Ultra-luxury housing market booms in Mumbai, limited sales in other cities

Mumbai retained its dominance in the ultra-luxury housing market in 2024, accounting for 88% of sales in this segment across India. According to a recent report by Anarock, 52 of the 59 ultra-luxury properties sold nationwide were in Mumbai, while Delhi NCR recorded three sales, and Bengaluru and Hyderabad saw just two transactions each.

Also Read: Bengaluru: Basaveshwara Bus Stand to be transformed into National Skill Development Centre

Ultra-luxury homes, priced over ₹40 crore, witnessed significant demand, with 17 properties valued above ₹100 crore sold in 2024. The total value of these 17 high-end deals alone reached ₹2,344 crore. Apartments emerged as the preferred property type, representing 53 out of the 59 sales, with only six bungalows being purchased.

The demand for luxury housing surged post-COVID-19, driven by High Net Worth Individuals (HNIs) and ultra-HNIs seeking trophy homes for personal use or investment purposes. This trend marks a stark contrast to 2022, when only 13 ultra-luxury homes worth ₹1,170 crore were sold, primarily in Mumbai and Delhi NCR.

In 2023, sales increased significantly with 58 ultra-luxury homes sold across the top seven cities, generating a cumulative value of ₹4,063 crore. Mumbai alone accounted for 53 of these transactions. The growing demand for ultra-luxury homes, despite rising property prices and input costs, underscores the resilience of this niche segment of the housing market.