The ultra-luxury real estate market in India is experiencing a remarkable surge, with Mumbai leading the pack in high-value property transactions. In the first eight months of 2024, the top four cities—Mumbai, Hyderabad, Gurugram, and Bengaluru—have collectively recorded the sale of 25 ultra-luxury homes priced over Rs 40 crore each, amounting to an impressive Rs 2,443 crore.
Mumbai stands out as the epicentre of this high-end real estate boom, with 21 of these ultra-luxury homes sold in the city alone, representing an overwhelming 84% of the total transactions in this segment. The financial capital’s attraction to high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) is undiminished, with these buyers seeking luxury residences for both personal use and investment purposes.
Mumbai’s Ultra-Luxury Market Booms in 2024The average price per square foot for homes priced at Rs 40 crore has risen by 2% in the past eight months, from Rs 1,00,208 in 2023 to Rs 1,02,458 in August 2024. Moreover, properties valued at Rs 100 crore have seen a substantial 14% price increase during the same period, climbing from Rs 1,24,697 per sq. ft. at the end of 2023 to Rs 1,41,904 per sq. ft. in 2024. This substantial appreciation reflects the enduring demand for trophy homes and underscores the aggressive expansion strategies of leading Grade A developers. In terms of distribution, Mumbai’s dominance is stark, with sales amounting to Rs 2,200 crore out of the total Rs 2,443 crore across the top cities. Hyderabad follows with two deals valued at Rs 80 crore in Jubilee Hills. Gurugram and Bengaluru each recorded one sale in the ultra-luxury bracket, worth Rs 95 crore and Rs 67.5 crore, respectively.
The trend of high-value transactions is driven largely by business magnates, who account for 80% of the total deals. Senior professionals contribute 12%, while the remaining 8% are attributed to Bollywood celebrities and eminent professionals in the legal and medical fields. With the market poised for further growth, expectations are high for the remaining months of 2024, potentially setting new records in the ultra-luxury segment. Over the past three years, from 2022 to August 2024, nearly 99 ultra-luxury deals amounting to approximately Rs 8,069 crore have been concluded across major Indian cities.
