MUMBAI: Despite a slowdown in overall housing sales, demand for Ultra-luxury homes (priced upwards of Rs 40 crore each) hit new peaks in 2024. Data issued by real estate consultancy firm ANAROCK indicates 59 such units were sold in 2024 and the year saw a 17% yearly surge in the total sales against 2023.
The data shows that of the 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai also saw 52 units sold at price tags of over Rs 40 crore each – an 88% share of the total deals across the top cities. At least 3 separate ultra-luxury home deals worth more than Rs 40 crore each were closed in Delhi-NCR - two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad saw two deals each with price tags of over Rs 40 crore.
Further, out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced at Rs 100 crore each. The total value of these 17 homes sold alone was Rs 2,344 crore. Of the 52 deals in Mumbai City, at least 16 were at price tags above Rs 100 crore each. Of these, 14 were apartments (Worli, Malabar Hill, and Pali Hill) and two bungalows at Cuffe Parade and JVPD. One ultra-luxury home priced at Rs 100 crore was sold in Gurugram in Delhi-NCR.
Apartments remained the preferred property type for ultra-HNIs - of the 59 deals, 53 were for apartments and the remaining six bungalows.
“Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of Rs 4,754 crore. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of Rs 4,063 crore. 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.
Puri added that HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both. “This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust 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% annual increase in value during the same period. Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand.”
The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which is showing no signs of slowing down. If we consider the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth Rs 9,987 crore. concluded. In 2022, 13 deals worth Rs 1,170 crore were closed. Mumbai accounted for 11 deals and the remaining two were in Delhi-NCR.