Recession? 59 ultra-luxury homes worth INR 4,754 Cr sold in 2024, 17% yearly surge

By Jag Jivan
Notwithstanding its spiralling prices, the ultra-luxury residential segment in India continues to thrive, with 2024 setting new records for sales and total value. According to ANAROCK data, 59 ultra-luxury homes (priced above INR 40 Cr each) were sold across the top seven cities for a collective sales value of approximately INR 4,754 Cr. This marks a 17% increase in sales value compared to 2023, which saw 58 homes sold for INR 4,063 Cr.

Mumbai retained its dominance, accounting for 52 of the 59 ultra-luxury deals in 2024, representing an 88% share. Among these, at least 16 transactions were valued above INR 100 Cr, primarily concentrated in prime areas such as Worli, Malabar Hill, and Pali Hill.

Anuj Puri, Chairman of ANAROCK Group, highlighted the sustained demand for such properties despite rising prices. “HNIs and ultra-HNIs continue to invest in trophy residences for personal use and as long-term investments. The 17% annual increase in sales value underscores this demand.”

Key Market Trends

Apartments vs. Bungalows: Of the 59 deals in 2024, 53 were for ultra-luxury apartments, while only six were bungalows. Apartments clearly remain the preferred choice for ultra-HNIs.

Deals Above INR 100 Cr: 17 homes priced over INR 100 Cr were sold in 2024, contributing INR 2,344 Cr to the total sales value.

Delhi-NCR, Bengaluru, and Hyderabad: Delhi-NCR recorded three ultra-luxury transactions, including one home priced above INR 100 Cr in Gurugram. Bengaluru and Hyderabad each reported two deals over INR 40 Cr.

A Retrospective on 2022-2023

The ultra-luxury housing segment witnessed a significant post-pandemic boom:

2022: 13 deals worth INR 1,170 Cr were closed, with Mumbai contributing 11 transactions.

2023: 58 homes worth INR 4,063 Cr were sold, with Mumbai accounting for 53 deals (91% share).

Between 2022 and 2024, at least 130 ultra-luxury homes worth nearly INR 9,987 Cr were sold, reinforcing the segment's growing appeal.

The ultra-luxury housing market continues to defy economic challenges, driven by a strong appetite among HNIs and ultra-HNIs. With Grade A developers expanding their portfolios in this segment, 2025 is poised to sustain this growth trajectory.

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