NEW DELHI: The ultra-luxury homes have witnessed high demand in the country this year. So far in 2023, a total of 58 properties (priced over Rs 40 crore) were sold across top 7 cities with a recorded sales value of Rs 4,063 crore, as per the data provided by real estate consultant Anarock. In contrast, the whole of 2022 saw deals for 13 such homes for a total sales value of Rs 1,170 crore.
Mumbai alone sold 53 units which are priced above Rs 40 crore each. At least four such deals were closed in Delhi-NCR - two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad witnessed one residential deal of Rs 40 crore at Jubilee Hills. Within Mumbai, at least 3 deals in Mumbai closed for price tags above Rs 200 crore. At least two homes in Delhi-NCR were sold for above Rs 100 crore each.
DLF, India’s biggest realtor and maker of some of the most expensive properties, said that there was a resurgence in demand in the ultra-luxury housing segment that has almost doubled in the past few years, primarily on account of the improvement in the financial position of reputable real estate players.
“Today Indian developers are delivering projects of international standards, attracting buyers not just from India, but overseas too. Within NCR, Gurugram, particularly has emerged as a preferred choice for luxury homebuyers, with a large presence of HNIs and UNHIs base and a significant rise in the number of affluent millennials in the region, who prefer to stay close to work and are willing to go the extra mile for their convenience and indulgent lifestyle,” said Aakash Ohri, Joint Managing Director & Chief Business Officer, DLF.
Anuj Puri, Chairman, Anarock Group, said the rise in demand for ultra-luxury homes can be traced to the reshuffling of HNI investment portfolios amid anticipated volatility in the stock market due to geopolitical tensions. “Among wealthy Indians, there is a very distinct FOMO (fear of missing out) aspect to securing the most desirable options before someone else does,” added Puri. Most of the these homes were bought by businessmen, senior professionals, politicians and bollywood celebrities.