The marketplace for ultra-luxury houses, priced at over Rs 40 crore, continues to thrive in India, with 25 such properties bought throughout Mumbai, Hyderabad, Gurugram, and Bengaluru within the first eight months of 2024. Based on knowledge from the actual property consultancy agency Anarock, these gross sales quantity to roughly Rs 2,443 crore, with Mumbai main the cost.
In a breakdown of the 12 months’s ultra-luxury residence gross sales, Mumbai claimed 21 of the 25 offers, contributing Rs 2,200 crore, or 84% of the entire gross sales on this section. The monetary capital stays a magnet for high-net-worth people (HNIs) and ultra-HNIs searching for trophy houses, both for funding or private use. Hyderabad recorded two offers value Rs 80 crore, whereas Gurugram and Bengaluru every noticed one ultra-luxury residence bought for Rs 95 crore and Rs 67.5 crore, respectively.
Anuj Puri, Chairman of Anarock Group, emphasised the continued energy of this market. “In 2023, we noticed 61 such offers with a cumulative worth of roughly Rs 4,456 crore. With 4 months left in 2024, together with the festive quarter, we count on extra high-ticket gross sales earlier than the 12 months concludes,” he stated.
The demand for ultra-luxury houses has not been deterred by rising costs. In 2024, the typical value for properties priced over Rs 40 crore elevated by 2%, whereas houses exceeding Rs 100 crore noticed a major 14% value soar. These bigger properties, notably in Mumbai’s South Central space and upscale neighbourhoods like Bandra and Juhu, stay extremely wanted, with 9 of the 25 offers this 12 months exceeding Rs 100 crore every.
Residences stay the popular alternative for consumers, with 20 of the 25 ultra-luxury offers being high-rise flats, collectively value Rs 1,694 crore. The remaining 5 gross sales have been for impartial bungalows, amounting to Rs 748.5 crore. Businessmen accounted for 80% of the purchases, whereas senior professionals, Bollywood celebrities, and authorized and medical professionals made up the remainder.
The development of accelerating demand for ultra-luxury houses has been on the rise because the pandemic. Between 2022 and 2024, 99 ultra-luxury residential offers value over Rs 8,069 crore have been closed in India’s prime cities. In 2022 alone, 13 offers value roughly Rs 1,170 crore have been accomplished, primarily in Mumbai.
With the festive season approaching and Mumbai persevering with to dominate the market, the urge for food for high-value properties exhibits no signal of slowing down. Based on Anarock, 2024 could set new information on this section as builders proceed to cater to the rising demand for ultra-luxury houses throughout the nation.