Mumbai Leads the Ultra Luxury Segment with 69% Share
In a remarkable development reflecting the growth of India’s ultra-luxury real estate sector, 49 ultra-luxury homes priced at ₹ 100 crore or more have been sold across the country in the past three years. The total investment in these high-end properties has touched ₹ 7,500 crore, according to data released by JLL Research. Notably, half of this amount—₹ 3,652 crore—was transacted in 2024 alone, showcasing a sharp rise in luxury property transactions.
Mumbai Takes the Lead
Among the cities leading the ultra-luxury housing market, Mumbai stands out, accounting for 69% of the total sales in this category. This is followed by Delhi NCR, where iconic neighborhoods such as the Lutyens Bungalow Zone (LBZ) and high-rise apartments on Golf Course Road in Gurugram have seen notable transactions. In Mumbai, prime locations like Malabar Hill and Worli dominate the list of multi-crore deals.
Apartments Surpass Bungalows in the Luxury Segment
Interestingly, apartments have taken the lead in the ultra-luxury category, making up 65% of the transactions compared to 35% for bungalows. Most of these deals fall within the price range of ₹ 100-200 crore, though a select few properties have commanded prices upwards of ₹ 200-500 crore. Typically, these apartments range from 10,000 to 16,000 square feet in super built-up area, featuring world-class amenities and exclusive, resort-like experiences.
Rising Demand Among HNWIs and UHNWIs
The ultra-luxury segment has seen a surge in demand from High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs), particularly those holding C-suite positions in business conglomerates, celebrities, and startup founders. The rise in the number of billionaires in India, especially during 2024, has played a crucial role in propelling this demand.
Outlook for the Ultra Luxury Market
Experts predict that the demand for ultra-luxury homes will continue to be strong, driven by an increase in the number of wealthy individuals and the entry of more realty players into the market. With the momentum already evident in the first two months of 2025, where four ultra-luxury homes worth ₹ 850 crore were sold, the sector’s future looks promising.
Also Read: Luxury Real Estate set to Rebound in 2023
