Ultra-Luxury Homes Worth Rs 8,069 Crore Sold Since 2022 With Mumbai In Lead

Demand for luxury and ultra-luxury homes has surged since the pandemic, prompting developers to launch numerous high-priced properties. Major cities completed over 99 ultra-luxury residential deals worth approximately Rs 8,069 crore from 2022 to August 2024, with Mumbai leading the way.

Sales of ultra-luxury homes in Mumbai, Hyderabad, Gurugram, and Bengaluru till August this year stood at 25 units, according to data by real estate consultant Anarock. The cumulative value of the ultra-luxury homes sold in this period stood at Rs 2,443 crore.

Out of the 25 ultra-luxury homes sold in 2024 so far, 20 were high-rise apartments valued at Rs 1,694 crore, while the remaining five were bungalows totalling approximately Rs 748.5 crore.

However, Mumbai, Hyderabad, and Gurugram saw 61 deals worth Rs 4,456 crore in the previous year. In comparison, in 2022, there were 13 deals valued around Rs 1,170 crore, with ten for apartments and three for bungalows.

Mumbai has been at the forefront of ultra-luxury home sales for the last three years. In this year alone, Mumbai has witnessed maximum sales of 21 units collectively worth Rs 2,200 crore, according to data by Anarock.

At least two ultra-luxury home deals worth a combined Rs 80 crore were closed in Hyderabad's Jubilee Hills, while one ultra-luxury home was sold for Rs 95 crore in Gurugram. Bengaluru also closed a deal worth Rs 67.5 crore.

However, Pune, Chennai, and Kolkata did not witness any sales in this rarified price bracket.

Nine of the 13 homes sold in 2022, all in Mumbai, had prices between Rs 100 crore and 150 crore. Notably, apart from Mumbai and Delhi, the other top cities did not have similar high-value transactions that year.

The number rose nearly five times in 2023, with Mumbai alone seeing 56 deals for high-end luxury houses. While Delhi NCR saw four deals that year, Hyderabad saw only one.

Nine of the deals made in the first eight months of this year were large ticket sizes that cost over Rs 100 crore each, with a total sales value of Rs 1,534 crore. Conversely, the year 2023 saw the completion of 10 such deals, totaling a sales value of Rs 1,720 crore.

The data also revealed that homes priced over Rs 100 crore have seen a 14% price jump in the last eight months alone. The price has increased from Rs 1.24 lakh per sq. ft. in 2023-end to Rs 1.41 lakh per sq. ft. in 2024.

"This double-digit price appreciation in this segment even before the year concludes stands testimony to the unrelenting appetite for trophy homes. Not surprisingly, leading Grade A developers have scaled up ultra-luxury home supply in the last few years,” said Anarock Chairman Anuj Puri.