status as luxury property hotspots, while prices for homes in the Rs 100 crore bracket surged by 14% in just eight months.

Strong Demand for Trophy Homes in Key Cities

The demand for ultra-luxury homes has remained robust throughout 2024. A total of 25 homes were sold across Mumbai, Hyderabad, Gurugram, and Bengaluru, amassing a collective sales value of Rs 2,443 crore. Notably, cities like Pune, Chennai, and Kolkata recorded no sales in this price bracket.

High-Rise Apartments Dominate Sales

Of the 25 ultra-luxury homes sold in 2024 so far, 20 were high-rise apartments, generating Rs 1,694 crore in sales. The remaining five were bungalows, sold for a combined value of Rs 748 crore. Hyderabad’s Jubilee Hills saw two ultra-luxury home deals worth Rs 80 crore, while Gurugram and Bengaluru closed single deals valued at Rs 95 crore and Rs 67.5 crore, respectively.

2023 vs. 2024: Steady Growth Expected

The year 2023 witnessed 61 ultra-luxury home deals across Mumbai, Hyderabad, and Gurugram, totaling approximately Rs 4,456 crore. With four months still remaining in 2024 and the festive season in full swing, industry experts expect a surge in high-value deals before year-end.

Mumbai’s Unyielding Appeal to HNIs

Mumbai continues to attract high-net-worth individuals (HNIs) and ultra-HNIs due to its status as India’s most expensive residential market. The city remains a preferred destination for investment, personal use, or a combination of both. This demand has led to a 2% increase in the average ticket price of homes priced over Rs 40 crore, with prices rising from Rs 1,00,208 per sq ft in 2023 to Rs 1,02,458 per sq ft in 2024.

Significant Price Surge in Ultra-Luxury Homes

Homes priced at Rs 100 crore have experienced an even sharper price rise. In just eight months, prices surged by 14%, from Rs 1,24,697 per sq ft at the end of 2023 to Rs 1,41,904 per sq ft in August 2024.

Record-Breaking Ultra-Luxury Sales from 2022 to 2024

Analyzing data from 2022 through 2024, over 99 ultra-luxury residential deals worth Rs 8,069 crore have been closed in India’s top cities. In 2022 alone, 13 deals valued at Rs 1,170 crore were finalized, with Mumbai leading the charge by accounting for 11 of these sales.

Key Facts and Figures

• Total ultra-luxury properties sold in 2024 (YTD): 25 units
• Mumbai's share in 2024 sales: 21 units (Rs 2,200 crore)
• Total sales value across top cities in 2024 (YTD): Rs 2,443 crore
• Sales by city:Mumbai: 21 units
• Hyderabad: 2 units (Rs 80 crore)
• Gurugram: 1 unit (Rs 95 crore)
• Bengaluru: 1 unit (Rs 67.5 crore)
• Price increase in Rs 40 crore homes (2023 to 2024): From Rs 1,00,208 per sq ft to Rs 1,02,458 per sq ft (+2%)
• Price increase in Rs 100 crore homes (2023 to 2024): From Rs 1,24,697 per sq ft to Rs 1,41,904 per sq ft (+14%)
• Total ultra-luxury sales (2022-2024): 99 deals, Rs 8,069 crore