Ultra-Luxury Homes Hit Rs 2,443 cr Sales in 8 Months Across Top Cities

Hyderabad: a total of 25 ultra-luxury homes were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first 8 months of 2024 for a collective sales value of approx. Rs 2,443 crore, according to Anarock data.

Anuj Puri, Chairman, Anarock Group, said, “The whole of 2023 saw about 61 deals with a cumulative sales value of Rs 4,456 crore in Mumbai, Hyderabad, and Gurugram. With four months remaining in the year and the festive quarter from October to December, we are likely to see more such large ticket-size residential deals happening before the year is through.”

Amid the unprecedented rise in demand for ultra-luxury trophy homes in the last two years, Mumbai tops the list of cities with maximum sales of such properties, despite it being by far the most expensive residential market in India. The financial capital unfailingly attracts HNIs and ultra-HNIs who buy ultra-luxury homes for investment, personal use, or both.

Demand for luxury and ultra-luxury homes has been scaling ever-rising heights since the pandemic. With demand soaring, developers have gone on a veritable launch spree for such high-priced homes. If we consider the collective data of 2022, 2023 and 2024 till August, over 99 ultra-luxury residential deals worth approx. Rs 8,069 crore were closed in the top cities.

At least 13 deals worth Rs 1,170 crore were closed in 2022, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 of these deals, and the remaining two were closed in Delhi-NCR. Notably, none of the remaining 5 top cities saw such large ticket value deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 were for units priced between Rs 100 - 150 crore, all in Mumbai city.