MUMBAI: With sales topping Rs 24,120 crore in the Rs 10-crore units segment known as the ultra-luxury home segment, Gurugram has overtaken Mumbai with Rs 21,902 crore home sales in the same segment that has been the hallmark of the megapolis always in 2025, and is also record for any city in the country.
Again the NCR continued to offer more surprises with Noida and Greater Noida in the East of the national capital occupy the next two slots, according to the latest data on high-end luxury housing report by India Sotheby’s International Realty and CRE Matrix, released Monday.
The development is a striking reshaping of the country’s luxury housing map which for always been topped by Mumbai.
According to the report, Mumbai has sold ultra-luxury homes worth Rs 21,902 crore in the Rs 10 crore and above category in 2025 across 967 units, which still cements the fact that the megapolis is home to priciest realty with the average price-tag being over Rs 22.67 crore, while Gurugram sold 1494 units which means average price of Rs 16 crore.
The report shows that 1,494 homes priced above Rs 10 crore were sold in Gurugram in 2025, the highest ever recorded in a 12-month period for the city, while for Mumbai the number was .
For Gurugram, average price was Rs 16 crore highlighting strong buyer appetite for ultra-premium homes and the ultra-luxury segment accounted for a 24% market share in 2025, in value terms.
The top luxury micro-markets in Gurugram include Dwarka Expressway, Golf Course Road and the Golf Course Extension.
The surge marks a nearly tenfold jump in unit sales from just 155 homes in 2023, underscoring accelerating wealth creation and growing participation from high-net-worth and ultra-high-net-worth individuals, it said.
In value terms, the market expanded six-fold in two years—from Rs 4,004 crore in 2023 to over Rs 24,000 crore in 2025—cementing Gurugram’s position as the country’s most dynamic ultra-luxury residential hub. In 2024, the city had sold ultra-luxury homes worth Rs 13,383 crore.
Gurugram and Mumbai are followed by Noida and Greater Noida, together notching up sales worth Rs 9,358 crore, followed by Hyderabad and Bengaluru at Rs 8,140 crore and Rs 2,319 crore respectively in ultra-luxury category.
In Gururgram, homes averaging about 5,000 sqft dominated demand, residences larger than 8,000 sqft contributed nearly 22% of total transaction value, highlighting buyers’ willingness to pay a premium for scale, privacy and exclusivity, the report showed.
A defining shift has been the rise of emerging luxury corridors. Micro-markets such as the Dwarka Expressway, Golf Course Road and Golf Course Extension Road together drove much of the expansion, supported by infrastructure upgrades, new supply and enhanced connectivity.
According to report, Dwarka Expressway posted a staggering 2,079% jump in transaction value, rising from Rs 383 crore in 2024 to Rs 8,347 crore in 2025. Golf Course Extension Road recorded a 379% increase in sales value, alongside sharp price appreciation, with weighted average prices climbing from Rs 24,855/sqft to Rs 37,899/sqft.
Traditional prime pockets such as Golf Course Road saw steadier activity, constrained by limited new inventory.
“What is particularly notable is that growth is no longer confined to legacy addresses. Emerging micro-markets are now driving a structural expansion of Gurugram’s luxury housing market,” said Tina Talwar of India Sotheby’s International Realty.
Market participants link the boom to broader capital formation and entrepreneurial wealth. In 2025 alone, 103 companies raised a record $19.54 billion through mainboard IPOs, creating a new cohort of founders and promoters entering the ultra-luxury housing segment.
“The nearly 10-fold growth in the luxury segment over the past two years reflects sustained buyer confidence and a maturing demand profile,” said Abhishek Kiran Gupta of CRE Matrix.