The sale of ultra-luxury homes recorded a 17 per cent jump in India in 2024 to notch up a total of $554 million in value terms, despite the spiralling residential prices, a market study said.
Out of the 59 ultra-luxury homes sold in 2024, as many as 17 were priced above $11.6 million (INR 1 billion), the report by Anarock Research showed.
India’s commercial capital Mumbai accounted for the lion’s share of ultra-luxury home sales, reporting sales of 52 of the 59-unit sales last year carrying price tags above $4.7 million (INR 400 million).
Delhi-National Capital Region (NCR) recorded sales of three ultra-luxury home deals, followed by tech cities Bengaluru and Hyderabad recording two deals each.
Of the 52 deals in Mumbai city, as many as 16 were at price tags above $11.6 million (INR 1 billion). Of these, 14 were apartments located in plush areas such as Malabar Hill, Pali Hill and Worli – and two bungalows at Cuffe Parade and JVPD, Anarock data showed.
The study said apartments clearly remained the preferred property type for ultra-high-net-worth individuals (UNHWIs), with 53 of the 59 deals were for apartments. The remaining six were bungalows.
Anuj Puri, Chairman, Anarock Group, said 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 in India.
“Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties in India,” he said.
Puri said high-net-worth individuals and ultra-high-net-worth individuals are purchasing these trophy residences for personal use, investment, or both.
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