58 homes priced over Rs 40 cr sold in India this year, 4 above Rs 200 cr

Of the 53 deals in Mumbai city, at least three were for price tags above Rs 200 crore and seven deals were closed for between Rs 100 and Rs 200 crore each.

Ultra-luxury homes which are priced over Rs 40 crore each, have had an unprecedented bull run in 2023, with both the number of sales and sales value of such assets hitting new peaks. Data from property consulting firm Anarock shows that 2023 till date seen a nearly 250 per cent yearly surge in terms of the total sales value of ultra-luxury homes against the whole of 2022. 

“A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date, for a collective sales value of approx Rs 4,063 crore. In contrast, the whole of 2022 saw a total of 13 ultra-luxury homes sold in these cities for a total sales value of approximately Rs 1,170 crore. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over," said Anuj Puri, Chairman – ANAROCK Group.

Of at least 58 ultra-luxury properties sold across the top seven cities in 2023 so far, Mumbai alone sold 53 units priced over Rs 40 crore each - a 91 per cent share of the total deals across the top cities.

 At least four separate ultra-luxury home deals worth more than Rs 40 crore each were closed in Delhi-NCR - two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad witnessed one residential deal in excess of Rs 40 crore at Jubilee Hills. 

Of the 53 deals in Mumbai city, four were for price tags above Rs 200 crore and seven deals were closed for between Rs 100 and Rs 200 crore each.

At least two ultra-luxury homes in Delhi-NCR were sold for above Rs 100 crore. 

HNIs prefer luxury apartments over bungalows

Apartments clearly remained the preferred property type for high net worth individuals( HNIs) as of 58 deals, 53 were for apartments and the remaining five were for bungalows.

Majority of ultra-luxury sales were by businessmen, only 5 per cent by Bollywood celebrities

At least 79 per cent of the total deals were concluded by businessmen, and 16% by senior professionals from across various sectors. Politicians and Bollywood celebrities accounted for the remaining 5%.

What has fuelled this demand? 

Young and affluent are investing with the increase in the number of wealthy Indians 

Industry experts say the surge in new opportunities in various sectors like global manufacturing in India, rising exports, and a robust startup ecosystem has strengthened economic momentum and contributed to wealth creation in the country, which in turn, has led to an increase in the number of wealthy individuals in India, with the noteworthy trend of a declining average age among billionaires. 

"The emerging generation of young and affluent individuals are investing their wealth in ultra-luxury properties. Even celebrities like Alia Bhatt and Suhana Khan have invested in flats and farmland respectively. Subsequently, old and traditional business families are showing a willingness to invest in expansive ultra-luxury properties, resulting in a notable uptick in both demand and transactions within this segment," said Ashwin Chadha, CEO, India Sotheby's International Realty.

As the number of billionaires in India is projected to grow significantly, over 100% growth by 2027, the demand for ultra-luxury properties is anticipated to sustain its upward trajectory.

Reshuffling of HNI portfolios

 “Demand for both luxury and ultra-luxury properties has surged since the pandemic, with HNIs and ultra-HNIs buying such homes for investment, personal use, or both. The upsurge in demand for ultra-luxury homes can also be traced to the reshuffling of HNI investment portfolios amid the anticipated volatility in the stock market due to the existing geopolitical tensions. Not surprisingly, leading Grade A developers have also been scaling up their new supply in the ultra-luxury category. Among wealthy Indians, there is a very distinct FOMO aspect to securing the most desirable options before someone else does," said Puri.

Pandemic unleashed a demand storm 

Clearly, the Covid-19 pandemic unleashed a demand storm for the luxury and ultra-luxury homes segments. "If we consider the collective data of 2022 and 2023 till date, 71 ultra-luxury residential deals worth approximately Rs 5,233 crore were closed in the top seven cities.    

Of the 13 deals worth approximately Rs 1,170 crore closed in 2022, at least 10 deals were for apartments and the remaining three for bungalows. Mumbai accounts for 11 deals and the remaining two were closed in Delhi-NCR. Interestingly, 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 deals were for units priced between Rs 100 and Rs 150 crore– all in Mumbai City.


Gurgrum emerges as preferred choice for HNIs in Delhi NCR

"The resurgence in demand for ultra-luxury housing has almost doubled in the past few years, primarily on account of the improvement in the financial position of reputable real estate players. Today Indian developers are delivering projects of international standards, attracting buyers not just from India, but overseas too. Among other Indian cities that have recorded a rise in demand for luxury properties, NCR stands out observing not just an increase in sales, but even rising rentals for luxury homes. Within NCR, Gurugram, particularly has emerged as a preferred choice for luxury homebuyers, with a large presence of HNIs and UNHIs base and a significant rise in the number of affluent millennials in the region, who prefer to stay close to work and are willing to go the extra mile for their convenience and indulgent lifestyle," said Aakash Ohri, Joint Managing Director & Chief Business Officer, DLF Ltd.

Apartment on DLF Golf  Course Road sells for Rs 114 crore

Data gathered from NCR-based brokers revealed that an apartment spanning 10,000 square feet within DLF's super luxury project, The Camellias, situated at DLF Golf  Course Road in Gurgaon, was sold for approximately Rs 114 crore. 

Apartments at The Camellias are currently trading in the market for approximately Rs 80,000 per square foot, which started at 22,000 per square foot in 2014. Even monthly rentals have toughed Rs 10.5 lakh a month for an unfurnished and approximately Rs 13.5 lakhs per month for furnished smallest size units of 7400 sqft at the luxury project, as per data gathered by Business Standard.

Two other ultra-luxury projects on the DLF Golf Course Road have also witnessed an escalation in prices. The Aralias is now re-trading in the market for Rs 27 crore starting size and monthly rentals here begin at Rs 5.5 lakh while th flats at The Magnolias are now selling for Rs 35 crore in the secondary market. Monthly rentals are approximately Rs 7-7.5 lakh.

“Demand is driven by the communities created in and around and people are willing to pay a premium for the right neighbourhood," as per Sotheby's.