An apartment in DLF Camellias in Gurugram was sold for Rs 190 crore. Since the pandemic, there has been a significant increase in demand for luxury and ultra-luxury properties. “Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, with a collective sales value of around Rs 4,754 crore. In contrast, 58 ultra-luxury homes were sold in these cities in 2023, with a total sales value of about Rs 4,063 crore. The annual growth in both the number of deals and their overall selling value underlines the enduring demand for ultra-luxury properties in top cities,” said Anuj Puri, Chairman, Anarock Group. “HNIs and ultra-HNIs are buying these trophy residences for personal use, investment or both,” Puri said.
“This is a remarkable market dynamic, given that home prices are rising across the country due to rising input costs and strong buyer demand. Although the number of transactions closed in 2024 increased by only one unit compared to 2023, there was a 17% annual increase in value during the same period. Some of the most prominent Grade A developers are increasing ultra-luxury inventory in response to growing demand. There were two deals worth more than Rs 40 crore each in Hyderabad and Bengaluru. At least 17 deals in 2024 were worth more than Rs 100 — 16 in Mumbai and one in Delhi-NCR (Gurugram). Of the 16 in Mumbai, 14 were apartments (Worli, Malabar Hill and Pali Hill) and two bungalows in Cuffe Parade and JVPD.
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