Hey there, high rollers! If you thought the sky-high prices of ultra-luxury homes would deter buyers, think again. Despite soaring prices, the sale of ultra-luxury homes priced over INR 40 Cr each has remained unabated in 2024.
According to the latest data from ANAROCK, a total of 25 ultra-luxury homes were sold in Mumbai, Hyderabad, Gurugram, and Bengaluru in the first 8 months of 2024, with a collective sales value of approximately INR 2,443 Cr. Pune, Chennai, and Kolkata, however, did not witness any sales in this rarified price bracket.
Anuj Puri, Chairman of the ANAROCK Group, predicts that more large ticket-size residential deals are likely to happen before the year is through, especially with the festive quarter from October to December underway.
Interestingly, Mumbai tops the list of cities with the maximum sales of ultra-luxury properties, despite being the most expensive residential market in India. The average ticket price of homes priced over INR 40 Crore has witnessed a 2% rise in the last 8 months, with a deeper dive revealing a 14% price jump for homes priced over INR 100 crore.
Of the 25 ultra-luxury properties sold in 2024 so far, at least 20 were high-rise apartments worth approximately INR 1,694 Cr, while the remaining five sales were of bungalows collectively worth about INR 748.5 Cr.
Mumbai alone sold 21 units worth INR 2,200 crore, accounting for an 84% share of the total deals in this segment across the top cities. Hyderabad’s Jubilee Hills saw two separate ultra-luxury home deals worth INR 80 crore each, while Gurugram and Bengaluru also closed significant deals.
Demand for luxury and ultra-luxury homes has been on the rise since the pandemic, with over 99 ultra-luxury residential deals worth approximately INR 8,069 Cr closed in the top cities in the last three years. Businessmen accounted for 80% of the total deals, with senior professionals and celebrities making up the rest.
So, if you’ve got a spare INR 40 Cr lying around, now might be the perfect time to invest in your dream ultra-luxury home!
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