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Despite rising prices, a total of 25 ultra-luxury homes (priced over Rs 40 crore) were sold in Mumbai, Hyderabad, Gurugram, and Bengaluru in the first eight months of 2024, according to data analysed by property consulting firm Anarock. The collective sales value of these 25 real estate deals, which includes 20 high-end apartments and five independent bungalows, is around Rs 2,443 crore. In entire 2023 61+ deals worth approximately Rs 4,456 crore were closed in these cities.
" 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," said Anuj Puri, Chairman – ANAROCK Group.
Of the total of 25 ultra-luxury homes sold in 2024 so far, at least 20 were high-rise apartments worth Rs 1,694 crore. The remaining five sales were of bungalows cumulatively worth about Rs 748.5 crore.
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.
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“Notably, the average ticket price of homes priced >INR 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 over 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 crore, while Bengaluru also closed one deal worth Rs 67.5 crore.
Of the 25 deals closed across cities this year, 9 were of large ticket sizes worth over Rs 100 crore each, and a collective sales value of Rs 1,534 crore. Contrastingly, the whole of 2023 saw 10 such large deals for a collective sales value of Rs 1,720 crore.
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: A Growing Demand
Key Findings:
- Increased Demand: The demand for luxury and ultra-luxury homes has surged since the pandemic.
- Sales Growth: Over 99 ultra-luxury residential deals (worth approximately Rs 8,069 crore) were closed in the top Indian cities from 2022 to August 2024.
- Mumbai's Dominance: Mumbai accounted for the majority of ultra-luxury home sales in 2022, with 11 out of 13 deals.
- High-Ticket Deals: At least 9 of the 13 deals in 2022 were valued between Rs 100 crore and Rs 150 crore
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