Mumbai Dominates Ultra-Luxury Home Market in 2024
India’s ultra-luxury residential market witnessed a remarkable upswing in 2024, despite a general slowdown in overall housing transactions. According to data from prominent real estate consultancy firm ANAROCK, the number of homes priced over ₹40 crore surged by 17 percent year-on-year, reaching a record 59 sales across India’s top seven cities. Mumbai stood out as the dominant player in this sector, accounting for a staggering 88 percent of all ultra-luxury deals in the country.
In total, 52 ultra-luxury homes were sold in Mumbai during 2024, underlining the city’s position as the most lucrative real estate market for high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNWIs). The sales included an impressive collection of apartments, with some transactions surpassing the ₹100 crore mark. In fact, Mumbai saw 16 homes priced over ₹100 crore, including prime properties in sought-after locales like Worli, Malabar Hill, and Pali Hill. The city’s luxury real estate also saw exclusive bungalows in Cuffe Parade and JVPD commanding eye-popping prices.
While Mumbai dominated, other metros also witnessed significant transactions. Delhi-NCR registered at least three ultra-luxury deals, while Bengaluru and Hyderabad recorded two each. Notably, one ultra-luxury deal in Gurugram exceeded ₹100 crore, adding to the growing appeal of NCR’s high-end market. Of the 59 ultra-luxury homes sold across the country in 2024, 53 were apartments, reflecting the preference for high-rise, serviced living among affluent buyers. The total value of these transactions reached a formidable ₹4,754 crore, compared to ₹4,063 crore in 2023, marking a 17 percent rise in overall sales value.
This surge in demand for ultra-luxury properties can be attributed to multiple factors. Not only are HNIs and UHNWIs seeking these trophy homes for personal use, but many are also viewing them as lucrative investment assets. As home prices continue to rise due to increasing input costs and sustained demand, developers are expanding their ultra-luxury inventory to cater to the growing affluence in India. Over the past three years (2022–2024), the ultra-luxury home segment across India’s top cities recorded a collective 130 deals, valued at approximately ₹9,987 crore, highlighting the sustained and growing appetite for premium properties in the country’s high-end real estate market. This upward trajectory signals that, even amid broader market challenges, ultra-luxury housing continues to perform robustly, driven by the unrelenting demand from the nation’s wealthiest individuals.
