Construction Industry News
The sale of ultra-luxury homes – units priced over Rs 40 cr each – remained unabated in 2024 despite spiralling prices. Latest ANAROCK data finds that a total of 25 ultra-luxury homes were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first 8 months of 2024 for a collective sales value of approx. Rs 2,443 cr. Pune, Chennai and Kolkata did not witness any sales in this rarified price bracket.
Anuj Puri, chairman – ANAROCK Group, says, “The whole of 2023 saw about 61 deals with a cumulative sales value of approx. Rs 4,456 cr in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through.”
Of the total of 25 ultra-luxury homes sold in 2024 so far, at least 20 were high-rise apartments worth approx. Rs 1,694 cr. The remaining five sales were of bungalows cumulatively worth about Rs 748.5 Cr.
Amid the unprecedented rise in demand for ultra-luxury trophy homes in the last two years, Mumbai tops the list of cities with maximum sales of such properties, despite it being by far the most expensive residential market in India. The financial capital unfailingly attracts HNIs and ultra-HNIs who buy ultra-luxury homes for investment, personal use, or both.
“Notably, the average ticket price of homes priced >Rs 40 Crore have witnessed a 2% rise in the last 8 months – from Rs 1,00,208 per sq-ft. in 2023 to Rs 1,02,458 per sq-ft. in August 2024,” says Puri. “A deeper dive into the data reveals that homes priced >Rs 100 crore have seen a 14% price jump in the last eight months alone – from Rs 1,24,697 per sq-ft in 2023-end to Rs 1,41,904 per sq-ft in 2024 till date. 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 homes supply in the last few years.”
Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth Rs 2,200 crore – an 84% share of the total deals in this segment across the top cities. At least 2 separate ultra-luxury home deals collectively worth Rs 80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for Rs 95 Cr, while Bengaluru also closed one deal worth Rs 67.5 Cr.
Of the 25 deals closed across cities this year, 9 were of large ticket sizes worth over Rs 100 cr. each, and a collective sales value of Rs 1,534 cr. Contrastingly, the whole of 2023 saw 10 such large deals for a collective sales value of Rs 1,720 cr. We may see a new peak created in this segment over the 4 months remaining in 2024.
Apartments remained the preferred property type for HNIs – out of the total 25 deals, 20 were for apartments and the remaining five for bungalows. At least 80% of the total deals were concluded by businessmen, and 12% by senior professionals from across various sectors. Bollywood celebrities and leading legal and medical professionals accounted for the remaining 8%.
Ultra-luxury homes demand – A 3-year perspective
Demand for luxury and ultra-luxury homes has been scaling ever-rising heights since the pandemic. With demand soaring, developers have gone on a veritable launch spree for such high-priced homes. If we consider the collective data of 2022, 2023 and 2024 till August, over 99 ultra-luxury residential deals worth approx. Rs 8,069 cr were closed in the top cities.
At least 13 deals worth approx. Rs 1,170 Cr were closed in 2022, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 of these deals, and the remaining two were closed in Delhi-NCR. Notably, none of the remaining 5 top cities saw such large ticket value deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 were for units priced between Rs 100 – 150 Cr – all in Mumbai City.
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