NEW DELHI : Sales of ultra-luxury housing units, priced Rs 50 crore and above, rose 51% year-on-year in value to Rs 4,319 crore in 2023, according to real estate consultant JLL India. The data showed that 45 homes, priced Rs 50 crore and above, were sold last year as against 29 homes sold in 2022.
Notably, out of the 45 luxury homes sold in 2023, 14 homes were in the price segment of Rs 100 crore and above, with the majority (79%) of them in Mumbai. The momentum in this niche segment remains high as in the first two months of 2024, at least four homes priced at Rs 50 crore and above have been sold with a combined worth of Rs 397 crore.
“With a growing segment of high-net-worth individuals seeking exclusive and opulent living spaces, the demand for luxury properties is expected to surge. Moreover, with growing number of HNIs in the country, the demand for these homes will grow further” said Ritesh Mehta, Senior Director, and Head (North and West), residential services and developer initiative, JLL India. As per Hurun Global Rich List 2024, India now has 271 billionaires (US dollars), an increase of 84 individuals year-on-year.
Out of the 45 transactions in 2023, 58% were apartments and the rest 42% were bungalows. Mumbai saw a total of at least 29 luxury homes sold, with a combined value of Rs 3,031 crore. Delhi NCR followed closely with at least 12 luxury homes sold, worth Rs 1,043 crore. Bengaluru witnessed at least 4 transactions in this segment, amounting to a sales value of Rs 245 crore.
Ashwin Chadha, CEO, of India Sotheby’s International Realty, said that traditionally only bungalows, farmhouses, and independent luxury villas commanded prices above Rs 50 crore, now apartments and penthouses in high-rise buildings in top pin codes also fetch such prices due to the exclusive lifestyle and luxury amenities they offer.
Aakash Ohri, Jt Managing Director and Chief Business Officer, DLF Homes, said, “The surge in demand for ultra-luxury homes in the Indian real estate industry is unprecedented, fueled by a rise in wealth creation and economic resilience among affluent segments. This shift is driven by a newfound appreciation for real estate as both an appreciating asset and a source of tangible and intrinsic value.”